A partnership is a business run by two or more ‘partners’ and each business partner shares responsibility for the business, this includes their share of the business losses and bills for things bought for use in the business.

A partnership must register its name with HMRC and complete a partnership Self Assessment tax return every year. Each partner must also complete a personal Self Assessment tax return and pay tax on their share of the partnerships’ profit.

The partnership must also register for VAT if its turnover exceeds the VAT turnover threshold.

Brash & Co can assist with:

  • Registering the partnership name with HMRC
  • Preparing partnership accounts
  • Completing your partnership self assessment tax return
  • VAT registration and completion of VAT returns
  • Preparing individual partners personal tax returns and calculating their tax liability

There are other types of partnerships that can be formed if you don’t want to be personally liable for the partnerships losses.

Require more information?

If you would like more information or would like to speak to us direct then call us on 01704 551889. Or if you would prefer, ask us a question online.

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Brash & Co Accountants Ltd

Head office: Birkdale Business Centre, Weld Parade, Southport, Merseyside, PR8 2DT. Telephone 01704 551889
Southern office: Unit 93 Trident Court, 1 Oakcroft Road, Chessington, Surrey, KT9 1BD. Telephone 0203 475 3944

Registered in England & Wales. Company number: 06781340

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