Accounting Services for Partnerships - Setting Up
Setting up in business as a Partnership is almost as simple as being a Sole Trader. You will need to notify HM Revenue and Customs that you are trading, open a bank account and start trading. However, you may also want to speak to a lawyer who can give you advice on a Partnership Agreement.
You will need to prepare annual partnership accounts, submit a Self Assessment Tax return for each Partner and for the Partnership. Each Partner will pay Income Tax on their share of the profits.
The tax due on the business profits is due to be paid by instalments, with the all important dates being 31st January and 31st July.
Partnership Accounting - Getting Started
We can help keep your Partnership accounting simple for you by:
- Guiding you in the early days
- Advising on how to keep your records
- Preparing the annual accounts
- Calculating your Income Tax
- Preparing the Self Assessment Tax return for the Partners and the Partnership
- Reminding you of the payment dates
If you would like more information, contact:
Or call us on 01224 625111.