Partnerships
United ownership, Structured growth.
Overview
Running a partnership business in the UK is exciting and fulfilling, but managing your finances can quickly become time-consuming and stressful. From handling profit allocation between partners, individual Self Assessments, and partnership tax returns (SA800) to managing VAT, payroll, and bookkeeping, staying on top of everything can be challenging especially when you’re focused on growing your business together.
At CBM Accounting, we understand the unique needs of UK partnerships (general, LLP, or limited) and offer professional support to make your financial management simple and stress-free. Our expert accountants can handle all or part of your accounts, ensuring accurate profit splits, HMRC compliance, Corporation Tax planning (for LLPs), and maximum tax efficiency for each partner while you focus on what you do best in running and expanding your partnership.
Get in touch with CBM Accounting today to discuss your partnership needs and discover how our tailored accounting solutions can help your business thrive.
How is a Partnership defined?
A UK partnership is a business run by two or more people together for profit. General partnerships (under the 1890 Act) have no separate legal status, unlimited liability, and equal profit shares unless agreed otherwise. Limited partnerships and LLPs require Companies' House registration. LLPs offer limited liability and act as a separate entity. All are tax transparent, profits go to partners for personal tax via Self-Assessment. A partnership agreement is vital to define shares, roles, and exit rules.
Accounting Services for Partnership Businesses:
VAT Services:
For partnerships in the UK, navigating VAT, Customs, and Duties regulations can be complex. CBM Accounting provides specialized VAT services to ensure full compliance with HMRC requirements while optimizing your tax position. From VAT registration to ongoing advisory and planning, our experts help reduce liabilities, enhance efficiency, and support business growth.
Accounting & Bookkeeping:
At CBM Accounting, we deliver professional Accounting and Bookkeeping Services tailored to partnership businesses across various sectors. Our qualified accountants manage everything from day-to-day bookkeeping to year-end accounts, ensuring accuracy and compliance with UK tax laws. With in-depth expertise, we help strengthen financial performance, maintain compliance, and drive sustainable growth.
Payroll Services:
CBM Accounting offers customized outsourced Payroll services in the UK designed for partnerships. We manage employee salaries, tax deductions, National Insurance, RTI submissions, and pension contributions, ensuring compliance and efficiency. Using advanced payroll systems, we simplify payroll management so your partnership can focus on core business operations.
Self-Assessment
For UK partnerships, Self-Assessment is used by HMRC to collect tax on business profits. Each partner must file an individual tax return alongside the partnership’s main tax return. Our experts at CBM Accounting assist in accurate reporting, expense claims, and timely submission, helping you avoid penalties and maintain compliance throughout the year.