Since 1988, Dyer & Co has been offering personalised accountancy and tax advisory services to small and medium sized businesses. Based in Kent, we pride ourselves on our reliable, friendly and efficient approach.
When two or more engage in a business enterprise as co-owners, the business is known as a partnership. These partners will share any profits, but they will also share the risks, costs and responsibilities associated with the business. There are two main types of partnerships in the UK: limited liability partnerships (LLPs) and limited partnerships, for which the HMRC sets different rules for registering the business and dividing up debts and finances.
Each partner must register for self-assessment and complete an annual tax return. On top of this, the partnership itself, as a separate entity, will have to complete a tax return and have accurate records of all business transactions and accounts. Partnerships must also register for VAT when the taxable turnover in any given 12 month period exceeds the VAT registration threshold (businesses under this threshold can decide whether or not to register for VAT). A ‘nominated partner’ is responsible for managing the partnership’s tax returns and keeping records of current accounts and capital accounts for each partner.
You can formalise your partnership arrangements in different ways, such as by setting up a limited company as one of the partners, and by setting up a partnership agreement. It is always helpful to consult with a partnership accountant early on to help you understand your tax liabilities and the process of informing the HMRC that you have started a new business. An accountant can also help you decide which structure will best suit your business.
Dyer & Co
Whether you are a medium-sized business looking to avoid the headache of preparing your accounts, a new partnership seeking tax advice, or even an established firm looking to grow your business, Dyer & Co can help. Our team offer a personalised approach to everything from minimizing your tax liability to helping you set up a limited company. Over the years, we have developed an excellent reputation for helping clients through audits, tax planning, tax investigations, VAT, payroll, CIS and IR35 compliance, and dealing with HM Revenue and Customs.
We endeavour to offer all our services at an affordable price, with an upfront fixed fee and no hidden costs. As your local accountants, we deliver on time with a jargon-free, no nonsense approach. You will be given a named point of contact to ensure that you find us easy to work with. Based in Sidcup, Kent, our location enables us to service our clients in Central London, Kent, Surrey and Essex with ease. Dyer & Co is registered with the Chartered Institute of Accountants, and with our help completing your annual accounts, providing tax or business advice and corporate planning, we promise to give you our insight with integrity.
If you are setting up a new partnership, Dyer & Co can help you through the process and advise you on the most tax-efficient ways of running your business. If you have an established partnership you can benefit from our accounting services to free up your time to spend on developing your business. We can also ensure you have a full understanding of your business’s performance and advise you on steps to enhance your success. Because of this, you can be sure that your investment in partnership accounting from Dyer & Co will easily be offset by the savings and development potential further down the line.
To find out how Dyer & Co can benefit your partnership, speak to our friendly team today.