In the UK there are three types of partnership:
limited liability partnerships (LLPs)
An ordinary partnership is a relatively simple and flexible way for two or more people to own and run a business together.
A limited partnership is made up of a mixture of ordinary partners and limited partners
And LLPs must have at least two designated members. LLPs are taxed as partnerships, but have the benefits of being a corporate entity, and members have limited liability similar to shareholders of a limited company
Accounting for partnerships is different
Partnership accounts are more demanding than those for a sole trader and must be properly prepared.
The number of partners will inevitably complicate the preparation process and it is important that experienced help is sought.
After all, making a mistake could affect many partners and may even end up creating a bigger tax liability for all.
Here at Maxian we understand partnership accounting and are ready and waiting to help you with your business.
Helping your business grow
Unlike other businesses, partnerships change when a new member is added or when one leaves.
This means that the accounting naturally changes at the same time.
We’ll help with the changeover and ensure that all of the necessary opening and closing positions are correctly recorded.
And when you take on staff we’ll be pleased to help you with setting up a company payroll scheme, registering with HMRC and running your payroll for your.
We can even make employee pension payments to your nominated provider.
Should you ever need any advice or help with your business then you can be sure we’ll only be a phone call away.
We like to think that our services for partnerships are very excellent value.
We have produced some packages specifically for partnerships that offer even greater value but don’t worry if what you see isn’t listed, simply give us a call and let’s see what we can do.
Bronze – Accurate day-to-day bookkeeping and reconciliation of all bank/credit card/cash transactions (spreadsheet-based system) – £45.00pm
Silver – Everything in Bronze, plus unlimited email/telephone support, plus monthly Cash Flow forecast – £55.00pm
Gold – Everything in Silver, plus completion and filing of Partnership Tax Return and Self-Assessment Tax Returns for up to 3 partners – £70.00pm
Get more information
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