A partnership works in a similar way to a sole trader, but includes 2 or more people. A written agreement should be in place between the partners and profits are usually shared between the partners according to the agreement. Though profits may be shared unequally, liabilities which may arise are shared jointly. This is something that everyone involved in a partnership should be very clear about. Even if you only own 1% of the business you will still be responsible for 100% of the liability.
Every year at the same as your statutory accounts are prepared, we will prepare a report for you providing of your business insights that shows the areas where you can minimise the expenses, increase your earning and future tax planning.
We don’t just sit back and prepare your accounts only at year end, we work with you throughout the year to provide you help with accounting matters, employee costs and payroll issues, tax planning, purchasing, inventory levels, VAT and any other matter where you require a professional advice.
Services we can provide you:
- Free initial Consultation
- Register you as a sole trader
- Register your business as a partnership
- Prepare & file partnership tax return
- Prepare & file Self-Assessment tax return for each partner
- Guide you on how tax system works in UK – Tax, N.I. rates etc
- Guide you on how to keep good records
- Guide you on whether your business needs to be registered for VAT, and explain to you about available VAT schemes
- Provide you a list of possible allowable expenses
- Advise you about the tax liability & dates
- Act as an agent on your behalf and deal with HMRC
- Email and telephone support throughout the year
- Bookkeeping software
- Tax planning
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