Partnerships, Limited Partnerships and LLPs
Who we help
Sherwin Currid: Your accountant for partnerships
We offer a range of accountancy services to partnerships to help you save money and ensure compliance.
Tailored Accounting Solutions for Partnerships
If you run your own business partnership then you know how time consuming it can be, your accounting and tax need not take up even more of your time. At Sherwin Currid we will take care of all of your UK partnership’s accounting and tax needs, leaving you more time to focus on growing your business.
All of our clients are paired with their own dedicated accountant who will take the time to understand your partnership agreement and be able to offer you proactive tax advice. Our services ensure affordable compliance with HMRC and Companies House for partnerships with limited liability as well as completing all of your personal tax submissions in a timely and tax efficient way with no hidden costs.
Get in touch for more information and find out how we can help your partnership.
Partnerships
Ordinary partnerships involve shared responsibilities and profits, with each partner equally liable for the partnership’s debts. A partnership agreement will outline the division of profits and control within the partnership unless one does not exist and then the profits are divided equally between partners. With no limited liability you, as a partner, have unlimited personal liability for any financial difficulties that the business suffers.
For ordinary partnerships there is a smaller burden of reporting and compliance work demanded by HMRC than for a LLP, but you will still have to register for VAT if your turnover exceeds £90,000 in a rolling 12 month period and the partners must file personal tax returns yearly to report income. Sherwin Currid can help you with the accounting and filing requirements for partnerships as well as ensuring you, and the other partners, are operating in the most tax efficient manner possible.
Limited Partnerships
Limited Partnerships are unique structures that require specialised accounting knowledge. At least one partner, known as a general partner, still has unlimited liability for the partnership and is responsible for controlling and managing the business as well as registering with Companies House and ensuring all necessary filings are submitted on time. Limited partnerships must also have at least one limited partner who only has liability for the business limited up to the amount they contributed upon the establishment of the limited partnership. These limited partners are not allowed to manage the business and cannot also be general partners.
There are more filing requirements for limited partnerships than for ordinary partnerships due to the need to report on the size of limited partners’ contributions and the business’s profits before dividing them according to the partnership agreement. We can help you deal with the filings for these more complex business structures as well as looking after your VAT, payroll and personal tax obligations
Limited Liability Partnerships
A limited liability partnership (LLP) is a partnership structure where partners share profits in the same way as an ordinary partnership but are not personally liable any debts the business cannot pay. LLPs must have a name, registered address, at least 2 ‘designated members’, a written partnership agreement and they must be registered with Companies House.
The business itself must be registered with HMRC for self assessment as well as the partners themselves. LLPs must also submit annual accounts and a confirmation statement to Companies House. Sherwin Currid can help you to compile the accounts for your business as well as the other necessary submissions such as payroll and VAT should you need them.
Why choose Sherwin Currid for your partnership accounting?
Since we set up, over 15 years ago, we have been helping small businesses with their accounting and tax obligations from our local offices across London and the South East and online across England. Our clients come from various industries and we look after all businesses types including sole traders, partnerships, LLPs, limited partnerships and limited companies.
All of our clients are given a dedicated accountant who will take the time to understand your business and partnership agreement to ensure we provide you with the best and most helpful service we can. Our whole team is always looking for ways to streamline your tax and save you money while ensuring compliance with HMRC.
Expertise in partnership accounting
Our partnership accountants are experts in dealing with ordinary partnerships, limited partnerships and LLPs and would be happy to talk to you to discuss how Sherwin Currid can help you. From filing partnership tax returns to preparing annual accounts, we handle compliance work efficiently and accurately.
Rather than dividing up accounting obligations between your partners you can simply leave us to look after all of your partnership’s needs, giving you and your partners more time to spend focusing on growing your business or serving your clients. Get in touch with us today to set up a meeting with one of our team.
Making Tax Digital and cloud accounting software
At Sherwin Currid, we ensure that our clients are fully prepared for Making Tax Digital (MTD) requirements. We are experts with a range of cloud accounting software and can help you chose the right one for your partnership as well as providing you with guidance on setting up and using the software.
We are experts in FreeAgent, Xero, Quickbooks among other software and will work with you to ensure you can integrate the best one for you into your business. If you are already VAT registered then you will, no doubt, already use a MTD compliant software, in which case you can easily give us access and continue making use of your current system with no need to change.
