WHERE LOCAL BUSINESS GROWS

Running a Business Partnership

Working in partnership enables you to share expertise and resources. This section explains who is responsible for what within your business partnership, how to register and what to do when partners leave or join the business.


Setting up a partnership
 

When you set up a business partnership you need to:

  • choose a name
  • choose a ‘nominated partner’
  • register with HM Revenue and Customs (HMRC)
The ‘nominated partner’ is responsible for managing the partnership’s tax returns and keeping business records.

The rules are different for limited liability partnerships.and limited partnerships.

Naming your partnership

You can use your own name or trade under a business name.

You must include all the partners’ names and business name (if you have one) on official paperwork, eg invoices and letters.

Register the partnership with HMRC
 

You must register your partnership and its members with HM Revenue and Customs (HMRC). A partner doesn’t have to be an actual person. For example, a limited company counts as a ‘legal person’ and can also be a partner.

Partners who are individuals pay Income Tax and National Insurance through Self Assessment.

If a partner is a company, it must be registered with HMRC for Corporation Tax

You can appoint an agent to deal with HMRC on your behalf.

You must register the partnership or individual partners by 5 October in your business’ second tax year, or you could be charged a penalty.

Example

If you start a partnership or become a partner during the 2014 to 2015 tax year, you must register before 5 October 2015.

Register for Self Assessment

Each partner must be registered with HMRC for Self Assessment.

Your partnership must also be registered for Self Assessment. Choose a ‘nominated’ partner to either:

  • register online - limited liability partnerships can’t use this service
  • download and fill in form SA400
When the nominated partner registers the partnership they will automatically register themselves for Self Assessment.

Register for VAT

Your partnership must register for VAT with HMRC if their VAT taxable turnover is more than £83,000.

You can choose to register if it’s below this, eg to reclaim VAT on business supplies.

Any partner can register, either:

  • online
  • by downloading and filling in VAT 1 and VAT 2
If you use the paper forms you still need to submit your VAT Return online. When you get your VAT number from HMRC, sign up for a VAT online account (select option ‘VAT submit returns’).

Once you’re registered for VAT you need to let HMRC know every time someone leaves or joins your partnership.

Partnership tax return
 

As the nominated partner you’ll get a letter from HM Revenue and Customs (HMRC) in April or May telling you to send a partnership tax return.

You can either complete the return:

  • online - you’ll need to buy software
  • on paper - download form SA800 if HMRC hasn’t sent you one
You must let each partner know their share of the profits and losses for their Self Assessment tax returns.

Deadline

Send the partnership tax return by the usual Self Assessment deadlines.

If any of the partners are a company the deadline for:

  • online returns is 31 January following the end of the tax year (or 12 months from the partnership’s accounting date if later)
  • paper returns is 31 October following the end of the tax year (or 9 months from the partnership’s accounting date if later)
All partners can be charged a penalty if the partnership tax return is late.

Record keeping

You need to keep your records for 4 years after 31 January following the end of the tax year.

Report changes to your partnership
 

You need to tell HM Revenue and Customs (HMRC) about certain changes to your partnership.

If a partner joins or leaves

Any partner joining your partnership must register for Self Assessment.

You don’t need to tell HMRC a partner is joining unless the partnership is VAT-registered.

If your partnership is VAT-registered you must tell HMRC when a partner joins or leaves within 30 days - you can be fined if you don’t. Download and fill in form VAT 2.

When a partner leaves they still need to submit a Self Assessment tax return for the year they leave.

You must record the changes in the partnership tax return and in each partner’s Self Assessment return.

If a partner dies or is made bankrupt

If there are 2 partners:

  • the partnership will be automatically dissolved
  • the remaining partner must re-register for Self Assessment as a sole trader
If there are more than 2 partners:

  • the partnership will be dissolved unless the partnership has agreed otherwise
If the nominated partner dies, the partnership must nominate another partner and tell HMRC as soon as possible. If they don’t, HMRC will nominate one and write to the partnership. That partner must then complete any outstanding partnership tax return.

Changing your name or address

Log in to Self Assessment online to report changes to your partnership’s name or address.

You must also report changes to the names or addresses of any of the partners.

