Accountants for UK Business Partnerships
A business partnership files its own partnership tax return, and each partner reports their share of the profits on their personal Self Assessment return. We prepare partnership accounts and profit allocation schedules, and can prepare the partnership return and the individual partners' returns so the figures agree throughout.
Common challenges
- Drawings that do not match the agreed profit sharing ratio
- Partner current accounts that have not been reconciled
- Partners joining or leaving part way through the year
- Each partner's return waiting on the partnership figures
How we help
- Prepare partnership accounts and profit allocation schedules
- Reconcile partner capital and current accounts
- Prepare the partnership tax return where engaged
- Prepare partners' Self Assessment returns from the same figures
Related services
These services are most often relevant for partnerships. Each service page explains what is included and how the process works.
- Partnership AccountsPartnership year end accounts with profit allocation across partners, supporting partnership and personal tax reporting.
- Self AssessmentSelf Assessment Tax Returns for individuals, sole traders, company directors and other taxpayers, prepared from the relevant income, expenses and supporting tax information.
- BookkeepingStructured bookkeeping for sales, purchases, bank transactions and business records, helping maintain accurate financial information for VAT, payroll, accounts and tax reporting.
- VATVAT registration and VAT Return support for UK businesses, including digital record requirements, applicable VAT schemes and Making Tax Digital compliance.
Frequently asked questions
Yes. Partners in a business partnership must send a return, reporting their share of the partnership profits along with any other income.
LLPs have different filing obligations, including accounts at Companies House. Tell us your structure at the start so we can confirm the scope.
Talk through your circumstances
Tell us what you need and we will outline a clear next step before any engagement begins.
Arrange Your Consultation