Working with someone else is hard enough, why not off load the accounts and tax work to us.
If you’re thinking of going into a partnership, it’s important to get the foundations right. We can advise on the best structure for your business and support your growth.
Register the Partnership with HMRC
VAT Returns & Registration
PAYE for Employers
CIS for Contractors & Sub-Contractors
Self Assessment Partnership Tax Returns
Incorporation of the LLP
Filling Accounts at Companies House
A business partnership is two or more individuals working together. You will need to register the partnership and its partners with HMRC for self- assessment, and, NI contributions for each of the partners.
All the partners will share responsibility for the running of the business and the profit or losses from the business are shared between the partners.
Each partner is responsible for their own tax payments on their share of the profits.
It is sensible to set up a formal partnership agreement, defining the responsibilities of each partner and the allocation of the profit shares.
You may wish to take on staff or use sub-contractors in the business, in these circumstances you must account for the tax on your employees through the Pay As You Earn (PAYE) system, or the Construction Industry Scheme (CIS) for sub-contractors.
If your business turnover exceeds £85,000, you may have to register for VAT, account for VAT on your sales and purchases and submit monthly, quarterly or annual VAT returns.
You will be required to prepare partnership accounts annually, and submit a partnership tax return to HMRC.
In addition each partner will have to submit an individual tax return to HMRC and account for their own tax on their share of any profits from the business.
Limited Liability Partnerships (LLP)
An LLP works like a partnership but it is incorporated at Companies House. The main advantage of an LLP over a partnership is that the members (partners) are not personally liable for the debts of the LLP, so their own assets e.g. cars, houses, etc, are protected.
LLPs are taxed in the same way as a partnership but there is additional administration involved in preparing accounts to be filed at Companies House and an Annual Return is required each year too.
All of these services can be taken care of by the team at Emma Pickles Accountants, leaving you free to concentrate on running a successful business.
Check out our latest Insights for useful accounting tips and information.
If you are a couple that is getting separated or divorced, apart from the emotional stress, there are also tax issues that can have significant implications. Whilst this is unlikely to be uppermost in your mind it is important that the tax
We would like to remind any students and seasonal staff that work part time, for example in a summer job, to ensure they are being paid the National Minimum Wage (NMW). All workers are legally entitled to be paid the NMW. This includes temporary
HMRC sets out specific guidance regarding the application of VAT if you are in the taxi and private hire car trade. VAT Notice 700/25 – How VAT applies to taxis and private hire cars – applies.
Private hire cars include mini-cabs. The notice is