Self-assessment is compulsory if you are self-employed, a director of a limited company, or a sole trader. You will also go through the process when employed and earn an extra income. This must be done every year. The process can be hectic given that you have other commitments in your business and personal life. Fortunately, we got you covered. We are here to prepare and file your tax returns. Our skilled personnel are also ready to handle HRMC queries. We use approved software to ensure that your tax liabilities are calculated in transparently and accurately. 

A partnership is a for-profit business association of two or more parties, known as partners, who agree to cooperate for their mutual benefit. The partners in a partnership may be individuals, groups of individuals, companies and corporations.

Each partner shares the organization’s profits and control of the business operation. The consequence of this profit sharing is that these partners are, jointly and independently liable for the partnership’s debts.

You must register your partnership and its members with HM Revenue and Customs (HMRC). Partners who are individuals pay Income Tax and National Insurance through self-assessment, whilst partners who are a company must be registered with HMRC for Corporation Tax.

Lucent Accounting would help you to fulfil the above responsibilities associated with your partnership business and ensure you comply with the regulations.