Running a general partnership is like having two or more self-employed people operating a sole trader business. Your only legal requirement is to provide HMRC with your personal income which would include each partners share of the profits (or losses) of the business. The complication for a partnership comes from the relationship between the partners. It is important that you very clearly state at the outset what the split would be between partners by completing a partnership agreement with a legal representative.
You have access to our entire team for ad-hoc enquiries. Knowing that you can pick the phone up at any time and seek advice or answers to questions is vitally important. The only "silly" question is the one you don't ask!!
We operate using a fixed price agreement. Easy monthly payments...no big or surprise bills at your year-end.
Using QuickBooks Online and Receipt Bank will provide the platform to keep track of the financial aspects of your business. Each partner can have access.
We can help each partner with self-assessment registration.
Partnerships can be a great vehicle for a multi-partner business. However, there may come a time when you need to find out if there is a more tax efficient way to operate. We can help you with that and provide advice on the best vehicle for your business.
Everything is going digital...even HMRC. We are MTD ready so you don't have to be.
Below is a list of the services that we provide as a standard to our Partnership business clients that help in providing Peace of Mind not just at the year-end but throughout your tenure with us and what we will need from you and how you get started with us...quickly and easily!
Transferring from another Accountant? Not a problem, we take care of all that for you and don't worry, your previous accountant will still talk to you.
We do the rest.
The fee quoted below is for two partners and assumes there are no other forms of income per partner.
FROM £75 per month exc VAT