Expert partnership accountants in Birmingham

Accountants for Partnerships

We can assist in guaranteeing your business’s tax compliance by serving as your representative for your business partnership’s accounting and tax filings. In a partnership, you and your partner (or partners) are jointly responsible for the business’s operations

This includes:

✓ Any financial losses incurred by the business

✓ Expenses incurred for business-related purchases such as equipment or inventory

If you are a partner in a partnership, you will receive a portion of the business’s profits, and you will be responsible for paying taxes and National Insurance on your share.

What partnership accounting and tax work can we help you with?

Initially, you will need to register your partnership with HMRC, either through an online application or by submitting Form SA400. If desired, we can undertake this registration process for you since HMRC forms can be daunting.

After registering, HMRC will provide you with a UTR (Unique Tax Reference) and expect you to file tax returns. As a partner, you are responsible for declaring your share of the partnership’s profits on your personal tax return (SA100).

Additionally, the partnership must prepare its own tax return (SA800). For example, if a partnership has two partners, three tax returns will be necessary in total.

Why choose MyTaxDoc for your partnership accounting?

We can compile the necessary documents for your partnership’s year-end, which includes providing you with statutory accounts and all three tax returns. This service allows you to avoid the burden of ensuring compliance with accounting and tax regulations. We will inform you of your tax and National Insurance liabilities and provide guidance on payment dates and methods.

Our process is fully digital, so our clients benefit from streamlined and efficient service. You can approve the tax returns with a simple click of a button.