What is a Partnership?

A Partnership unless a Limited Liability Partnership (LLP) or a Limited Partnership (LP) is registered only with HMRC. These partnerships are generally referred to as "Ordinary Partnership" or "General Partnership". There is no legal requirement to prepare the partnership accounts. However, the partnership still needs to prepare and file a partnership tax return with HMRC.

Your responsibilities

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.
Under English law, a partnership is not a separate legal entity. Partners act as agents for each other in respect of the business transactions and each partner is bound by the acts of the others.

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 us to produce your accounts?

We'll complete comprehensive financial accounts for your business.

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Accurate financial reporting

Completing accounts is a complex task, so we’re here to simplify the process for you! The accurate figures we produce will enable you to make insightful business decisions.

Profitability recommendations

After completing your accounts, we will analyse them and provide recommendations to help your business operate in the profitable way possible.

Reduce the chance of penalties

Our automated email reminders will keep you out of the cross hairs of HMRC, by helping to ensure you never miss the deadline for submitting your accounts and any tax returns.

Ready to switch accountant?

We know change can be stressful, but moving from one accountancy firm to another doesn’t have to be.

We will not tire you

As your new accountant we’ll take care of the entire changeover from your previous accountant or bookkeeper. We will start by contacting them to request all the information we need to correspond with HMRC and act on your behalf. Being a ltd company doesn’t mean you’re alone!.