A partnership is similar to a sole trader business but involves two or more people owning and running the business. To set up a partnership you will have to choose a name, a nominated partner and register with HMRC as a partnership. Each partner will also have to register for self assessment with HMRC and the partnership may also have to register for VAT or as an employer.
The nominated partner will have to complete and submit a partership tax return to HMRC each year. Each partner will have to submit a self assessment tax return with their share of the profit and losses from the partnership as well as any other income.
We offer to following services to partnerships:
- Advice on setting up a partnership
- Registration of the partnership and partners with HMRC
- VAT registration and VAT return filing (See our VAT page for more information)
- Registration as an employer (See our Payroll page for more information)
- Monthly or quarterly management accounts
- Annual partnership accounts
- Preparation and submission of partnership tax return
- Preparation and submission of partner self assessment tax returns
- Tax and accounting advice
- All correspondence with HMRC on behalf of the partnership and partners