Here at Yorkshire Accountancy, we provide a range of services that are invaluable to your partnership, including the preparation of first year LLP accounts, revenue and profit recognition and preparation of your annual report and financial statements.
However, partnerships are becoming more and more popular. Its mainly due to the added protection given to partners due to the limited liability status that a partnership provides.
Just like a company, your partnership must be registered with Companies House and you must file accounts annually. Your accounts will be quite similar to a company’s accounts, but your taxes will be different.
Unlike the profits of a company, which are subject to corporation tax. The profits of a limited liability partnership (LLP) are taxable on the members of the partnership who will pay income tax on their share of the profits.
We can guide you through your partnership in the early day. Helping you get set up so everything is smooth sailing.
We will submit a self-assessment tax return for each partner and the partnership. Hence helping to keep things simple and straightforward at your end. Each partner will pay income tax on their share of the profits. We can offer you expert advice and guidance.
We also deal with all HMRC correspondence and advise you on what action to take. The tax due on the business profits is due to be paid by instalments. Therefore we help you keep on top of deadlines. So there won’t be any nasty fines coming your way.
Please call or email to arrange your FREE consultation for any of our services.
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