Instead of working on their own many people team up and operate as a partnership. It is similar to operating as a sole trader which is the simplest way to run a business. However, you and your partners are jointly liable for any debts that your business runs up. You must keep records showing your business income and expenses. As you are self-employed:
you need to register for Self Assessment and complete a tax return each year.
your profits are taxed as income
you pay Class 2 and 4 national insurance contributions based on your profits
An accountant can provide you with specific advice, however guidance on partnerships is available at HMRC.
Fixed price but flexible service
All my services are offered at a fixed price.
However I do not provide one standard service to all customers: everybody is different and my service to you is tailored to your personal requirements.
At the end of the process you will know exactly what service you will receive and at what price.
I provide a sound professional service that covers the essentials of preparation of annual accounts and tax returns together with tax and accounting advice and support throughout the year:
Review and reconcile your books and records to ensure an accurate basis for preparing accounts and Government returns
Discuss any issues arising with the nominated partner
Prepare draft accounts and discuss with the nominated partner
Obtain nominated partner approval of accounts
Prepare draft partnership tax return and discuss with nominated partner
Obtain nominated partner approval of partnership tax return
Prepare draft personal tax returns and discuss with each partner
Obtain each partners approval of tax returns
Advise each partner of amounts due and when payable
Submit tax returns online
Respond to all routine Government correspondence and phone calls rising
Free help with your day to day issues and queries throughout the year.
Tax enquiry protection service is included (you may opt out) saving you potentially significant hourly based accountancy charges.
Advice and options to improve the accuracy, and the cost (time and money) of bookkeeping
Advice and options available to minimise tax and maximise personal benefits.
Telephone Barrie Tyson on 020 3514 9027
BTFS Ltd Registered in England and Wales No. 04547755.