Partnerships.

We act for numerous partnerships and have done so many years. Where the business keeps its own bookkeeping records we log these on our system and produce an income and expenditure account, a balance sheet and a general ledger which details how all the figures are made up. The income and expenditure account flows through to the Tax Return while the balance sheet records all the capital transactions together with debtors (amounts owed to the client) and creditors (amounts the client owes). Each year we advise our clients of changes in tax legislation such as the new rules on claiming for use of home, subsistence etc. Examples of our charges are below. Contact Mike for a personalised estimate and ask about our new client new business discount.

Partnership A.

This client is a husband and wife trader. Turnover is just under £30k, profits £15k, no employees. They send us summary details each year

For their annual partnership and personal Self- Assessment Tax Returns and and accounts we charge between £300 and £500 within our basic pack of services.

All figures are net of VAT

Partnership B.

 

This client is a husband and wife trader. Turnover is just under £50k, profits £40k, no employees. They send us their records each year and require some assistance with the bookkeeping.

For their annual partnership and personal Self- Assessment Tax Returns and and accounts we charge between £350 and £600. This type of service is covered by our standard pack of fees.

All figures are net of VAT

 

Partnership C.

This client is a husband and wife online retailer. Turnover is just under £250k, profits £60k, no employees. They had been preparing their own accounts and Returns using spreadsheets, sales being based on the deposits into their business account by Amazon, PayPal etc. We suggested QBO, trained them on this and helped introduce the new system. Our charges in connection with QBO were 3 hours training – £105 and 3 hours support – £105 and these are of course one off bills.

For their annual partnership and personal Self- Assessment Tax Returns and and accounts we charge between £500 and £750 with our premium pack of services.

 

Basic package £300 - £400 pa

  • Partnership accounts from client summary details
  • Partnership Self-Assessment Tax Return
  • Partners Self-Assessment Tax Return - 2 (minimal other entries)
  • Submission of Returns and accounts to HMRC and confirmation to you.
  • Tax calculation and note of what and when to pay HMRC.
  • PDFs of Tax Data's quarterly and budget newsletters.
  • Tax, accounts, bookkeeping advice (1 hour pa).
  • Reminder emails/telephone calls (2 in pack).

Standard package £350 - £600 pa

  • Bookkeeping (hours to be agreed)
  • Software training (hours to be agreed)
  • Partnership accounts from client records
  • Partnership Self-Assessment Tax Return
  • Partners Self-Assessment Tax Return - 2.
  • Submission of Returns and accounts to HMRC and confirmation to you.
  • Tax calculation and note of what and when to pay HMRC.
  • PDFs of Tax Data's quarterly and budget newsletters.
  • Tax, accounts, bookkeeping advice (4 hour pa).
  • Reminder emails/telephone calls (5 in pack).

Premium package from £600 pa

  • Bookkeeping (hours to be agreed)
  • Software training (hours to be agreed)
  • Partnership accounts from client records
  • Partnership Self-Assessment Tax Return
  • Partners Self-Assessment Tax Returns.
  • Submission of Returns and accounts to HMRC and confirmation to you.
  • Tax calculation and note of what and when to pay HMRC.
  • PDFs of Tax Data's quarterly and budget newsletters.
  • Tax, accounts, bookkeeping advice (4 hour pa).
  • Reminder emails/telephone calls

Published 13 September 2017.

Updated 20 February 2018