A partnership works in a similar way to that of a sole trader, but includes 2 or more people. A written agreement should be in place between the partners and the profits are usually shared between the partners according to the agreement. Though profits may be shared unequally, any 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 liabilities.

Services we can provide:

  • Free initial consultation
  • Individual partner registration with HMRC
  • Partnership registration
  • Preparation and filing of the partnership tax return
  • Preparation and filing of self-assessment tax returns individual partners
  • Advice on how tax system works in UK, including N.I. rates, etc.
  • Advice on how to keep good records
  • Advice on whether your business needs to be registered for VAT, and if so, any available VAT schemes
  • Advice on possible allowable expenses
  • Tax liability and any relevant dates
  • Act as an agent on your behalf and deal with HMRC
  • Email and telephone support throughout the year
  • Bookkeeping software
  • Tax planning

For a quick quotation fill in the following form

ICAEW Chartered Accountant