We provide a full range of services and support for partnerships. So, you and your partners can focus on your business in the knowledge that we are your accounts department on hand to deal with everything efficiently.
Each year we will deal with the Partnership Annual Return (form SA800). This is a declaration of each partner’s share of profits (or losses) which must be filed with HMRC.
In addition to the Partnership Annual Return, we will prepare and submit an individual Self Assessment tax return for each partner annually. Partners are responsible for paying their own National Insurance Contributions and income tax on their individual share of profits.
We usually submit and file the Self Assessment Returns and Partnership Returns to HMRC on-line.
Because we deal with the day-to-day bookkeeping and accounting for the partnership it is straightforward for us to deal with the Self Assessment Return for each partner. Read more about Self Assessment here. Where a partner is a limited company, it will face corporation tax on its partnership income.
Limited Liability Partnerships (LLP)
We can also provide a full range of services and support for LLP’s.
A Limited Liability Partnership (LLP) is a structure that provides limited personal liability for individual partners. For tax purposes, an LLP does not differ greatly from an ordinary partnership.