Here at The Accountsmith we cover all types of businesses – for peace of mind, our fixed fee partnership accounts service is available to collate your business income and expenditure in order to produce your accounts and taxation liability. As with all the services we provide, we’ll complete the process by submitting your return to HMRC.

As a partnership your tax will be self-assessed, and you will pay tax on your profits. The starting point to calculate your profit and loss account is your business sales minus your business costs, however don’t forget some of the costs although they appear on your accounts are not allowed as tax deductible expenses. The Accountsmith team will guide you through the intricacies of allowable expenses to ensure your tax is calculated correctly.

For business partnerships in addition to your self-assessment a partnership tax return will also need to be submitted to HMRC.