Partnerships

The partnership is the primary non-corporate vehicle for individuals who conduct business on a joint basis. Individual partners are taxed on their income from a partnership as if they were self-employed.

A partnership does not actually exist as a legal entity in its own right: technically it is an amalgamation of individuals so when it conducts business it does this through its individual partners and not as a collective entity. Each partner acts as an agent for the others meaning that that each partner is effectively bound by the actions of the other partners.

Partners are also jointly and separately liable for the debts of their firm. The partnership is a flexible and very private, format which allows firms to decide how to organise internal management and profit sharing and is prevalent among of all kinds of businesses.

Announcements

Company Accounts for Year Ending 31st May

If your year end is 31st May, the filing deadline for your company accounts is 28th February (or 29th for a leap year).

VAT for Quarter Ending 31st January

If your last VAT quarter ends on 31st January the filing deadline is 28th February (or 29th for a leap year) and payment is due by 7th March.

February Payroll and RTI

File your monthly RTI reports for February payroll by 5th March and pay HMRC by 19th March.

Corporation Tax for Year Ending 31st May

If your year end is 31st May the deadline for payment of corporation tax is 1st March.

Company Accounts

At B20 Wessex we are Chartered Certified Accountants with years of experience in advising businesses on how to maximise their company tax savings.

Payroll Bureau

The B20 Wessex Payroll Bureau offers a comprehensive range of services for your business at competitive rates. We offer our customers a comprehensive payroll service, supporting your business at the fraction of the cost of a full time member of staff.

Self Assessment Tax Returns

If you are in business as a sole trader you are personally responsible for your business activities. Talk to us for more information about sole trader responsibilities and advice on becoming a sole trader.

Management Accounts

As a chartered, certified accountant we are well qualified to help you prepare your management accounts on a regular basis, so that you can keep track of your business.

Partners