Accounting for partnerships is very similar to that of sole traders. The financial periods run from 6th April to 5th April each year and a corresponding separate filings should be done preferably by 31st October.

However, each owner has an individual ownership interest in assets, liabilities, and equity, which results in the separation of financial statements, including the creation of separate accounts and partnership tax returns.

Advantages of partnership:

  • More equity available to financethe business compared to a sole trader
  • Different partners can bring different skills
  • Workload is shared

Disadvantages of partnerships:

    • Unlimited liability
    • Profit is shared between the partners
    • Partners may not always agree on decisions for the business

    We can prepare your partnership accounts from your book keeping records, whether you use a book keeping package or excel.

    Why Partnership Accounts from Musial Accounting Services(MAS)?

    If you are looking for professional partnership accounting UK, then MAS is the perfect solution, giving you the opportunity to:

    • Focus on other aspects of business management and development;
    • Minimise the costs of organising partnership business accounting, maximising the quality of the results;
    • We will notify you and send you reminders of all relevant deadlines so you can avoid being fined


    All quotes are based on individual requirements and there is no blanket price list for all individuals. 
    Please drop MAS an email explaining the service/s required and personal circumstances and you will be sent a quote.
    les waydick
    les waydick
    Needed someone who I felt I could trust, and would give me advice, and not cost me a fortune.
    Steve heron
    Steve heron
    Damian did a great job of advising me on my taxes in a clear and simple way I could understand as well as navigating pension and tax considerations. Very good advice and would highly recommend him.
    Damian has provided me with an excellent service at very competitive price. I would wholeheartedly recommend him as he made the stressful experience of submitting accounts and self assessment really easy. Thanks
    Anna Olszewska
    Anna Olszewska
    Fantastic accountant! Being a new business has its own challenges, and having a good accountant can definitely save you a lot of time and headache. Damian is very organised, thorough and prompt. Great communication throughout the process. Amazing service.