Partnership

Basic

Gold

Premium

Your own dedicated Accountant
Preparation and submission of partnership tax return
Unlimited help, advice and assistance throughout the year
Proactive monthly tax reminders 
Your personal Client login
Free Business guides and online resources
Full set of accounts for your partnership *
Representation in the event of HMRC investigation * *
Cloud Accounting software * *

*Additional Fee applies

A partnership is an extension of being a sole trader. Here, a group of two or more people will come together, pool their talents, clients and business contacts so that, collectively, they can build a more successful business than they would individually. The partners will agree to share the joint profits in pre-determined percentages. It is advisable to draw up a Partnership Agreement which sets the rules of how the partners will work together. Partners are taxed in the same way as sole traders, but only on their own share of the partnership profits. As with sole traders, the partners are legally liable to pay the debts of the business. Each partner is ‘jointly and severally’ liable for the partnership debts, so that if certain partners are unable to pay their share of the partnership debts then those debts can fall on the other partners.