Limited Partnerships Liability

In the UK, business partnerships themselves don’t pay tax. Instead, each partner or member is taxed on their share of the profits, which is calculated and paid through their personal tax return. The partnership then files an annual partnership tax return to HMRC, detailing its income and business expenses.

A general partnership is one of the easiest entities to set up. All partners share profits and are equally responsible for the financial and legal obligations (also known as unlimited liability). Then, there’s a limited liability partnership, which provides the benefits of shared ownership while protecting each partner’s personal assets. All partners are liable for tax on income they generate from their share of the profits.

In contrast, a limited company is a completely separate legal entity, owned by shareholders and operated by directors. It provides greater separation between ownership and management and offers greater financial protection for the owners.

Alverstone is different because we focus on every part of your business, not just individual services. We offer a complete package covering all your company’s account submissions, individual self-assessments, and ongoing tax advice. Alongside a yearly review with tax advice and optimisations, our accountants are available on call for any questions, ongoing advice, or queries you may have.

Unlike other providers, we offer a thorough accounting service, including bookkeeping and payroll, with different tiers suited to different stages of your business, making it easy to understand where you fit. Rather than the expensive packages larger firms offer, we provide an affordable, professional service built for small to medium businesses. Where smaller providers often rely on general admin staff, leading to incomplete or error-prone service, we deliver detailed, professional support at an accessible price.

We support you throughout the entire process. Initially, we help you gather all the information and documents needed, advising on every step required to submit your accounts on time and keep your company compliant and efficient.

Once we’ve completed a thorough onboarding and collected everything required, we handle the rest for you. If we ever need any action on your part, we’ll guide you through it clearly, ensuring you have everything needed to move forward. We pride ourselves on managing every part of the process ourselves, so you can focus on your business, not your accounts.