We can act for your business partnership and ensure you are compliant with your accounts and tax returns. In a partnership, you and your partner (or partners) personally share responsibility for your business.
This includes:
- Any losses your business makes
- Bills for things you buy for your business, like stock or equipment
If you are a partner in a partnership, you will take a share of the business’s profits, and pay tax and National Insurance on your share.
What partnership accounting and tax work can we help you with?
First of all you need to register the partnership with HMRC, either online or using form SA400. We can do this for you if you wish, as we understand HMRC forms can be a scary thing. HMRC will then send you a UTR (Unique Tax Reference), and will expect tax returns from you.
A partnership has to prepare its own tax return (SA800), and as a partner you also need to declare any partnership profits on your own personal tax return (SA100). So if there are two partners (individuals) in a partnership, there will be three tax returns needed in total.
Why choose ISA Accountants for your partnership accounting?
We can prepare the partnership year end documents, providing you with statutory accounts and all three tax returns so you don’t have to worry about staying compliant. We will let you know what tax and National Insurance is due and when/how to pay.
Everything we do is electronic and in digital format, to make life as easy as possible for our clients. You can approve your tax returns at the click of a button.
Do you offer free consultations?
When you contact us for accountancy advice, we will supply you with a free, no-obligation quote based on your business needs and bespoke requirements. We aim to answer all enquiries within 24 hours, so please get in touch with Approved Accounting today if you would like to know more.
Who do you help?
We provide services to personal taxpayers, self-employed individuals, partnerships, company directors and property landlords. Our services are tailored to you and your needs. You will find more information about who we help here.
I am looking for a price, what are your fees?
In order to provide you with a quotation, we can arrange a free, no obligation, consultation with you to discuss your individual needs so that you only pay for the level of support that you require. This allows us to best understand your needs and provide a tailored quotation for you. From this meeting we will provide you with a fixed fee quote that we both agree to and you will then know exactly what you are paying for the services we provide. Our clients tend to prefer to pay monthly which is an option we can discuss in the meeting.
Do you offer work experience placements?
Yes, if you are looking to gain experience in bookkeeping, tax or accountancy, some of our local offices offer work experience placements from time to time. The arrangements vary across our locations. To be put in touch with your nearest office to find out more, please contact us online.