Our Services
Partnership Accountants
Partnerships have tricky tax requirements: you are required to file a Partnership Tax Return and every partner is required to file their own Self Assessment form annually.
Partnerships can be complicated. A Limited Liability Partnership (LLP) is a different structure: it is a separate legal entity that gives its members limited liability and files accounts at Companies House.
Taking advice as to what the most favourable structure for your firm should be is vital, and best considered at the beginning when you can consider all of the advantages and disadvantages. We can advise you as to which is the best route to take, and once set up, how to record your income and expenditure accurately using cloud-based accounting software.
Protect Your Personal Position
Partners in an ordinary partnership do not have limited liability. All partners are jointly and severally liable for the debts and actions of the firm, so we always advise partners to seek professional legal advice regarding a Deed of Partnership.
The Nominated Partner
One of the partners will be designated the Nominated Partner, who is responsible for filing the Partnership Tax Return (SA800) on behalf of the partnership. If you are a nominated partner, you need to seek professional help from an accountant as soon as possible so that your partnership is registered correctly.
How We Help Your Partnership
We can help you set up your business partnership correctly, and get you off on the right track so that you keep all the correct records. We prepare the annual partnership accounts and file the Partnership Tax Return with HMRC.
We can also help individual partners with their Self Assessments, ensuring all of your tax and accounting compliance is completed.
Cloud-Based Bookkeeping
Making Tax Digital requires compatible software. As a Xero Gold Champion Partner we recommend Xero for most businesses, and we also support Sage 50 for businesses that already use it. We are also a QuickBooks Pro Advisor.
We can set up your accounting system, migrate your existing data and ensure you are ready for HMRC's forthcoming Making Tax Digital rules.