EXPERTS IN ACCOUNTANCY SERVICES FOR PARTNERSHIPS

Bespoke services for Partnerships

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What is a Partnership?

In a partnership, you and your partner (or partners) personally share responsibility for your business. This includes:

– Any losses your business makes

– Bills for things you buy for your business, like stock or equipment

– Partners share the business’s profits, and each partner pays tax on their share.

A partner does not have to be an actual person. For example, a limited company counts as a ‘legal person’ and can also be a partner.

For more information please visit the GOV website.

Onyx Partnership Services

Onyx take away the hassle of registering you and partners for self assessment and handle all the paper work associated giving you peace of mind you that you have been registered correctly. We offer preparation of Annual Accounts with balance sheet reconciliations to suit your business e.g fixed assets, bank, debtors and creditors, and also VAT and Payroll.

We can help you with all your general bookkeeping requirements, either at your business premises or at our office. Maybe you need help writing up the books or just want us to add the finishing touches to the information in order to create your own management information. We are accredited partners with a range of bookkeeping software providers and offer software training. We also offer a range of packages, please see our Software Page for more details.

You can also find more information on any of our other Supporting Onyx services.

WHAT YOU NEED TO DO

When you set up a business partnership you need to:

choose a name
choose a ‘nominated partner’
register with HM Revenue and Customs (HMRC)

The ‘nominated partner’ is responsible for managing the partnership’s tax returns and keeping business records.

Onyx can take care of partnership set up giving you peace of mind everything has been set up correctly.

There are different rules for limited partnerships and limited liability partnerships (LLPs).

LIMITED LIABILITY PARTNERSHIPS

You can set up (‘incorporate’) a limited liability partnership (LLP) to run a business with 2 or more members. A member can be a person or a company, known as a ‘corporate member’.

Each member pays tax on their share of the profits, as in an ‘ordinary’ business partnership, but isn’t personally liable for any debts the business can’t pay.

You’ll need to:

choose a name
have a registered address – this will be publicly available
have at least 2 ‘designated members’
have an LLP agreement that says how the LLP will be run
register the LLP with Companies House

Onyx can take care of limited liability partnership set up giving you peace of mind everything has been set up correctly.

Already Set Up and Trading?

If you are already set up and trading and are looking to move accountant, or maybe your tax return has become too complex and confusing for you to complete yourself, Onyx will ensure a smooth and hassle free transition.

Get in touch today!

Thinking about going Limited?

There are many benefits and tax saving opportunities to going Limited including:

– Paying less tax

– Claiming more tax relief on expenses

– It might be easier to attract investment

– Limited liability protection

If you would like us to assist with setting up a Limited Company please click the button below and complete our bespoke set up form. If you have any queries please contact us at enquiries@onyx.accountants