online accountants for partnerships

Comprehensive accounting services for your business partnership.

Whether you are setting up a new partnership or are already established, Accountax have dedicated accountants who can assist your partnership business with all your tax and accountancy needs.

Get Started

Startups

Small Businesses

Technology

Sole Traders

Self employed

Limited Companies

Partnership

Freelancers

Contractors

Ecommerce

Partnerships can range from two people who decide to go into business together up to KPMG who have 16,300 partners at the last count!

So why not pass the job over to us?

Whatever the business - we’re here to assist

Being in business can be stressful at the best of times and the last thing you want to be doing is spending time thinking about what form your company takes and whether you should change. We take the stress away by advising you correctly at the start and then monitoring developments in the world of tax and accounting so that when things change, you are ahead of the game.Whatever form your business takes, why not book a call and let’s see how we can assist you with your accounting and tax needs?

HELP! I need you to take this problem away

Partnership accounting

With our limited company accounting you get;

Completion of your accounts and partnership tax return

Submission to HMRC and Companies House

Dedicated two person eTeam

Full access to our professional accounting software

From only £299

If you want us to take this particular problem away then click the button and we can talk about your options!

Sign me up

NO NASTY HIDDEN FEES OR EXTRAS!

No hidden fees, no time-based billing, no extra charges for picking up the telephone, just one of our qualified professionals in your corner, part of your team, vested in your success.

Accounting for Partnership

Included in the Partnership Accounting Package

Accounts Preparation

Self Assessment Filing

A dedicated accountant

1-1 tax advice & your tax return filed

Integrated HMRC submissions

Tax Optimisation

Full access to our professional accounting software

Preparation and submission of the VAT return (if required)

Manage the company payroll (if applicable)

Unlimited Support , Online. By phone. In person

Get Started

From Just

£99.50

Per / month

What are the advantages vs disadvantages of partnership?

Advantages

disadvantages

Get started immediately

There is no need to register your business with Companies House if you decide to become a sole trader.As a result, you can start working as soon as you are ready.

Personal Responsibility for Business

Unlike the owner of a limited liability company, sole traders bear full responsibility for all decisions and consequences. All debts related to the business's financial difficulties must be paid out of personal assets if there is not enough money in the business. This applies to all property of a sole proprietor, including their house, which can lead to personal bankruptcy.

Fast and Simple Registration

The only thing sole traders are legally required to do after having started working this way, is register as self-employed for tax purposes. This is effectively you telling HMRC to expect your Income Tax via the Self-Assessment Tax Return

Barriers to finance

sole traders often find it difficult to raise finance to fund their business. They may struggle with expansion in the future.

Full control of the business

As the sole owner of your business, you have full control over it. Without any shareholders or directors in the equation, you’re free to make your own decisions and run your business exactly how you want.

Barriers to finance

sole traders often find it difficult to raise finance to fund their business. They may struggle with expansion in the future.

Complete Privacy

All financial information related to sole traders remains private, while the annual report of the limited liability company may be made available on the Companies House website..

Less Tax efficient Structure

Sole traders are required to pay Income Tax on the full extent of their profits each year. This is in contrast to limited company profits, which are liable to lower rates of Corporation Tax.

Retain all Profits

Sole traders retain all the profits of their business. In addition to profit retention, a sole trader may also retain personal ownership of business assets.

Heavy workload

When you run a sole trader business, the amount of work you have is dependent on your availability and hours.if you're sick and unable to work, there's no sick pay to cover you.

Partnerships FAQ’S

What is a Partnership?

A Partnership is a business structure where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed.

How is a Partnership taxed?

Partnerships are not taxed as separate entities. Instead, profits and losses are "passed through" to the individual partners, who report their share on their personal tax returns.

What is a Partnership Deed?

A Partnership Deed is a legal document that outlines the terms, responsibilities, and profit-sharing arrangements among partners. It's crucial for clarifying roles and avoiding disputes.

What is a Limited Liability Partnership (LLP)?

An LLP is a type of partnership where partners have limited liability, protecting their personal assets from business debts. It combines elements of partnerships and limited companies.

How do I dissolve a Partnership?

Partnership dissolution typically requires a formal agreement among partners, settling of debts and assets, and notifying authorities. Legal advice may be necessary.

Do I need a written agreement to form a Partnership?

While not mandatory, it's highly advisable to have a written Partnership Deed that details the terms and conditions of the partnership to avoid conflicts and misunderstandings.

Ask another question

Why go accountax for your Accountancy services

Dedicated 2 person Team

They will be your point of contact if you require any help along the way.

Tax Optimisation

Regular tax efficiency reviews to reduce your tax bill

Regular reminders

We send regular reminders prior to submission. We'd hate for you to be late!

Save Time

We want to give you back your time. No need to waste hours going through receipts and statements.

Free Accounting Software

Our easy-to-use free accounting software makes it easy to send out invoices and keep track of expenses.

Helping you save time and money whether you are a freelancer, sole trader or limited company.

And much more

Free Accounting Software

Our easy-to-use free accounting software makes it easy to send out invoices and keep track of expenses.

Helping you save time and money whether you are a freelancer, sole trader or limited company.

And much more

Our Services?

Accounts

Need help with your year-end accounts? we’ll ensure you save time, submitting your year-end accounts to HMRC and Companies House on your behalf.

Payroll

A complete managed payroll service for employers and directors

Self Assessment

Self Assessment doesn’t need to be painful.

VAT Returns

Calculating and reporting VAT is a complex, time-consuming process.

Bookkeeping

Bookkeeping is tedious for any business owner, and falling behind is easy to do.

Management Accounts

Bookkeeping is tedious for any business owner, and falling behind is easy to do.

accountax 360

Looking for information on our other accountancy services?

IR35 Consultations

Capital Gains & Allowence

Investigation Consultancy

Which Services do I need?

There are five core compliance requirements you need to be aware of:

Accounting - covers your annual filings

Bookkeeping - record keeping and classifying transactions into their correct accounting categories

VAT - you need to know when to register and file returns once registered

Payroll and pensions - you have to report to HMRC if you pay someone an employee a salary

Self Assessment - you personally may have to file an annual return, most commonly if you receive income that is not taxed at source, e.g. rental income or dividends

Three easy steps to Switch to accoutax family

Changing accountants isn’t something that you do regularly so we’ll walk you through the process and make sure that you are completely comfortable with your new firm.

This includes completing things like a letter to your old accountant and a form allowing us to act on your behalf with HMRC. (don’t worry, we’ll guide you through)

Let’s talk

We need to know about your business and what you are hoping to achieve from your accounting

Get going

We’ll integrate with any systems you already have and refine our processes so that you get the service you deserve