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Accounting Best Practices For partnership
Whether you are setting up a new partnership or have an established partnership business Stewart Accounting Services can assist the Partnership and its partners with all their accounting and tax needs.
A partnership is similar in business structure to a sole trader. The main difference is that whereas a sole trader is run by one person a partnership is run by two or more people.
If your business is set up as a partnership then you will need to complete a partnership tax return as well as a tax return for each of the partners. The overall format is similar to that of a sole trader with a share of the profits being allocated to each partner based on their partnership agreement. The structure of a partnership has its advantages and disadvantages. The UK tax system is onerous and complicated and ATO will often issue penalties and interest on what can quite often be innocent mistakes. The number of tax investigations is continually rising and can place a great deal of stress on an individual. It is now more important than ever to get an expert to prepare your tax return.
Prepare business budget
The partnership has to submit an annual self-assessment tax return and all the partners should be registered for self-assessment and submit a tax return each.
Partners are taxed on the profits (or losses) of the partnership according to the pre agreed percentage split of the profits or losses of the partnership business.
How we can help
We can take the stress from you by preparing your partnership and personal tax returns, ensuring that you are fully compliant and, as importantly, making sure that you only pay the tax that is due. We will deal with HMRC on your behalf, allowing you to focus purely on your business.
Tax Saving Experts
We will calculate your tax liability, making sure that you claim everything that you can. As part of our service we offer a full tax review on an annual basis to ensure nothing is overlooked.