PARTNERSHIP
  • What are the Legal Responsibilities?
  • How to Divide your Profits?
  • What Books do you need to Keep?
  • What is the Tax Situation?
  • Reducing Partnership Tax Bills!
We will answer all these and many more questions you may have at a FREE Initial Consultation. - you can ask as many questions as you like, as it is your Free Meeting.

At your Free Session we will discuss:
  • Your legal responsibilities and the requirements under the 1890 Partnership Act.
  • The dividing of your Profits in the most Tax efficient way to get you all lower Tax Bills!
  • Whether you are making the most of all Tax allowances?
  • Whether you should register for VAT or not? (some Partnerships can make more Profit out of being VAT registered)
  • If VAT registered – can you get lower VAT bills by using the HMRC Flat Rate Scheme?
  • A Tax-Busting Tax Planning exercise specifically for Partnerships showing how to reduce the Partnership Tax Bills in the future!
  • The records you need to keep to satisfy HMRC – we even supply you with a free Excel book-keeping system every year if you become a Client!
Advantages of a Partnership:
  • Sharing of Work-Load - Enables the Business to take on more work and larger contracts.
  • More resources - Pooling of experience and skills to enhance the Business Performance.
  • More ideas - A Partnership provides a forum for partners to express different views and opinions, leading to better business performance.
  • Minimal regulation – it is a relatively simple form of operating a Business.
Disadvantages of a Partnership:
  • Unlimited Liability - Partners are 100% liable for the action of the Business. They are also jointly and individually liable for the action of the other partners. This means that all your personal assets are up for grabs to pay off any partnership debts, not just your share of them!
  • Partnership Disagreement - Potential disagreements with partners over roles, work-load and responsibilities can lead to difficult to resolve situations.
  • More Decision Makers - Having a partner often slows down the decision making process. Each partner may have a different view of the decisions to be made for the Business.
  • Profit Share – Profits must be shared evenly between partners, unless all partners agree otherwise.
How we Help your Business: As well as the normal Annual Accounts and Tax work for your Partnership, we will also assess and review each and every year, the benefits of you staying as a Partnership.

Within this Annual Review we will discuss with you all other alternative options available for your Business, so you can choose the best option for you.

Please Contact Us if you need further advice, have any questions about our services, or would like a Free No-obligation Initial Consultation.