A partnership includes two or more people but works similarly to a sole trader. The written agreement should be in place between the partners and profits are usually shared between the partners according to it. All the partners in the agreement must be very clear about the fact that the profits might be shared unequally, but the liabilities which may arise are shared jointly. Even if you own only 1% of the business, you will still be 100% legally responsible.
Every year while preparing your statutory accounts, we will provide you with a report about your business insights highlighting you the areas that can help you increase your earning and future tax planning.
We don’t just provide you with the service of year-end accounts we also work with you throughout the year to provide you help with accounting matters, employee costs and payroll issues, tax planning, purchasing, inventory levels, VAT and any other matter where you require a professional advice
Services we can provide you:
- Free Initial Consultation
- Register you as a sole trader
- Register your business as a partnership
- Prepare & file partnership tax return
- Prepare & file Self-Assessment tax return for each partner
- Guide you on how the tax system works in the UK, Tax, National Insurance(NI) rates, etc
- Guide you on good record keeping
- Guide you on whether your business needs to be VAT registered, and explain to you about available VAT schemes
- Provide you with a list of possible allowable expenses
- Advise you about the tax liability & due dates
- Act as an agent on your behalf and deal with HMRC
- Email and telephone support throughout the year
- Bookkeeping software
- Tax planning
For more details and quotes please contact us.