Whether you are starting a new partnership or are already established, Elixir Chartered Accountants and Chartered Tax Advisers have dedicated accountants who can assist your partnership business with all your tax and accountancy needs.

 

When deciding a business structure, the partners are liable to income tax and NIC on the same basis as sole traders. Partnerships are required to inform the authorities in the same way as sole traders. For VAT purposes, the turnover limit is a limit for the whole partnership and not for each partner.

 

Accounting for partnerships is complex and you need a specialist accountant. Partnerships are also subject to very specific tax rules which are becoming increasing complex in recent years and must be navigated with care. No matter how complicated you tax affairs are, we can take care of everything for you.