01245 207270

Services for Partnerships / LLP

Register the Partnership
with HMRC
VAT Returns &
Registration
PAYE for
Employers
CIS for Contractors
& Sub-Contractors
Partnership Accounts
Self Assessment
Partnership Tax Returns
Incorporation of
the LLP
Annual Returns
Filling Accounts at
Companies House

A Partnership
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.

Contact us today to arrange an appointment or discuss your requirements in detail.

Our client is a single mother and HMRC had badly miscalculated her tax. In light of this our client could not access any of the tax credits that she was entitled to as HMRC would not back down on their calculations. Emma went to see our client, submitted the relevant documentation, and our client received from HMRC a sum of £5,000 in overpaid tax. Because of this, our client went back to the DPP and her situation was recalculated, resulting in a repayment in back credits she should have had totalling £6,000. Our client is deeply grateful to Emma for her help and reported that she felt secure and comfortable knowing that Emma was dealing with her case professionally and she wasn’t being charged a huge amount for the service.

Ms P

Contact us:

Tel: 01245 207270
Email: info@emmapicklesaccountants.co.uk

Location:
Alexandra House
36A Church Street
Great Baddow
Chelmsford
Essex CM2 7HY

    

Looking to change your accountant?

Emma Pickles Accountants are focused on providing high-quality service and customer satisfaction in all areas of accounting - we will do all we can to meet your expectations.

We make switching to us an easy smooth transition, just give us a call and we will take care of everything for you:

Looking to change your accountant

Emma Pickles Accountants are focused on providing  high-quality service and customer satisfaction in all areas of accounting - we will do all we can to meet your expectations.

We make switching to us an easy smooth transition, just give us a call and we will take care of everything for you:

                                                             

    

  

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