Tax
Registering for Business Tax for Limited Companies
If you’re starting a new business as a limited company or developing your current sole trader or partnership business into a limited company in the United Kingdom, you must register
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Why Choose DS Burge & Co as Your Partnership and LLP Accountant
- Over 40 years' experience working with partnerships means we understand the specific challenges and complexities of setting up and running a partnership or LLP, allowing us to provide specialised support.
- As Xero-certified accountants, we offer easy integration with Xero for streamlined financial management.
- We are equipped to help partnerships and LLPs transition to Making Tax Digital (MTD). Although MTD for partnerships has been delayed, the government remains committed to introducing it in a later phase.
- Tailored advice for setting up and structuring a partnership or LLP.
- We handle the stress of partnership tax returns, VAT returns, and offer personal tax advice.
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DS Burge & Co
Accounting Services For Partnerships and LLPs
We provide a range of personal and business tax accounting services for partnerships and LLPs:
- Personal Tax Advice
- Partner Self Assessment Tax Returns (SA100)
- Partnership Tax Returns (SA800)
- Business Tax Advice
- Set up a Limited Partnership (SA400)
- Incorporating an LLP
- VAT Returns
- Business Registration with HMRC and Companies House
- LLP Annual Accounts and Confirmation Statement to Companies House
- Payroll Services
- Bookkeeping Services
- Partnership Agreements, Changes in Profit Sharing and Entry (SA401)/Exit Support
What Are the Different Types of Partnership?
In the UK, there are 3 different types of partnerships that have different financial and legal rules and responsibilities. The partnerships themselves don't pay tax; partners are taxed on their share of the profits. Partners of General Partnerships, Limited Partnerships, and LLPs must each complete a personal tax return (SA100), and the partnership must file a partnership tax return (SA800) and must register for VAT if VAT taxable turnover is more than £90,000 (in a rolling 12-month period). All types of partnerships are required to register with HMRC.
General Partnerships (GP): In a general partnership, each partner is equally liable for the partnership's debts, and, with no limited liability, partners have unlimited personal liability for any financial issues that the business incurs. A partnership agreement sets out the division of profit between partners.
Limited Partnerships (LP): A 'general' partner has unlimited liability for the partnership and is responsible for all filing submissions. There must also be at least one 'limited' partner who only has liability for the business up to the amount they contributed upon the partnership's establishment. 'Limited' partners may not manage the business or be 'general' partners. Limited partnerships must be registered with Companies House and send a confirmation statement, but are not required to send annual accounts.
Limited Liability Partnership (LLP): An LLP operates similarly to a general partnership in how profits are shared, but partners are not personally liable for business debts. LLPs must register and send a confirmation statement to Companies House, as well as filing annual accounts.
When Do Partnerships Need to File Tax Returns?
Partners must send their SA100 personal self-assessment tax returns and SA800 partnership tax returns to HMRC by 31 January each year.
At DS Burge & Co, we'll handle the stress of your self assessment tax returns and your partnership tax returns to give you more time to focus on your business.
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Schedule a free consultation to find out how we can help with your finances.
Useful Resources for Partnerships and LLPs:
Tax
Making Tax Digital for Income Tax
Making Tax Digital for Income Tax MTD is going to impact many self-employed business owners and landlords. Find out how HMRC’s upcoming changes could impact you.
Tax
Self Employed Expenses, What Can I Claim?
If you’re self-employed, we’ve put together the following guide to help you better understand self-employed expenses and what you can claim back. Ensure you don’t pay more tax than is necessary.