Partnerships

When two or more individuals jointly own and manage a business, it is called a partnership. Members can and should opt for limited liability so that they can stay distinct from the firm as a financial entity. 

Partnership accounting is the same as accounting for a proprietorship, except there are separate capital and drawing accounts for each partner. 

The fundamental accounting equation (Assets = Liabilities + Owner’s Equity) remains unchanged, except that total owners’ equity is the sum of the partners’ capital accounts. Partnerships are better managed, have relatively higher cash flows, and have a more significant market share. 

It is common for partners to split profits according to mutually agreed terms, and each partner is responsible for paying taxes on their share of the income. 

 

Lanop Accountants eliminates the need to search for an all-encompassing accountancy firm. Our skilled tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations. 

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To file a partnership tax return, each partner of the LLP must complete a self-assessment tax return. This includes reporting their share of the partnership’s profits, losses, and other relevant income or expenses. The partnership tax return (form SA800) should also be completed, providing details of the partnership’s overall income and expenses. These returns are typically filed online through the HM Revenue & Customs (HMRC) website or using appropriate accounting software. 

A partnership must also register for Payroll if it employs an employee and registers for VAT if the turnover exceeds the VAT threshold in the last 12 months. For the 2021/22 tax year, the VAT registration threshold is set at £85,000 but can change each year. Operating a business by themselves, frees the owners from submitting and publishing financial statements. Yet it still requires them to keep track of their revenue and expense, record daily cash flow, file for personal tax returns, and register for national insurance.  

Lanop takes on these responsibilities for you, letting you focus on business development. 

In order to run and sustain a partnership firm in the UK, a business must register for tax return SA800, and every member declaring the partnership’s revenues in their own personal return must register for SA100 and submit accurate records to HMRC. 

Limited liability partnerships (LLPs) are subject to corporation tax in the UK. The LLP itself is responsible for filing and paying corporation tax on its profits. The tax is calculated based on the profits generated by the LLP, and the current corporation tax rate is applicable. 

Lanop Accountants eliminates the need to search for an all-encompassing accountancy firm. Our qualified tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.  

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Sole traders are individuals who own and operate their businesses. Managing finances and paying taxes are among their responsibilities, as well as finding customers and offering products and services. Keeping track of one’s finances can be difficult for sole traders due to the day-to-day responsibilities of their businesses.

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Steven George-Hilley
Steven George-Hilley
2022-08-09
Our accountancy partners from the very beginning. A great team that tailors its services around the needs of the client, always available for advice, whenever its needed. Love working with them.
Asfand tahir
Asfand tahir
2022-07-01
I really don’t know where to start from i can not explain my happiness into words i can try but for sure there must be so many praises remains at the end Thanks indeed indeed Zaib And Lanop all team you guys are amazing i would say if I didn’t have you guys i would have been failed in many things All credit to Lanop what a brilliant firm Lanop Its all about you Zaib And Rehmat Thanks indeed you have done amazing job due to your work i have got my Tier 1 extension application successful within 47 days I can’t believe that i am so happy what a job you did I would advise Everyone come to Lanop for 100% guaranteed success in your immigration matters and all other accounting purposes Trust me, When name comes to success and successful it means Zaib. Big thanks to Rehmat What a team i had they are so lovely i disturbed them alot but they answered me every time For all my enquiries Rehmat the legend thanks indeed no words for you words are far behind, can’t explain you in words Rehmat and Tahir sorry I disturbed you alot and indeed you still helped every time. Rehmat is Very very professional the way he works I don’t think anyone does that way in entire country. Sidra Thanks alot for amazing help indeed You are amazing I dont know how to say how much i am happy from your work as well Kainat you too thanks alot Rehmat all credit goes to you thanks alot without your help I won’t be able to write all this today I am so grateful to you all What a team. Make sure guys you join Lanop without wasting anytime. Lanop Accountants ZINDABAD
jas singh
jas singh
2022-01-10
I have been a client of Lanop Accountants for the last 4 years and am extremely happy with their services. Zaib and his entire team is extremely professional and dedicated; they always respond swiftly and take personal interest in the business case. I have special words of praise for Rehmat and Waqar as they both helped me in my visa extension process immensely. Zaib has built a team of dedicated professionals and the work ethics speaks volumes about their firm. I would definitely recommend them!
Vinnit Patel
Vinnit Patel
2021-12-03
Very professional services, extremely pleased with the advice and work carried out on our accounts.
László Kohányi
László Kohányi
2021-10-12
I like their flexible approach. I had a bunch of small problems what was too little to big firms but too big for me. They explained the process, fees etc and solved my troubles. Price wise also been on the better side. Personally I recommend Rehmat. He is super responsive.
Alexey
Alexey
2021-05-18
Having been a client of Lanop Accountants for nearly 5 years, can't recommend them highly enough. Great professional team working 24/7 to meet every customers's need.
Eda Kendirli
Eda Kendirli
2021-05-04
Best and accurate service. Saved me so much time and money.
Femi Yusoof
Femi Yusoof
2021-01-29
I have been using Lanop Accountants for more than 3 years, and could not recommend them more highly to any one starting out in business or established business practice. Their professionalism, promptness and excellent customer service makes them in my opinion second to none.
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JN
2021-01-22
I used Lanop accountants to file some paperwork with HMRC as a non-dom resident. I’ve been very happy and impressed with their work so far. Zaib has been very knowledgeable and helpful. I recommend them and plan to use them again.