If you’re VAT-registered you must also report a change within 30 days using VAT online services. You can be fined if you don’t.

Changing the nominated partner

You can change your nominated partner:

  • as part of your partnership tax return
  • by writing to HMRC
Closing your partnership

The nominated partner must send a partnership tax return for the final period of trading when you close a partnership.

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News

16 results found, page 1 of 2.  
New partnership to fund entrepreneurial visions

Tuesday 24 April 2018

A new partnership has been formed to provide commercial finance to entrepreneurs who want to launch or grow businesses across the Yorkshire region. The recently-launched Business Catalyst Club has agreed a deal with commercial finance brokers ABL Business to create Business Catalyst Finance. The partnership will complement the equity and venture capital activities of the Business Catalyst Club by providing access to a broad range of funding options such as commercial property finance, business loans and venture capital along with alternative finance opportunities like asset-based lending and peer-to-peer lending. The “dealmaker” Business Catalyst Club was recently launched to promote business growth by creating beneficial relationships, bringing together entrepreneurs, investors and decision-makers from across the region to share new and exciting opportunities. Their invitation-only quarterly lunches create an effective platform for a select number of ventures seeking capital to showcase their proposals to members and guests – many of whom are business angels, private investors and institutional lenders. Proposals are considered from start-ups to more established trading businesses. The new collaboration with Cleckheaton-based ABL Business follows the organisation’s first event held at Manahatta Greek Street, in Leeds. The partnership has already been called on to feed into a number of projects resulting from the event, including sourcing a business loan for a software company, organising asset finance for a machinery rental company and coming up with a bespoke cashflow package for a facilities management firm. Business Catalyst Club Founder and Director Graham Shiers said: “We had an overwhelming response to the launch – we have hit the ground running and are already helping to bring some imaginative opportunities to fruition. “We now want to add even more value by broadening the way we help entrepreneurs to source funding for their projects alongside our role in facilitating the right commercial and professional introductions. As well as enabling opportunities through Venture Capital, Business Angels and other investors, we can now help people access commercial finance support from over 120 lenders available through our ABL Business partners”. Joint Managing Director of ABL Business, Andy Redman, said: “We were delighted to attend the first Business Catalyst Club lunch which brought together key players from across the region, representing a whole range of sectors. The event attracted entrepreneurs armed with an array of ambitious and imaginative business ideas. “The event was truly inspirational. We were already impressed with what Graham is doing and had felt inspired to get involved on a much deeper level. By joining forces, we will be able to reach out to the Business Catalyst Club’s extensive network of contacts and we’re eager to play our part in turning some great projects into reality”. The next Business Catalyst Club lunch will take place at a chosen venue in Leeds on Thursday, May 17. For further information visit www.businesscatalystclub.co.uk
Posted by ABL Business Ltd
Interested in Finding Out What Business Banking Can Do To Help Grow & Develop Your Business

Thursday 12 April 2018

On the 25th April 2018 Matt Caie, who is Barclays Business Manager in Huddersfield, will be with us in the 3M Buckley Innovation Centre on Firth Street, Huddersfield. Matt specialises in Business Banking, seeking to help grow and develop businesses through regular contact and advice and assisting companies in overcoming the challenges faced in meeting goals. Why not pop along to our Business Engagement Centre between 1pm and 4pm to have a chat and get some no obligation, business banking advice for your company! Look out for future dates/times that Barclays and other Business Support Specialists are with us and remember, the Business Engagement Centre is open Monday to Friday 9am to 5pm to help address the bespoke needs of your business and to provide no obligation, impartial advice and solutions or just a general chat about your company and any challenges you face. We look forward to seeing you!
Posted by 3M Buckley Innovation Centre
Accountants branch out to offer end-to-end financial services

