Partnership Accounting

At Thobani Accountants we offer tailored accounting for partnerships. Our team of dedicated Peterborough accountants have extensive experience and take pleasure in helping you reach your financial goals, no matter how big or how small they may be. Take a look at our services and get in contact to see how we can start working together!

What is a Business Partnership?

HM Revenue and Customs defines a partnership as a relationship resulting from a contract or agreement between two or more partners, where a ‘partner’ can be an individual, a body corporate or the trustee of a settlement. Here, all partners share responsibility for the business, including both the profits and the losses.

To register as a partnership, you will need to follow a set of steps outlined by HMRC. If you have a limited partnership or a limited liability partnership, there are different rules you must follow. You must then register for VAT if your business is eligible, following the Making Tax Digital initiative, which our accountants are fully trained on. To receive extensive support and advice from tax, VAT and accounting experts, you should consider working with Thobani Accountants.

Why Choose Thobani Accountants for Partnership Services?

  1. HMRC registration guidance. Making sure you are compliant with ever-changing tax legislation and initiatives takes time and a thorough understanding of accounting. We can provide you with the best start for your partnership by guiding you through registration and dealing with all future HMCR communication on your behalf.
  2. Extensive tax planning. When running your own business you have an entire business plan to execute. Let our team at Thobani Accountants take care of your tax planning to help utilise tax reflief opportunities and secure the best tax structure for your business.
  3. Tax returns. As a partnership, you will need to complete a partnership tax return in addition to a personal tax return for each partner. Our expert accountants can complete these for you, ensuring you are compliant and no mistakes are made – HMRC investigations are becoming more common, meaning more care must be taken when completing your tax return.

Book a Free, No-Obligation Consultation

Accounting and tax doesn’t need to be a headache. Contact us to speak with our friendly team of accounting specialists to learn more about our wide range of accountancy services. Call us for a free, no-obligation consultation today!