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Our team consists of skilled and experienced accountants and financial advisors. These professionals are able to assist individuals, entrepreneurs, business partners, and larger ventures with their financial and accountancy acumen. 

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Our partnership accountants provide specialized consultation for certain legal requirements that must be met and paperwork that must be submitted to HMRC to protect members and ensure seamless partnership registration. 

Your business must register with HMRC if your VAT Taxable Turnover is over £85,000. On top of the initial registration process, our VAT professionals will also help you plan, prepare, and file all necessary paperwork ensuring that returns are filed correctly and on time. 

Our specialist payroll department efficiently manages the payroll and PAYE on your behalf by collecting and maintaining accurate records of all employees. We also help keep track of payslips and file P30 and P60 on schedule. 

With Lanop’s team of skilled bookkeepers, you can focus more on building your business by letting us handle tedious record-keeping of income, expenditure, bank reconciliations, VAT and PAYE on cloud accounting software coupled with innovative technology applications. 

Our chartered accountants will take care of all HMRC compliance requirements, including preparing and filing VAT, Payroll, corporation tax or income tax with the relevant department. 

With our virtual finance director services, our highly qualified tech-savvy financial consultants can assist you with business plans, financial and economic projections, management accounts, budgeting, variance reports, investment decks for business management, and external financial institutions. 

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CEO of Lanop

Aurangzaib Chawla

At Lanop, I am providing my services as the Managing Partner and Tax Specialist. My expertise includes helping medium and small-scale businesses in their accountancy and legal requirements, business start-up support, strategic review, payroll system review and implementation, VAT and tax compliance to cloud accounting. I am also an expert in financial reporting, identifying and monitoring risks, strategic business development, client retention, market acquisition and deals closure by carefully planning my sales cycle. 

Muhammad Sohaib

Muhammad Sohaib

Senior Financial Accountant

 

I am a qualified finance professional with over 8 years of diverse experience and proven track-record in accounting and finance, tax planning, preparing annual accounts, dealing with tax investigations and strong customer relationship management. I have also served in the higher education institutes to teach financial accounting and financial management to undergraduates and MBA students. Apart from my core expertise I am also leading and managing Lanop’s team of client managers across continents. I am also responsible for the quality control of the work and the provision of streamlined services to all our customers. Apart from work, I am a real Tennis enthusiast & sports player at heart.

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