A partnership is a form of business structure where two or more individuals run a business together on a profit and loss sharing basis. A partnership can be either unincorporated or incorporated. An incorporated partnership in the UK is known as a “Limited Liability Partnership” or an “LLP”.
Whether a partnership is unincorporated or incorporated, it is the partners’ responsibility to declare the tax on their profits via their self-assessment tax returns. In the case of a limited liability partnership, partnership accounts are also submitted to companies house.
Whether you are a start-up or an established business and are thinking of creating a partnership, we have a business solution for you. We consider the personal circumstances of all the individuals and companies (if applicable) involved to help you create the most tax-efficient partnership structure.
Our services for partnerships include but not limited to; initial and ongoing advice, bookkeeping, payroll, preparation of; VAT return, year-end accounts, partners’ tax returns and management reports.