Partnership Accounting

Here at Total Tax Solutions, we can act for your business partnership and can ensure that your accounts and tax returns are always up to date. However, within your business
partnership, yourself and your partner (or partners) must personally share the following
responsibilities for your business:

• Any losses that your business makes.
• Bills for items that you buy for your business, such as stock and equipment

How can Total Tax Solutions help with my Partnership Accounting?

Before we can assist you with your partnership accounting, you must register your business partnership with HMRC, via their website or using the SA400 form. We can complete this step for you, to which you will then receive a Unique Tax Reference from HMRC and they will expect tax returns from you.

Together, you and those you are partnered with will have to prepare your own tax return, and you will also need to declare any partnership profits on your own personal tax return. Therefore, if there are two individual partners within the partnership, there will be three necessary tax returns overall. Once these documents are completed, we at Total Tax Solutions can then prepare your end of year documents, as well as providing you with statutory accounts and all three tax returns so you don’t have stay complacent. Our experts can also keep you informed on when your tax and national insurance is due and how/ when to pay.

To learn more or to talk with one of our finance experts, call us today on 01325 488788 or contact us via email at info@totaltaxsolutions.co.uk