Key areas we advice on includes
Partnership Accounts
I. Partnership trade accounts
We believe in a personal, tailored approach and will work closely with you to identify the accountancy services you need. You will have a dedicated point of contact who will know your financial affairs inside out and will always be on hand to answer your questions.
We will discuss and complete your partnership trade accounts. After the end of its financial year, all partners should prepare accounts and self-assessment tax return. Each will have to pay penalties up to £1,300 plus 5% fine if each of you does not file your self-assessment tax return with HMRC by the deadline.
II. Income tax planning
Our main priority is of regular tax efficiency reviews to reduce your income tax liability and continuous assessment, whether trading as a sole trader would tax efficient for your business. We will advise how to reduce the income tax throughout the year taking benefits from payroll, capital allowances and other tax efficiency schemes such as EIS, SEIS, VCT and calculate your income tax liabilities to submit the return to HMRC. In some instances, we would claim income tax refunds from HMRC.
III. Bookkeeping and VAT
We will assist you with bookkeeping, including VAT returns. We will advise you whether you should be VAT registered and which scheme is suitable for your business. We will then prepare, complete and submit all your VAT returns to HMRC.
IV. Payroll
We will assist you with take advantage of payroll schemes and claim annual employment allowance of £5,000 against your national insurance liabilities.
V. Management accounts
We will provide you with financial and performance information quarterly basis. This real-time information will ensure you are making the right financial decisions for your business.
VI. Little more things you should know about partnership business
A partnership business is one of the most common forms for small businesses due to its tax efficiency. The income of the business solely belongs to partners on their profit distribution ratio, unlike limited company owners has to drawdown by way of dividends and salary. Each partner has an annual income tax free allowance of £12,570 and national insurance threshold of £9,501. We will closely work with partners advising how to reduce income tax liability.
VII. Our Fees
The fees start from £80 per month for the businesses with a turnover of less than £85,000.
The package includes followings:
Accounting services
Business tax services
Income tax services
Payroll services
Income tax services
The fees start from £195 per month for the businesses with turnover exceeds £85,000.
The package includes followings:
Accounting services
Business tax services
Bookkeeping and VAT services
Payroll services
Income tax services