Partnership Accounting
Our service includes all monthly bookkeeping and partnership year-end accounts and tax return (partnership tax returns or individual tax returns). We can complete your self-assessment tax return for two individual partners.
We will calculate your tax liability and be in communication with you regarding what needs to be paid and when. Every tax year, we will analyse your tax return and see if any tax savings can be made. Simply send in your paperwork monthly or quarterly.
It is vital that the partnership is fully aware of its financial performance. This helps to make informed decisions about the direction of the business. Partners are taxed on the profits or losses according to the pre-agreed percentage splits between the partners. We can provide regular reports as part of your package, which helps with the day to day running of your business.
We can help your partnership transition to the new Making Tax Digital requirements. Making Tax Digital an HM Revenue & Customs (HMRC) strategy. It is there to make it easier for businesses and individuals to sort their tax affairs.
Making Tax Digital requires businesses and individuals to keep their records digitally by using bookkeeping/accounting software. If you are self-employed with profits over £10,000 – you must be compliant with Making Tax Digital from 6th April 2023. We can advise you on how to make sure you are adhering to Making Tax Digital.
We offer a monthly service starting from just £40 per month (or an annual fee if you would prefer). Our accounting service provides fantastic value for money and is tailored to suit your requirements. Our accountants will make sure you are confident in where you stand when it comes to your finances. Get in touch today to discuss a bespoke package for your business partnership.
