Accountancy for all type of partnerships
A partnership is defined as an arrangement between two or more people to oversee the day to day operations of the business. All partners will share in the profits and liabilities or have limited liability.
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Jackson Accounts will accurately maintain accounts for both types of partnership businesses, enabling the partners to focus their energy and resources on doing business. We will produce timely, accurate accounts so that you can avoid any sort of penalties from HMRC and Companies House.
General Partnerships
Partnership businesses do not pay income tax because the responsibility for tax lies with each of the partners. Each partner is required to submit their tax returns via self-assessment in order to report their income, expenses, gains and losses.
Limited Liability Partnerships
Limited Liability Partnerships, like with Limited Companies, must maintain a greater level of accounts including the following:
- annual profit and loss account includes a statement of total recognised gains and losses
- a cash flow statement
- a balance sheet
- the members’ report stating their responsibilities
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