Partnership Accounting

Going into business with friends or family is an exciting venture that many choose to embark on due to the enticing freedom of being self-employed. If you’re in a partnership and want help managing your company’s books, taxes and legal obligations, turn to Thobani Accountants. We’ve helped hundreds of partnerships register their business with HM Revenue & Customs (HMRC) and submit accurate Self Assessment Tax Returns for both their business and personal accounts.

Book a free, no-obligation consultation with our team of approved HMRC agents or call us on 07842 507362 to learn how we can help you control and monitor your partnership’s income, expenses and tax obligations. We’ll give you an accurate service quote within five minutes of sitting down with us, so you can leave knowing that your partnership’s accounts are in safe hands.

Our Partnership Accounting Services

We understand how crucial it is to get your partnership finances right the first time. Our team of Peterborough accountants realises that you and your co-owners are 100% liable for the success or failure of your business. It’s why we make managing your finances as simple and straightforward as possible.

When you team up with us, we’ll help you complete the following transactions:

• Contribution of funds
• Contribution of assets
• Withdrawal of funds
• Withdrawal of assets
• Allocation of business profits/losses

Important Partnership Dates

All partnerships must submit an annual Self Assessment Tax Return by the following dates:

• If submitting online – January 31
• If submitting on paper – October 31

Please note: Each partner must register for a Self Assessment and submit a tax return. The information submitted on the partnership Self Assessment Tax Return will be paired with each partner’s personal income to determine the company’s overall tax liability. Each partner will be taxed on their predetermined portion of the company’s profits/losses and will be taxed under Class 4 of National Insurance Contributions (NIC). Partnerships are typically exempt from paying Income Tax.

Considering Becoming a Partnership?

Our team is ready to guide you through the process.

Book a meeting with us to discuss who you’d like to establish a partnership with. We’ll ask you to name one partner as the “nominated partner,” who will then become responsible for registering your partnership with HMRC. Register your partnership here.

Please note: The “nominated partner” will automatically be registered with HMRC for Self Assessment Tax Return purposes. Once registered, each partner will need to inform HMRC that they’re now self employed and are part of a new partnership. Should a partner file for bankruptcy, die or withdraw from the partnership, the partnership will immediately dissolve and hold no legal value.

Contact Thobani Accountants with any partnership accounting questions and enquire about our corporate tax planning, payroll and bookkeeping services today.