Partnership

A partnership is a business owned and run by 2 or more people with the partners sharing the profits according to the percentage owned.

 

 
All partners are responsible for the debts and contracts of the business and are personally liable if the business gets into financial difficulty.

Partnerships can be a great way to operate if you are looking for a simple way of getting into business with 1 or more other people. The structure can be beneficial and you don’t have to submit your accounts to Companies House so your profit stays private

Bowes Brooks can help with all the accounting and tax requirements of partnerships plus we can help you to set up your partnership to ensure you are operating in the most tax efficient way from the outset.

Whats included:

  • Full set of year end accounts
  • Completion and submission of partnership tax return
  • Regular monitoring to ensure tax efficiency
  • Representation in the even of an HMRC investigation

From £19.50 per month

Our Promise

Fixed Fees, unlimited phone calls, unlimited meetings and fee protection as standard. Initial meeting and advice always free.

We speak plain English – we appreciate that you probably don’t have a background in accounting or tax and we’ll explain things in a clear and concise manner to help you understand your business.

From experience clients that understand their accounts and tax calculations make better and more informed decisions day to day.  This can mean the difference between success and failure and why we place such importance on providing accessible advice and information.  We will also provide regular monitoring to ensure tax efficiency.

Help & Advice

Articles from our blog written by Jessica Brooks

What’s an Accountant for?

What’s an Accountant for?

Why does anyone need an accountant?  

How do they help me?  

What do they do anyway?

Here’s my answers to those questions:

Keeping you Legal.  We help you do your financial administration so you file everything you need to, on time, every time.

Saving Tax.  We help you save tax by making sure you do things in a way that incurs as little tax as possible.

Understanding your taxes.  Helping you understand how you are taxed, so you can plan for it.

Knowing your numbers.  Helping you understand your business by interpreting the numbers for you, so you can make decisions based on fact not just intuition.

Making you rich.  Helping you put a plan together so you can get your personal finances in order and meet your financial goals.

Budgeting and forecasting.  Planning for the future, so you can arrange your finances effectively.

Support.  Your accountant is probably one of the few people you can talk to with complete honesty about your business.  He knows the facts, so there is no need to show off or for false modesty.  

If you need any help with these, you know where we are.

Jess Brooks

Who are your best customers?

The Pareto principle or the 80–20 rule says that, for many events, roughly 80% of the effects come from 20% of the causes.  So how might this affect you in your business?  I’d suggest that it can be profound.  If you can identify which of your clients or customers are: 

  • The 20% who produce 80% of your profits.
  • The 20% who produce 80% of your complaints and hassle. 
  • The 20% of your products that produce 80% of your profit.
  • The 20% of your sales staff that produce 80% of the sales. 
  • The 20% of your marketing that produces 80% of the results.


Then you can make decisions that will drive your profits to super success.  Of course it can be hard work analysing who are the
best and worst customers, staff or suppliers. Having identified them you can exit the troublesome ones and get to work replicating your best areas.  

The clock is ticking... just 25 days to submit your tax return.

As the adverts say ‘tax doesn’t have to be taxing’. 

In fact if your affairs aren’t that complex it could take as little as 30 minutes to complete the online form BUT you need to be registered for online filing AND you need to have all the necessary paperwork in front of you. 

And deciding which information you need is one of the parts our clients have most difficulty with. 

We are always happy to answer quick questions, even if you're not a client. So if you're feeling stressed then pick up the phone.