Wednesday 07 March 2018

Yorkshire-based Pierrepont Accountants have expanded their business offer by branching out into the commercial finance sector. The long-established company in Holmfirth, near Huddersfield, has traditionally specialised in providing accounting, taxation and payroll services to small businesses, helping them to improve their profitability and grow. The innovative new business arm enables Pierrepont to offer a fully-rounded package of financial services, providing end-to-end support for clients. Additional services will include support in areas like accessing commercial property finance, business loans and venture capital along with alternative finance options such as asset-based lending and peer-to-peer lending. Pierrepont Director Jonathan Hill, a CIMA registered accountant, said: “We’ve always prided ourselves on offering a friendly, personalised service, which builds up a strong relationship of trust. Recently we’ve had a lot of clients who are ready to grow their business asking for advice on how to access the necessary finance. Others have needed help to overcome cashflow problems identified through our forecasting process. “At a time when face-to-face contact is widely being replaced by automated services, we’ve found that many business owners are uncomfortable about sharing their sensitive financial information with numerous, often unfamiliar, organisations. In a nutshell, they prefer to talk to one trusted individual with a single central point of contact. “So, we decided to respond by introducing this additional function into our business mix. This now enables us to accompany our customers along the whole of their journey and allows them to obtain all their financial support in one place. We have expert advisers in place with access to over 120 finance companies available to meet each customer’s individual commercial funding needs.” For further information visit http://pierrepont.accountants/ Caption (Landscape pic) L-R Accountants Dan Smith and Carole Pierpoint, Trainee Accountant Katie Walden, Director Jonathan Hill and Payroll and Pension Administrator Amy Robison.
Posted by ABL Business Ltd
GDPR

Friday 23 February 2018

Our GDPR event March 1st is sold out! However, we do have a waiting list, so if you haven't got a place, please message or call and speak with Lucy 01484 541155
Posted by Sheards Accounts
Kirklees’ Biggest Business Conference Returns

Tuesday 06 February 2018

Following on from the huge success of the 2017 Conference, the Mid Yorkshire Chamber is delighted to be hosting their 2018 Kirklees Business Conference (KBC) at John Smith’s Stadium, Huddersfield on Wednesday 21st March. The free, one-day conference has become an unmissable event in the local business calendar which is dedicated to helping businesses to connect, learn and grow. Attracting over 600 business people and 50 exhibitors, KBC includes a fantastic programme of engaging seminars, a discussion panel, surgery sessions and open networking throughout the day. This year the Mid Yorkshire Chamber is proud to announce an official partnership with Google bringing a Digital Garage to KBC as part of the seminar programme. Running alongside the four seminar sessions, more surgery sessions will also take place following their success last year. Held by local businesses located in the stadium boxes, the surgeries will provide the opportunity for companies to run their own seminars, workshops or one to ones. Rory Bourke, Events & Sponsorship Co-ordinator at the Chamber said: ”Kirklees Business Conference is definitely shaping up to be a day not to be missed. The conference is a fantastic opportunity to raise your profile, make new contacts and learn from other experienced professionals. There are many opportunities for local businesses to get involved through sponsorship, exhibiting or attending as a delegate.” Confirmed conference sponsors and partners include; AD:VENTURE, The John Smith’s Stadium, The Design Mechanics and Social Progress. Delegate tickets are free but registration is essential, significant interest is anticipated therefore early delegate booking via www.kirkleesbusinessconference.co.uk is advised to avoid disappointment. For further information about the conference follow @MYBizConfs and #KirkleesConf on twitter. To find out more about sponsoring or exhibiting at the event please email events@mycci.co.uk or call 01484 483679.
Posted by Mid Yorkshire Chamber of Commerce
Partnership deal to deliver funding for global business

