Partnership accountancy services completed by expert accountants
Accountancy Services For Partnerships
More Than AccountantsMore Than Accountants Accountancy services for partnerships for a fixed price.
We provide fixed price accountancy services, services company accounts, personal tax returns, VAT returns, bookkeeping services, payroll services and self assessments with a fresh approach, focussed on service levels and proactive advice.
We are best known for our all-inclusive unlimited service plan, which includes all accounting services required by a UK business and more for a fixed monthly fee.
More Than Accountants specialises in an accounting package that aims to boost your company’s profitability while lowering your tax bill.
This package includes all of your accounting needs and more. Bookkeeping on a monthly or quarterly basis, company accounts, VAT returns (if applicable), management reports, regular tax reviews and advice, and self-assessments. All completed using Xero accountancy software.
Unlimited Telephone and Email Support
True unlimited accounting package that covers all of your accounting needs with no hidden costs. We guarantee a maximum three-hour response time to your enquiries.
Unlimited telephone & email support
Never any hidden costs
Guaranteed 3 hour response times
What "extras" are included in the fixed monthly fee?
We provide you with quarterly or monthly management reports using Xero Accounting Software and Dext Receipt Reading Technology, allowing you to make informed company business decisions and allowing your accountant to provide you with regular tax guidance.
Monthly or Quarterly Management Reports
Xero & Dext Included
Regular Tax Advice
Switching Accountant - Easy Transition
We quickly take over all of your accounting needs once you give us the green light. If necessary, we will contact your prior accountant on your behalf, with the goal of bringing your accounting and tax situation up to date as quickly as possible.
We contact your current accountant on your behalf.
We make contact with HMRC to get approved as your accountant.
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Many sole traders, partnerships, and limited liability organisations believe they require the services of an accountant. The truth is that until your partnership is large enough to undergo an audit, there is no legal requirement to have your accounts produced by an accountant.
Partnerships aren’t taxed at all. The partnership’s income must be split equally among the partners. The partners are then taxed on their respective shares of the profits.
Because partnerships can be divided in any way you like (as per your partnership agreement), everyone will earn a share of the profits you make together.
Individuals who own a portion of a partnership’s profits are taxed at the same rates and bands as self-employed income (basic, higher and additional rate).
Assume A, B, and C are three partners splitting a £100,000 annual profit. Partner A has a 60% stake, Partner B has a 25% stake, and the third has a 15% stake. They’d be taxed for £60,000, £25,000, and £15,000, respectively, implying that Partner A would be on the higher Income Tax rate, at the very least, compared to partners B and C’s basic rate (as of 2021/22).
Of course, if all or some of the partners have other sources of income, their entire earnings may be pushed into the higher or extra rate categories. To calculate your taxable income, HMRC adds up all of your earnings and subtracts deductions and allowances.
The date for filing your partnership business tax return is the same as for Self Assessment: midnight on January 31st for digital submissions, and three months earlier on October 31st for paper filings.
Remember that the first period you must report is from your start date to April 5th, so make sure you don’t forget.
This is a tax return for the prior fiscal year. For the 2020/21 tax year, for example, you’d file online by January 31, 2022.
If you miss the deadline, each member of the partnership will be fined £100 right away. Penalties accumulate in the same way they do for a late Self Assessment tax return. They have an impact on each partner individually; you are not held accountable as a whole.
If you don’t pay on time, you’ll be charged more.
Every partnership must complete out eight pages of the SA800. It is your obligation if you are the nominated partner.
However, there are a few more pages for your tax partnership that are equally crucial. They’re employed for bank or building society profits, as well as the ‘disposal of chargeable assets.’ These supplemental elements of the SA800 form must be completed by the nominated partner.
For a partnership tax return, you’ll need the most recent, up-to-date evidence, as always. HMRC may request evidence of all incomes and investments.
You’ll have to fill out one of two Partnership forms: a’short’ version for the types of revenue we’ve discussed so far, or a ‘complete’ declaration that covers every type of income you could earn from the partnership. If your trading income is less than £85,000, you’ll fill out the SA104S, and if your partnership income is greater than £85,000 or you have more complicated partnership arrangements, you’ll complete out the SA104F.
To give their consent, all members of the partnership sign a document. After that, a copy will be made and included with personal Self Assessment tax filings. That’s all there is to it when it comes to filing a partnership tax return appropriately.
You can, on the other hand, request a reduction or cancellation of the penalty. You have 30 days to explain yourself if you were late. The following are some valid reasons:
