- Partnership Registered and Partners registered for Self-Assessment
- Partnership Tax, Income Tax, PAYE, CIS and VAT registrations
- Bookkeeping and paperwork service
- Monthly CIS and Payroll in RTI
- Quarterly VAT
- Management Accounts – Reporting on Cash flow, Profit, Present Position and Growth.
- Partnership Annual Financial Statements
- Partnership Tax Returns
- Partners Personal Tax Returns
- Effective Tax planning
- Expert Business advice
A business Partnership occurs is when two or more people manage and operate an organisation that is not incorporated.
In contrast to a company, Partners (like Sole Traders) cannot restrict their liability (unlimited liability) and therefore can be held personally responsible for any unpaid debts of the partnership. As a consequence if one partner engages in an activity which results in large debts, all partners, regardless of whether or not they had prior knowledge of the activities would be equally liable to make good any shortfall in funds from their personal assets. This is potentially very dangerous as it can be seen that all partners are jointly and severally liable for partnership debts. It is therefore advised that the partners draw up a formal partnership agreement (The partnership deed) which sets out all of the partner’s procedures and rules and can be an extremely useful document should there later be any disagreements between partners.
We know that running a business is very rarely easy and we also know that you can often find yourself so bogged down by the task of running day to day operations, that some of the other fundamental issues relating to the further development of your business can easily be overlooked. We are here to help and this comes at no extra cost to our clients. This is because we feel that in this day and age it’s not just your accounting and taxation issues that an accountant should be an expert in but they should also be Business Development experts. After all, they should be qualified, and also should have experience in dealing with a vast variety of different business scenarios each day for years.
It is important that you have the right support when choosing the business entity that you wish to trade within and that you have a clear understanding of the implications and responsibilities as a result of your choice. As our client you have full all year round phone access to our specialist advice.