Partnership Accounting Services
Our general partnership accounting services have been designed to help assist partnerships with all of their accounting needs, from day-to-day accounting and payroll services right through to VAT returns and bookkeeping.
Expert partnership accounting saves time, money, and resources when it comes to ensuring that all expenses and revenue are accurately recorded and all tax obligations are met. All partnerships, regardless of the sector they are operating in, must file tax returns for the business as well as for each individual partner, and this can be done efficiently and accurately with the benefit of our partnership accountancy service.
What is an Accountancy Partnership?
This variation aims to cover a wide range of touchpoints including overseeing business accounts, tax returns, VAT returns, financial management reports and much more. However, we’ve taken a closer look at some of the main services.
All parties are personally liable for the business and all necessary financials must be accurate and submitted on time, which is why many arrangements of this type call upon the help and support of specialist partnership accountants that are fully in tune with this type of organisational structure.
There are a number of advantages to this arrangement over a limited company structure including the following:
- Less formal
- Easy to get started
- Fewer legal obligations
- Optimum privacy
You should also be aware of the disadvantages too, which include:
- Unlimited liability – all partners are personally liable for all obligations of the partnership. This means that creditors are perfectly within their right to pursue a single general partner for the obligations of the entire business.
- A partner is taxed on his or her share of the business profits, regardless of whether the funds are retained in the business.
Main Partnership Accounting Services
A wide range of services are covered including overseeing business accounts, tax returns, VAT returns, financial management reports and much more. However, we’ve taken a closer look at some of the main services.
If you’re struggling to keep a tight hold of your bookkeeping, a partnership bookkeeping service should be your first port of call. Designed to save you both time and money when it comes to balancing your books, this type of service will ensure that all expenses and revenue are recorded on time, all taxable expenses are accounted for and all tax returns are filed on time and accurately to HMRC.
We will prepare & submit your quarterly VAT returns on behalf of your partnership, giving you peace of mind that all of your VAT obligations are met and that you are fully compliant with HMRC’s Making Tax Digital rules. We will also review your circumstances and advise on the most appropriate VAT scheme for your partnership.
Designed to manage every stage of the payroll journey, a payroll partnership accounting service will ensure that all employees of your business are paid on time and in full and your PAYE obligations are met.
Why Choose Elver Ecommerce Accountants
Here at Elver E-commerce Accountants, we have been helping to keep online businesses in-line with all their accountancy and taxation obligations.
We are incredibly passionate about helping to keep your online business on track with your plans and ambitions. As specialist E-Commerce Accountants, we have the tools and expertise to streamline your management information, forecasting and planning, so that you can manage your business and drive it forwards.
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