Do both partners need to file a tax return?

Yes. As well as the partnership's own tax return (SA800), each partner files an individual Self Assessment (SA104 supplementary pages) declaring their share of the partnership profits.

How is partnership income taxed?

The partnership itself does not pay Income Tax. Profits are divided between partners according to your partnership agreement, and each partner pays tax on their own share through Self Assessment.

Do we need a formal partnership agreement?

You don't legally need one, but it's strongly advisable. A clear agreement that sets out profit shares, decision-making and what happens if a partner leaves protects everyone — and gives your accountant a solid basis for allocating the figures correctly each year.

Partnerships

Partnership accounts in Cornwall

Partnership tax returns and accounts across Cornwall and South Devon, on a set fee with no surprises.

Partnership accountancy for two-or-more-partner businesses across Cornwall and South Devon, including family partnerships, husband-and-wife teams, two trades working together, or professional partnerships.

What's covered

Partnership tax return (SA800): the partnership's own return, prepared and filed.
Partner Self Assessments (SA104): one per partner, with profits allocated per your partnership agreement.
Year-end partnership accounts: what came in, what went out, who's owed what.
Bookkeeping: kept tidy through the year so the year-end isn't a scramble.
VAT: if the partnership is registered or close to the threshold.

Pricing

Partnerships are a quote rather than a fixed tier, as every partnership is set up a bit differently, and the workload depends on the number of partners, the profit-allocation rules, and what's already on the books. Set fee once we've talked, no hourly surprises.

“KP Accountants Ltd have been a great support to our business. From day-to-day bookkeeping through to tax and year-end accounts, everything is handled professionally and efficiently. Running a motorcycle sales and repair business can be busy and unpredictable, so it's reassuring having accountants who are approachable, knowledgeable and easy to contact when needed.”

— B&H Motorcycles Ltd

FAQs

: Yes. As well as the partnership's own tax return (SA800), each partner files an individual Self Assessment (SA104 supplementary pages) declaring their share of the partnership profits.
: The partnership itself does not pay Income Tax. Profits are divided between partners according to your partnership agreement, and each partner pays tax on their own share through Self Assessment.
: You don't legally need one, but it's strongly advisable. A clear agreement that sets out profit shares, decision-making and what happens if a partner leaves protects everyone — and gives your accountant a solid basis for allocating the figures correctly each year.

Related services

Ready to start

Get a free, no-obligation quote.

Call, email, or stop by the office in Roche. Set-fee accountancy across Cornwall and South Devon.

Get my fixed-fee quote Call 07581 010613