Partnerships

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

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