Tuesday 23 January 2018

Yorkshire-based business consultancies ABL Business and Praesum Partners have agreed a partnership deal to provide a specialist commercial funding service to high worth entrepreneurs and their businesses across the globe. The new operation can fund business activities even where banks or traditional funding sources are reticent or too slow to react to a changing market and opportunities that such changes present for early adopters. The companies’ deep understanding of the commercial aspects of finance-raising, combined with a their knowledge of the issues facing family offices, trustees of family businesses, partnerships and investment companies, means they can get quick decisions for business projects. Since joining forces, the two companies have already collaborated to source commercial funding for major UK and international projects in Dublin, Monaco, Dubai and the Georgian capital, Tblisi. These range from property developments, such as hotels and luxury apartments to biotech businesses and technology innovations for export to developing countries. Andy Redman, joint Managing Director of ABL Business, said: “The proposition naturally includes funding packages for high-value assets for time-constrained entrepreneurs - items such as private jets and helicopters as well as luxury cars and yachts. Yet we are equally at home with asset financing, from car fleets to specialised plant, project finance, development finance, invoice finance, commercial property finance and straight-forward business finance. “One key distinction is that having over 120 lenders on our panel, including entrepreneurial groups of funders, means we are not reliant on one source to finance any particular transaction. Factoring lending requirements in this way means we can get to “yes” on very commercial terms in most cases presented to us”. ABL Business, based in Cleckheaton, West Yorkshire, provides asset and development finance to businesses and has been growing rapidly and expanding out across the UK since launching nearly five years ago. This new deal will take the company to the next level, enabling them to reach an affluent and influential international market. Praesum Partners, based in Wetherby, near Leeds, are advisors to HNWIs (High Net Worth Individuals) – people earning over £100,000 p/a, or having investable assets worth more than £250,000 - and Ultra HNWIs - those with assets of £20million or more. Neil Manaley, joint Managing Director of Praesum Partners, said: “Our clients and contacts have been asking us for some time to find a solution to the ever-widening “funding gap” - that is the gap between what commercial lenders will or will not do and what is then left for traditional equity providers. When it comes to raising finance, clients prefer to have all their transactions securely arranged through one dedicated advisor team who know them well and have worked closely with them to understand their specific needs”. “By joining forces with ABL we are able to bring our clients some certainty in an uncertain market, bringing direct access to commercial finance when they need it, thus providing a seamless end-to-end service”. Andy Redman added: “With access to 120 funding providers, we’ve been able to help thousands of businesses, mainly SMEs, to grow by finding them the funding they need. We’ve been extending that support across the UK through a growing network of appointed representatives who are in a position to liaise with their local business communities. “This relationship with Praesum Partners enables us to reach a completely new client group on a global level. We’re extremely excited to be sourcing funding for such major projects - some amounting to multi-million pound international developments - and helping them to come to fruition.” Photo Caption: Joint MDs Alex Beardsley, (ABL Business) Neil Manaley, (Praesum Partners) Tim Thornton (Praesum Partners) and Andy Redman (ABL Business).
Posted by ABL Business Ltd
New appointment for leading Huddersfield accountancy practice

Wednesday 29 November 2017

Huddersfield based accountancy practice, Sheards Accountants, have expanded their team with the appointment of a Senior Accountant. Zoe Lunn has joined from a small firm based in Westvale; as an AAT qualified accountant with over 10 years’ experience, Zoe will be responsible for year-end accounts and management accounts for limited company clients at Sheards. Zoe Lunn commented: “I am delighted to be joining such a reputable and well-established firm of accountants. I’m really looking forward to utilising my skills and expertise at Sheards, while working towards my ACCA qualification.” Speaking on the appointment, Kevin Winterburn - Director at Sheards Accountants, commented: “Zoe joins us at a really exciting time, having recently announced our Platinum Partnership with leading cloud accountancy provider QuickBooks UK and with a number a recent new business wins and more potential accounts in our sales pipeline. We’re really pleased to have Zoe on board and feel she is a great fit for our business to further enhance the quality and skills of our team as we continue to grow.”
Posted by Sheards Accounts
Around Town In the Huddersfield Live Hygge Tipi

Wednesday 15 November 2017

What better time to get together than Christmas? Around Town believe that connecting the business community of Huddersfield in its iconic locations and organisations is a brilliant way to share ideas, hear inspirational stories and have some FUN. Organised by Oli Smith, Michelle Crowther and Chris Buckley Around Town create memorable events every 3 months. 2018 plans are already underway; “as well as meeting at some amazing businesses we are walking Around Town in Spring - a fantastic way to get to know each other whilst experiencing some award winning locations and scenery in Huddersfield “ says Michelle And with Huddersfield Live December promises to be a memorable Around Town event. Hosted in the Hygge Tipi in St Georges Square, hear Sam Watt and Poppy Stahelin tell of the fabulous work the team at Huddersfield Live are doing and some of the stunning events planned for next year. Laura Drury sets the backdrop of how she formed the The Hygge Tipi and how it creates a convivial atmosphere for Huddersfield folk to mingle, drink mulled wine, and keep the winter night out in front of the log fire. All In the heart of Huddersfield. Tickets are limited and can be reserved FREE here. Chamber members old and new are very welcome. Around Town Events for 2018 confirmed. March 1st - Valli Opticians May 17th - Owen Scott Tailors May 25th - (Walk) Around Town - 15miles (approx) Breakfast Sarnies, The Kirklees Way, Finish in a Brewery!
Posted by The Alternative Board
Huddersfield Accountants become QuickBooks UK Platinum Partner

