Partnership Accounting
Fixed Price Online Accountancy Services for Partnerships
At Asmat Accountants, we provide reliable, fixed-price accountancy services for partnerships across the UK. Our support covers company accounts, personal tax returns, VAT returns, bookkeeping services, payroll services, and self-assessments — all delivered with a fresh approach focused on service quality and proactive advice.
We’re best known for our all-inclusive unlimited service plan — a fixed monthly package that includes every accounting service a UK partnership may need, with no hidden costs.
From the simplest questions to the biggest concerns — we’re here to help.
A truly unlimited accounting package that meets all your needs with complete transparency — no hidden costs, and a guaranteed response to your enquiries within three hours.
Unlimited support via phone and email
Absolutely no hidden fees
Guaranteed response within 3 hours
Trust the professionals with your numbers
We’re here to support your growth and reduce your tax liabilities.
Our goal is to support your business growth while reducing your tax burden. With monthly or quarterly management reports generated through QuickBooks Accounting Software, you’ll gain clear insights to make smarter business decisions. Plus, your accountant will be equipped to provide you with ongoing tax guidance every step of the way.
Monthly or Quarterly Management Reports
QuickBooks Subscription Included
Ongoing Expert Tax Advice
Ready to join us? We’ll handle it all for you!
Once you give us the go-ahead, we seamlessly take over all your accounting needs. If required, we’ll liaise directly with your previous accountant on your behalf, ensuring your accounts and tax matters are brought fully up to date without delay.
We liaise with your existing accountant on your behalf.
We handle HMRC approval to become your appointed accountant.
You stay focused on what you do best — running your business.
Frequently asked questions
DO PARTNERSHIPS NEED AN ACCOUNTANT?
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.
HOW ARE PARTNERSHIPS TAXED?
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.
WHEN SHOULD I FILE A PARTNERSHIP TAX RETURN?
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.
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.
HOW DO I PAY INCOME TAX AS A PARTNER?
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.
WHAT ARE THE DEADLINES FOR SUBMITTING AN SA800 PARTNERSHIP TAX RETURN?
Every tax partnership in the United Kingdom is required to file a tax return by the deadline, whether on paper or electronically. Those who fail to file on time are automatically fined by HMRC.
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:
- When you tried to submit, HMRC’s service was down, or your own software was having issues.
- You were unable to send it due to theft, fire, or flooding.
- You or your partners were unable to complete their portion of the tax return due to a serious sickness.
- Shortly before the deadline, one of the partners passed away.
- There were postal delays.
- If any of these apply to you and your partnership tax returns were late, you may be successful in any appeal against late filing penalties.
UK COMPANY TYPES WE HELP
- Limited company accountants,
- Sole trader accountants,
- Partnership accountants,
- Limited liability partnerships and
- Contractor accountants
