If two or more people wish to go into business together, but without have the extra disclosures necessary with a limited company then a partnership offers a simple way to get started, similar in many ways to a sole trader as in essence a Partnership is a group of Sole Traders trading together. A partnership has no legal status, as a Limited Company would, but we advice all partnerships to have a Partnership Agreement.
We at KRA will help advise whether setting up a partnership fits your business requirements best and if you decide this is your best strategy we will notify HMRC and let you get on with running your business and we will make sure you fulfil all your obligations and prepare your partnership accounts as well as deal with HMRC on your behalf. The Partnership Accounts we prepare will show each partners share of profits in the Partnership Tax Return and include each Partners share of profits in their self assessment tax return.