Partnership accounts are not a legal requirement but are still crucial for businesses run by more than 1 person. In this post, we’ll look at the basics of partnership accounting. Partnership Accounts Essentially, partnership accounts involve recording financial transactions and preparing financial statements for businesses owned by two or more partners. These transactions include: revenue, […]
Furnished Holiday Lets (FHLs) in the UK have become more and more popular recently. For property owners and investors, understanding the tax situation when it comes to FHLs can lead to tax savings and a more profitable venture. What Are Furnished Holiday Lets? Furnished Holiday Lets, as the name suggests, are residential properties that are […]
Running a partnership can be rewarding, offer flexibility and success. However, things can get a bit confusing, especially when it comes to partnership tax returns. The purpose of this blog post is to explain the process involved. What are Partnership Tax Returns? Unlike a limited company or Sole Trader, a partnership doesn’t pay tax. Instead, […]
One of the most important questions a partner in business asks me is ‘How Do I Pay Tax in a Partnership?’ In this post, we’ll look at the basics of paying tax in a partnership and what you need to know to stay compliant with HMRC regulations. How Do I Pay Tax in a Partnership? […]
Partnerships offer a flexible and popular business structure, but they come with specific reporting requirements that demand attention. In this guide, we’ll break down what you need to report as a partnership, simplifying complex tax jargon into easy-to-understand terms. What You Need to Report as a Partnership Partnership Tax Return The cornerstone of partnership taxation […]
Understanding allowable expenses for partnerships not only ensures compliance with HMRC but can also maximise profits. In this guide, we’ll explore the ins and outs of allowable expenses for partnerships in simple terms. Partnerships, as defined by HMRC, are formed when two or more individuals carry on a business together with a view to making […]
As a partnership, it’s crucial to keep thorough records of your financial transactions and activities. These records not only help you stay organised but also ensure compliance with tax laws and provide valuable insights into the financial health of your business. In this blog post, we’ll discuss the records you need to keep as a […]
One of the most important questions to ask yourself if you run one is, “How do I pay myself from a Partnership?”. In this guide, we’ll explain how partners can pay themselves from their partnership, ensuring compliance with HMRC regulations while also maximising their income. Understanding Partnerships Firstly, let’s clarify what a partnership is. In […]
Setting up a partnership can be an exciting time. However, it’s crucial not to overlook the necessary steps for tax registration. In this guide, we’ll explain the process of how to register a partnership for tax in the UK. Firstly, it’s important to define what a partnership is for tax purposes. In the UK, a […]
When it comes to going into business with someone else, choosing a partnership name is pretty important. It’s not just a label; it’s the identity that will represent your business to the world. It can also reflect your brand, values, and aspirations. Choosing a Partnership Name First and foremost, it’s essential to understand the legalities […]