Wednesday 08 November 2017

Sheards Accountancy have announced that they have been made a Platinum Partner of leading cloud accountancy provider QuickBooks UK, owned by Intuit, and are currently the only Platinum Partner in Huddersfield. QuickBooks UK advanced Sheards to Platinum Partner following the firm demonstrating a commitment to training its team in the product and then quickly rolling it out to its client base – which included information events, followed by training sessions held both as groups and one-to-one. David Kay, Sales Leader at QuickBooks UK commented: “The proposal for Sheards to become a Platinum Partner of QuickBooks UK was the shortest we’ve ever experienced and was accepted unanimously; the Sheards brand, ambition, commitment and activation of their initial Quickbooks licences made it an absolute no-brainer for us to work strategically with them.” Cloud accounting solutions are becoming increasingly prevalent following the announcement of the Government led “Making Tax Digital”, an initiative which will demand that businesses submit quarterly accounting information to HMRC via a cloud book-keeping package.  QuickBooks allows businesses to keep records in real-time and store this in a cloud-based system. Allied to the efficiencies to be gained from a cloud product, with functionality such as live bank feeds, cloud book-keeping is becoming the benchmark for progressive businesses. As a Platinum Partner, Sheards can offer their clients a knowledgeable cloud solution, with the product being set up, opening balances transferred, and all the necessary training provided. Clients can either complete their own records on QuickBooks, or let Sheards manage the book-keeping function. Kevin Winterburn, Director of Sheards Accountancy commented: “We are delighted that QuickBooks UK have made us Platinum Partners. We have already seen a number of our current clients moving over to the QuickBooks system as well as new clients.” “Even though the Making Tax Digital initiative was removed from the Finance Bill due to the announcement of the General Election in June, we anticipate that the legislation will just be delayed and will be revisited very soon. Businesses should not wait though until a cloud solution is forced upon them, they should act now to get such a system in place early – they will very quickly be pleased that they did.” “We offer a tailored service to our clients’ needs as we help them move from desktop or even more traditional methods to cloud-based systems. These systems provide a huge number of benefits and therefore we are urging people to consider moving to digital regardless of the delay in legislation.”
Posted by Sheards Accounts
New Appointment Strengthens Leading Huddersfield Advisory Team

Thursday 02 November 2017

Leading Huddersfield based financial advisory firm, Sheards Wealth Management has appointed a new adviser into the business as it continues with expansion plans. Darren Brock has been working in the Financial Services sector for over 35 years, joining his first company back in the 1980's. He has experience dealing with both personal and corporate clients, as well as professional introducers.   His career began in the broker division of Allied Dunbar, from where he moved on to become a Senior Broker Consultant with Scottish Amicable in the 1990's, before starting his own successful Adviser business in 1999. He is driven by high quality advice and a focus on client's needs and priorities.   Speaking on the appointment, Mark Stewart Director of Sheards Wealth Management commented: “I am delighted to welcome Darren to Sheards Wealth Management. I am confident that Darren’s expertise and passion for providing his clients with outstanding levels of customer service will be of significant benefit to the business. With years of experience from a broad range of Financial Services, Darren is a welcome addition to the Sheards Wealth Management team”. Commenting on his appointment, Darren Brock added, “I am delighted to be joining such a reputable and well established business. I look forward to being able to utilise my skills and expertise to good use to help Sheards Wealth Management in achieving its’ objectives whilst supporting customers to achieve their financial goals”.
Posted by Sheards Wealth Management
16 results found, page 1 of 2.  
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