Partnership Accounting
Ensuring your business is tax compliant
This includes:
- Any losses your business makes
- Bills for things you buy for your business, like stock or equipment
If you are a partner in a partnership, you will take a share of the business’s profits, and pay tax and National Insurance on your share.
What partnership accounting and tax work can we help you with?
First of all you need to register the partnership with HMRC, either online or using form SA400. We can do this for you if you wish, as we understand HMRC forms can be a scary thing. HMRC will then send you a UTR (Unique Tax Reference), and will expect tax returns from you.
A partnership has to prepare its own tax return (SA800), and as a partner you also need to declare any partnership profits on your own personal tax return (SA100). So if there are two partners (individuals) in a partnership, there will be three tax returns needed in total.
Why choose Smooth Accounting for your partnership accounting?
We can prepare the partnership year end documents, providing you with statutory accounts and all three tax returns so you don’t have to worry about staying compliant. We will let you know what tax and National Insurance is due and when/how to pay.
Everything we do is electronic and in digital format, to make life as easy as possible for our clients. You can approve your tax returns at the click of a button.
Get in touch now to see how we can help you with your partnership accounting.
