A partnership includes two or more people but works in a similar way to a sole trader. Written agreement should be in place between the partners and profits are usually shared between the partners according to the agreement. 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 responsible for 100% of the liability.
Every year while preparing your statutory accounts we will provide you 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 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 tax system works in UK – Tax, N.I. 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 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.