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Partnership Accounts

If two or more people wish to go into business together, but without having the extra disclosures necessary with a limited company then a partnership offers a simple way to get started.  A Partnership is similar in many ways to a sole trader as in essence a Partnership is a group of Sole Traders trading together.

 

We at KRA advise all partnerships to have a Partnership Agreement which acts like a constitution of the Partnership.  The Partnership will have to prepare Partnership Accounts which will show each partners share of the profits.

 

These Partnership Accounts will then be used to complete the annual Partnership Tax Return and a Partnership short tax return  showing each Partners share of the profits for tax purposes.

 

The Partnership short tax return will be added to each Partners personal tax return.

 

How we can help

If you would like to discuss any of the above please contact KR Accountants so we can arrange a No obligation FREE initial meeting to carry out a business review were we will offer you a FIXED FEE accountancy service with no hourly charges or hidden costs.

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