The partners in a business need prompt and effective support from their professional advisors. This gives them more time to do what they do best – manage and grow their business. We can provide as much or as little support as you require, ensuring that your business complies with the ever-changing accounting and tax regulations.
As a partnership you will be required to:
- Produce annual accounts
- Produce a partnership tax return showing the taxable profit of the business
- Produce individual tax returns for each of the partners
- Complete VAT returns
- Operate a payroll and complete certain PAYE returns in respect of payments made to employees
In addition to dealing with all of your compliance requirements, we can help you with the other, more complex issues that typically face partnerships over time:
- Appointment of new partners
- Retirement of current partners
- Possible incorporation / conversion to LLP
- Acquisition of other businesses
- Sale of the business
- Tax planning
- HMRC enquiries
In addition to the above, LLPs must make returns to Companies House and must make sure that their annual accounts comply with the statutory requirements imposed by law.
We have particular experience dealing with solicitors partnerships including the preparation and submission of the Accountant’s Report form to the Solicitors Regulatory Authority.