PK Accounting Service is qualified to aid all the financial requirements of a partnership business and guide you to success. A business run as a partnership shares control, responsibility and finances between two or more people. The partners are not only responsible for managing the business, but also “jointly and severally” liable for any debts incurred by the business and the profits are shared between the partners based on pre-agreed percentages.
What We Offer
- We can take the stress from you by preparing your partnership and personal tax returns, ensuring that you are fully compliant and, as importantly, making sure that you only pay the tax that is due.
- We will deal with HMRC on your behalf for Payroll, Vat allowing you to focus purely on your business.
- We will calculate your tax liability, making sure that you claim everything that you can. As part of our service we offer a full tax review on an annual basis to ensure nothing is overlooked.
The main advantages of setting up as a Partnership are:
- Partnerships are relatively easy to establish; make sure time is taken to draft a partnership agreement to avoid future problems.
- With more than one owner, it may be easier to borrow money and raise capital to invest in the business.
- The business can benefit by using the knowledge base and experience of all of the partners.
The main disadvantages of being a Partnership are:
- Business partners are liable for the actions of the other partners.
- Business partners, like sole traders are liable for the actions of the business.
- Since decisions are shared, disagreements can occur and therefore the decision-making process can take longer.
For more information on accounting for Partnership and to discuss your requirements please drop us a line using our Online Quick Quote Form