Generous tax incentives for charitable giving in the UK may make starting a not-for-profit company even more enticing. But legislative and regulatory pressures don’t make it easy. While you’re making a real difference in the world, running a business partnership means balancing shared responsibilities with the practicalities of managing company finances. It takes hard work and good communication. The help of an experienced partnership accountant will also keep things running smoothly.
Welcome to Daniel Wolfson, accountants for partnership businesses
As longstanding, highly experienced accountants and business advisors, Daniel Wolfson specialises in supporting partnership businesses of all types:
- General partnerships
- Limited partnerships
- Limited liability partnerships (LLPs)
Our partnership accountants provide expert, impartial support, from guiding you through the setup process to assisting with ongoing tax and financial obligations. We help you choose the ideal legal structure for your partnership, manage partnership tax returns and individual Self-Assessment tax returns, and offer holistic tax planning to reduce tax liabilities and improve profits.
Feeling overwhelmed by tax and bookkeeping demands? We’re here to ease the burden on you and your nominated partners. With our free accounting software and mobile app, staying on top of your finances has never been easier.
Whether you’re wondering which business structure would offer optimum opportunity and protection or seeking assistance with a partnership agreement, contact Daniel Wolfson for a no-obligation chat.
Do you need an accountant for a partnership?
While you are not legally obliged to hire an accountant for your partnership, the benefits of our professional support are undeniable. Working with one of our qualified partnership accountants not only guarantees compliance with the Partnership Act (1890), but they will also find ways to reduce tax liability, spot irregularities, pinpoint savings in running costs, and improve partnership profits.
Plus, accounting fees are a fully allowable business expense, so we can help you make it a tax-efficient investment.
Can you help with setting up a new business partnership?
Daniel Wolfson has helped form numerous partnership businesses, and we understand just how important it is to get it right. Our partnership accounting services support you through the pivotal stages of setting up a partnership by offering advice on business structure, assisting with partnership registration with HMRC and Companies House, and overseeing the partnership agreement.
Once your partnership is up and trading, we provide ongoing bookkeeping services and accounting and manage all your requirements in the most tax-efficient way, including each partner’s personal returns.
We can also assist during the transition from a general partnership to a limited partnership or LLP and help with all business administration, from Income Tax returns, VAT registration and filing to payroll setup, registered office address (ROA), company secretarial, and so on. Our client-centred accounting services for partnerships are built around the needs of our clients.
Our accountancy services for partnership businesses
Our dedicated partnership accountants can take on a range of financial responsibilities for your business, including your partnership accounts and your own personal tax return.
Here’s what our expert partnership accounting services include:
- Registration with HMRC
- Registration with Companies House
- Partnership agreements and changes in profit sharing
- Bookkeeping
- Tax compliance
- Partnership tax returns (SA800)
- Personal tax returns for individual partners (SA100)
- Annual accounts, partnership accounts, management accounts
- Tax planning reviews
- ROA and company secretarial
- VAT registration and returns administration
- Payroll setup and completion of P45s and P60s
Get expert accounting support for your partnership with Daniel Wolfson
At Daniel Wolfson, our goal is to make managing your partnership finances simple and stress-free. We do this by offering flexible and affordable accounting services tailored to your partnership business.
What makes us stand out is our holistic approach to partnership accounting. We take a genuine interest in your partnership, its plans, your tax and accounting obligations, and the success of all business partners as individuals.
Our services are designed to be flexible and respond to your partnership’s needs. We offer free accounting software and help via email, phone, video call, and in person.
Want to learn more? Contact us today for a free consultation or call our office on 01923 856 008.
Frequently asked questions about partnership accounting
What are the tax implications of forming a partnership?
In the UK, business partnerships themselves don’t pay tax. Instead, each partner or member is taxed on their share of the profits, which is calculated and paid through their personal tax return. The partnership then files an annual partnership tax return to HMRC, detailing its income and business expenses.
How often do partnerships need to file tax returns?
Partnerships send their returns to HMRC by 31 January each year, detailing the partnership’s income and expenses and how any profits or losses are shared between the partners. Each partner must also submit their personal tax return and pay tax and National Insurance on their share of income by that date.
What is the difference between a partnership and a limited company?
A general partnership is one of the easiest entities to set up. All partners share profits and are equally responsible for the financial and legal obligations (also known as unlimited liability). Then, there’s a limited liability partnership, which provides the benefits of shared ownership while protecting each partner’s personal assets. All partners are liable for tax on income they generate from their share of the profits.
In contrast, a limited company is a completely separate legal entity, owned by shareholders and operated by directors. It provides greater separation between ownership and management and offers greater financial protection for the owners.
