Optimise your partnership finances and make the most of your business opportunities.
When it comes to partnerships, your financials can be more complex than those of a sole trader. Managing partnership accounts effectively is crucial for understanding the health of your business.
With Blue Shore, you’ll never need to navigate this intricate world alone. We bring the expertise, insight and bespoke services that focus squarely on your partnership’s unique accounting needs.
What are partnership accounts?
Partnership accounts are financial statements that detail the financial position of a partnership, breaking down the individual contributions, profits and losses of the partners involved.
These accounts show the partners’ share of profit or loss, as well as the balance sheet details of the partnership. It’s crucial to keep track of separate accounts to ensure a clear view of the financial responsibilities and entitlements of each partner.
Unlike annual accounts for companies, there is no legal requirement to prepare these accounts for a general partnership. But they are still a valuable tool to help you understand your partnership’s performance and make key business decisions.
HMRC does require partnerships to register and file a tax return each year, while individual partners must also prepare personal tax returns. Having a detailed and accurate set of accounts will help to make the tax return process much smoother.
Here’s how we help:
Profit and loss account management
We’ll help you prepare a comprehensive profit and loss account that accurately reflects your business expenses and earnings, and how profit is divided between partners. This is vital for understanding your partnership’s financial position.
Balance sheet reporting
A balance sheet is a crucial element in partnership accounts. We ensure that it comprehensively details the financial standing of your business, considering all assets and liabilities.
Partnership tax return and compliance
Whether you’re the nominated partner or one of the individual partners, we’ll guide you through the labyrinth of tax return submissions and compliance requirements for your partnership.
Partnership agreement and financial statements
A well-documented partnership agreement is vital. We help formulate financial statements that align with your agreement, adding an extra layer of financial clarity.
Accounting software advice and setup
The simplest and most effective way to prepare your partnership accounts is by using online accounting software. We can advise on your options and help you implement your platform of choice.
Our approach — the human touch
In a world dominated by numbers, we prioritise people; the human touch. Our unique approach sets us apart, creating lasting relationships built on trust, understanding, and mutual respect.
We genuinely care about the well-being and growth of your business, going the extra mile to ensure your financial stability and success. We’re approachable and available, always ready to lend a listening ear and provide expert advice tailored to your specific needs.
Why choose our partnership accounts services?
Expertise in partnership accounts
Our vast experience allows us to cater specifically to partnership accounts, whether you’re an individual partner or represent a limited company.
From partners’ salaries to business expenses, our transparent approach to account management lets you know exactly where your business stands financially.
Tax year planning
We help you plan for the tax year effectively, ensuring that all partners fulfil their tax obligations without any hiccups.
Your partnership is more than just a business arrangement; it’s a financial commitment that requires expert handling.
At Blue Shore, we offer services that help you make the most out of your partnership accounts. From filing your partnership tax return to preparing your profit and loss statements, we’ve got you covered. Talk to us today.