Partnerships

At KAS Accountants Limited we provide accountancy, bookkeeping and tax services for partnerships.

Some of the key features of setting up in partnership are as follows.

Ownership - Usually 2 or more individuals form a partnership under a Partnership Agreement.

Profits - Partners share profits and losses according to the partnership agreement drawn and the agreed percentage share of profits each partner is entitled to. This principle also applies to debt borrowed by the partnership. New partners can be appointed and current partners can resign or retire.

Preventing your competitors from finding out information about you - As an unincorporated business, partnership accounts are not available within the public domain unlike companies whose abbreviated accounts are made available by House Companies.

Compliance with HMRC - Partnerships have to submit annual partnership accounts and a partnership tax return. Each partner has to complete their own Self Assessment tax return.


KAS Accountants Limited offers the following services in relation to partnerships

  • Setting up a partnership business and liaising with HMRC
  • Preparing and filing the annual partnership accounts
  • Preparing and filing the partnership Self Assessment tax return
  • Assistance with opening a business bank account
  • Acting as the partnership's agent with HMRC
  • Registration under PAYE if you decide to become an employer
  • Preparation and filing of period end and annual PAYE Returns
  • Personal tax advice in relation to Self-Assessment for partners
  • Preparing and filing Self Assessment tax returns for partners and advising them on how much income tax to pay HMRC every January and July


Phone us on +44 (0) 7967 635740 or email us at kasaccountancy@yahoo.com if you require further information.

Managing Partner

Mr Kaleem A Saeed is a Fellow member of the Association of Chartered Certified Accountants.

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