Our partnership clients seek us out to fulfil their accounting needs, but get so much more. Jameco Group is an ambitious business, and we are here to help maximise your partnership’s profits and help your business grow alongside our own.
Welcome to Jameco Group, accountants for partnerships
Jameco Group exist to help ambitious business owners in Kent and beyond gain control of their finances and grow their business. While we excel at the accountancy basics, our passion is help businesses to achieve their full potential.
We prioritise strategic thinking and tax planning to help our clients make valuable savings now and in the future.
We’re here to remove the accounting burden but also to help you retain as much of your partnership’s profit as possible. For a tailored quotation, please get in touch.
What is a partnership business?
A business partnership is legally defined as two or more self-employed individuals that come together to form a business with a view to making a profit.
Should the company fall on hard times or have to cease trading, the partners are responsible for any financial issues and disputes, unlike a Limited Company, where the directors are treated as a separate legal entity.
Why would a partnership business benefit from an accountant?
Whilst partnership accounting services are not mandatory, there are many benefits. As well as freeing up your schedule, it’s often cost-effective for partners to focus on their strengths and leave the accounting to professionals; the tax savings alone often makes it worthwhile.
Then there’s the matter of compliance. Tax legislation changes like the wind, but with the help of a qualified accountant, you can comfortably fulfil your obligations to HMRC and successfully prepare for Making Tax Digital for Income Tax. Not only will this save you a lot of hassle, but you can also rest easy knowing that you won’t incur costly penalties.
Having the professional guidance of accountants is key to ensuring you and the other partners don’t outgrow your business structure. When the time is right, we can provide advice on incorporating as a limited company.
Our partnership accounting services
- Partnership accounts
- Partnership tax returns
- Partnership registration
- Management accounts
- Business advice
- Company secretarial
To find out more about our services for partnership accounting services and for a personalised quotation, please get in touch with Jameco Group today.
Why choose Jameco Group as your partnership accountant?
Our business has been built on trust, talent and results. Over 50% of our clients have been referred to us, which we think speaks volumes. Add to that our experience, personal approach and cost-effective accounting packages, and that’s what makes Jameco Group a great partnership accounting choice.
To many small business owners, accountancy services appear as an expense when in fact, they are an investment. While we’re not a budget firm, we offer competitive monthly fees and deliver a high quality of service that every ambitious partnership deserves.
Our down-to-earth team have a wide knowledge base, and all hold relevant degrees or professional qualifications across a number of chartered bodies. We firmly believe in in-house talent, and we never outsource work in the UK or overseas.
Our clients enjoy large firm expertise but with a small firm approach to personal service. You will benefit from your own dedicated accountant from day one, who will get to know you and your business in order to provide a truly tailored service.
Can Jameco Group provide business advice for our partnership business?
Absolutely. In addition to partnership accounting, we provide a range of advisory services to help you achieve your goals, including business planning, tax planning, business coaching, and strategic planning.
Check out our business advisory page for more information.
What taxes do partnerships pay?
Unlike a limited entity, a partnership does not actually pay business tax. Instead, each partner pays personal tax on their share of the profits declared on a self-assessment tax return.
What records should a partnership keep?
A partnership should keep business records for 5 years, including detailed records of all income and expenditure relating to the period. In addition to our taxation services, we also provide many support services, such as bookkeeping and maintaining all records to a professional standard.
Do partnerships have to prepare accounts?
Unlike a limited company which files annual accounts with Companies House, partnership accounts are not treated the same unless trading as an LLP. Instead, the partnership will need to submit an SA800 tax return along with an SA100 for each partner involved.