Business Partnership

Business Partnership Accounts Service

  • Annual accounts prepared
  • Partnership & partners self-assessment tax return filed on-line
  • No charges for calls, emails or meetings
  • Free management reports when we do your bookkeeping
  • Free advice

Business Partnership

An unincorporated or traditional business partnership has similar features to a sole trader business except that there are two or more owners instead of just one.

As well as owning part of the business, it is typical for each partner to work and manage the operations on a day-to-day basis and then to share in the profits which it generates.

The share of the profit which an individual partner receives will be dependent on the percentage or amount agreed by the business.

Tax is then paid on the share of profits which each business partner receives.

It is usual for a business partnership agreement to exist which, among other areas, will stipulate how the profits are shared.

HMRC will ask each member of the business partnership to register for self assessment tax and the partnership itself will be registered with HMRC as well.

One of the partners will need to be a ‘nominated partner’ who will have responsibility for registering the business partnership with HMRC.

Partnerships do not need to notify Companies House nor are they required to perform the accounting requirements of Limited Companies.

We have designed our services to make the choice as easy as possible, by offering:
  • Value for money
  • Fixed fees
  • Keeping it simple
  • Peace of mind for you – we take care of everything
  • You get on with running your business