Accounting Services for Partnerships
Sherwin Currid offers comprehensive accounting services for partnerships. From bookkeeping and cloud accounting software to payroll, VAT, and partnership tax return services, we cover it all. Our expertise in partnership accounting ensures that your business will be looked after so you, and your partners, can focus on the business.
Bookkeeping and cloud accounting software
At Sherwin Currid we offer comprehensive bookkeeping services and cutting-edge cloud accounting software all to help you keep track of your business finances. If you utilise cloud accounting software to keep track of your records yourself then our accountants will have a real time view of your business meaning accurate and timely returns and filings.
We also offer in house bookkeeping and can help your partnership monitor cash flow, provide management accounts and assist with budgeting and forecasting. With Sherwin Currid you can rest assured that your finances are in good hands.
Payroll
Sherwin Currid offers extensive payroll experience and knowledge to assist in managing your partnership. From compliance guidance to software implementation and training, we ensure accurate calculations and timely payments. With all of our clients benefitting from a dedicated, personal accountant and unlimited access to support, Sherwin Currid is a trusted partner for efficient payroll management.
VAT
If your partnership has revenue in excess of £90,000 then VAT registration is mandatory for your business. We help ensure seamless compliance with MTD for VAT by providing our clients with cloud accounting software and offering personal guidance so you can get to grips with VAT, MTD and your software. Your partnership’s quarterly VAT returns will be managed by a dedicated accountant who will work alongside you and our bookkeeping team to ensure accurate and timely returns.
If your partnership is not yet registered for VAT then we will advise you on when you are about to cross the threshold and assist you in registering for VAT. We will handle the correspondence with HMRC and be on hand to answer any questions you may have.
Partnership tax returns
Compiling and submitting your partnership tax return doesn’t need to be overwhelming. At Sherwin Currid, our professional accountants navigate the complexities for you. For limited partnerships and LLPs we will work with the partner responsible for these filings and submit the SA800 partnership tax return to HMRC.
All partners will also have to complete Self Assessment Tax Returns that include their shares of the partnership’s profits and submit these by the 31st of January following the conclusion of each tax year. We have personal tax experts who can work with you to ensure you are set up as tax efficiently as possible and are declaring all your income accurately and are paying the correct amount of National Insurance and tax.
Our clients love us
The best people to talk about the quality of our service are our clients.
Our electric car business, EV Experts, has outgrown the motor trader accounting package used since launch and Sherwin Currid have helped us move to Xero whilst also producing our statutory accounts from our legacy systems.
Martin Miller
Electric Vehicle Experts Limited
Marie at SCA and her team have been extremely helpful u0026amp; responsive during our first 18 months of trading as a small business Ltd company, guiding us through CIS, PAYE, VAT u0026amp; all manner of other accountancy issues. Thanks very much and I would recommend.
Terry Ryder-Lee
TLC Courts Ltd
I started my limited company two years ago and I knew that I needed someone I could trust to support me on all accounting matters so that I could focus on all the rest. Sherwin Currid Accountancy team is always professional, punctual and polite – No need to look elsewhere!
Pasquale Cataldi
Innovation Lambda Limited
Sherwin Currid look after the accounts for my husband’s construction company. The team are friendly and helpful- especially with explaining things in a simple manner which is definitely needed with the world of accounting being so complicated!
Claudia Thorogood
Thorogood And Vardy Refurbishments Limited
Frequently Asked Questions
Many people wonder if they need an accountant for their partnership. While it is not a legal requirement, having an accountant can be highly beneficial to ensure you remain compliant with various tasks such as preparing annual accounts, filing tax returns, and dealing with HMRC queries.
We have always prided ourselves on offering a personalised sevice to all of our clients. With us you will have a dedicated accountant who will be your point of contact for any queries and will guide you through the various pieces of compliance that come with operating in a partnership. We will try and simplify your accounting and tax while ensuring timely submissions to HMRC and Companies House where applicable.
The incorporation process for partnerships wanting to be LLPs involves registering with Companies House and filing partnership accounts. Sherwin Currid can assist with this process, ensuring all necessary documentation is completed accurately and on time.
Switching to Sherwin Currid from another accountant is a straightforward process. We will get in touch with your previous accountant and ensure a smooth handover process meaning you will not have to get involved with moving your information to us. All of our clients have the opportunity to have an initial welcome call with their dedicated accountant who will take the time to get to know you and your business before checking to ensure you are maximising deductions and minimising your tax liability.