Partnership Accounting Services
Accountancy Made Simple from only £89/month
Running a partnership means two tax returns to get right every year: the partnership’s own return, and each partner’s individual share. Caroola handles both, for one fixed monthly fee.
Everything Partnership Businesses Need
Profit doesn’t split itself evenly just because there are two or more of you. Getting the allocation right, and making sure it’s reflected correctly on every partner’s own tax return, is where partnership accounting differs from a sole trader or limited company.
Specialist Partnership Accounting Support
Our partnership accounting services are provided by accountants who are technically qualified, industry accredited, and best-in-class with decades of experience, not a one-size-fits-all template.
You’ll get your own dedicated accountant, not a shared inbox or a rotating support team.
Support is unlimited, and quarterly check-ins mean your accountant is looking at your numbers throughout the year, not just once and then gone until the next deadline.
- Partnership Tax Return (SA800), prepared and filed
- Individual Self Assessment for each partner
- Profit and loss allocation between partners
- Cloud accounting software included
- Your own dedicated accountant
- Tax planning reviewed every quarter
- Support switching from another accountant
Who are these services for?
At Caroola, we work with partnerships and LLPs of every size, from two people starting out together to established firms with several partners.
We’re also highly experienced with contractors, so if your partnership works with contracted clients, we can give tailored guidance.
How Partnership Tax Actually Works
A partnership itself doesn’t pay tax. It files a return showing the total profit or loss, then each partner pays tax on their own share through their individual Self Assessment. An LLP works the same way for tax, even though it’s a separate legal entity like a limited company.
One partner is nominated to file the partnership return. Get the registration or the filing wrong, and every partner can face a penalty, not just the nominated one.
Registering:
A new partnership registers with HMRC using form SA400, before 5 October in your second tax year.
The Partnership Return:
SA800, showing the partnership's total income and how profit is split.
Individual returns:
Each partner also files their own Self Assessment, declaring their share.
Profit allocation:
Split according to your partnership agreement, not necessarily equally.
LLPs:
Taxed like a partnership, but also file annual accounts with Companies House like a limited company.
Why Choose Caroola as Your Partnership Accountant?
Never Miss a Deadline
Filed with HMRC on time, every year, for the partnership and each partner.
Flexible Plans
Our transparent, fixed pricing ensures you know exactly what you’re paying for.
Expert Accounting
Work with a dedicated accountant who takes the time to understand your business.
Clear Pricing
Our transparent, fixed pricing ensures you know exactly what you’re paying for.
One Point of Contact
Coordinated across every partner, not chased separately.
How Much Does Partnership Accounting Cost?
Your partnership return and each partner's return are included as standard, not charged as an extra.
Partnerships and LLPs are priced around your setup, based on the number of partners and the complexity of the work. Sole trader and limited company packages start at £28 and £89 + VAT a month respectively, for comparison.
Get in touch and we’ll give you a clear quote based on how your partnership is actually structured.
Sole Trader
- Self Assessment filing
- Bookkeeping software
- Dedicated accountant
- MTD ITSA software
- Corporation Tax & VAT filing
- Annual Accounts
- Real-time tax insights
Partnerships & LLP
- Self Assessment filing
- Bookkeeping software
- Dedicated accountant
- MTD ITSA software
- Corporation Tax & VAT filing
- Annual Accounts
- Real-time tax insights
Limited Company
- Self Assessment filing
- Bookkeeping software
- Dedicated accountant
- MTD software
- Corporation Tax & VAT filing
- Annual Accounts
- Real-time tax insights
Speak to a Partnership Accountant Today
Ready to work together or interested in learning more? Get in touch with the team to start a conversation.
FAQs
- Does a Partnership Pay Tax Itself?
No. The partnership files a return (SA800) showing its total profit, but the tax is paid by each partner individually, based on their share, through their own Self Assessment.
- How Do I Register a New Partnership With HMRC?
Using form SA400, before 5 October in your partnership’s second tax year. Each individual partner also needs to register separately for Self Assessment.
- Is an LLP Taxed the Same as a Partnership?
Yes, for tax purposes. An LLP is taxed like a partnership, with profit passed to partners individually, even though it’s a separate legal entity that also files accounts with Companies House.
- Are Individual Partners' Tax Returns Included in the Package?
Yes. Preparing and filing the partnership return and each partner’s individual return is part of your core accounting fee.
- Can I Switch to Caroola Part-Way Through the Year?
Yes. No need to wait for year end. We manage the handover with your current provider.
- Are There Any Additional Costs?
Not for your partnership return or your partners’ individual returns; both are included. VAT registration, payroll for employees, or management accounts are priced separately or included in an upgraded package.
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