Business types Partnership
Type of business
One set of books for the whole partnership.
Two or more people trading together, registered with HMRC. The books belong to the partnership, whoever is doing the work, and each person gets the access they need.
Your businessRegistered with HMRC
- Type
- Partnership
- Partnership name
- Example Partners
- People with access
- 3 partners, 1 bookkeeper
- Books kept in
- GBP
- VAT
- Registered, quarterly
What a partnership gets.
- Everything a sole trader gets
- Invoicing, expenses, reconciliation and reports, for the partnership.
- A role for each person
- Partners, a bookkeeper or an adviser each see and do only what they should.
- Reports for the whole partnership, or by brand
- One view of how the business is doing.
- VAT returns, if registered
- Worked out from the books and filed with HMRC.
The facts
- Registered with
- HMRC
- Company number
- Not needed
- Tax reference
- Partnership reference, recorded for you
What is not part of it
- Partnership tax return filing
- Statutory company accounts (they do not apply to partnerships)
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