Visit our Tax website
- Partnership Accounts
- Value Added Tax (VAT) & VAT returns
- End of year PAYE Return (P35)
- Income Tax Returns
- Business Name Registration
What is a Partnership?A partnership consists of at least two people who are operating a Business together, who are not incorporated and who share the profits in an agreed ratio.
What are the advantages of setting up as a Partnership:Privacy - there is no statutory requirement to file annual accounts for public inspection. Competitors will know less about how successfully your business is working
Less Red Tape - there is less official red tape to setting up as a partnership. The business owners just need to tell the tax office that they are now self-employed and register the firm's business name.
What are the disadvantages of setting up as a Partnership?
- Liability - business partners are jointly and individually liable for the actions of the other partners and for all businesses debts; if your business fails leaving business debts then any or all of the partners could lose their homes or other personal assets
- Profits - must be shared, as agreed between all partners.
- Disagreements - time needs to be taken to draft partnership agreements to try to avoid future problems however disagreements can occur, and therefore the decision making process can take longer