Partnerships require their accounts to be completed annually with the Profit and Loss account submitted to HMRC.
The due date for the above is normally the 31st January following the year ended 5th April. Claiming the correct expenditure, such as capital allowances is a priority as it will help you pay the correct amount of tax.
At Owen Accountants Limited we shall inform you of what records you should be keeping. We can also offer you a Free Book-Keeping set up which will allow you to keep your records in an appropriate manner. Helping you decide on the correct year end can also be advantageous as it can postpone any tax liability.
Help and advice with assessing appropriate partnership ratios, as well as calculating each partners capital and current accounts are available.
Assessing whether you would benefit as incorporating as a Limited Company, and explaining the benefits and draw backs is always noted and explained.