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

10 results found 
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 Accountancy Ltd
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 Accountancy Ltd
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
Huddersfield accountants host sell-out quiz night for Kirkwood Hospice

Tuesday 24 October 2017

Sheards and their guests put their thinking caps on for charity at annual event Businesses from across Huddersfield came together to take part in Sheards Accountancy’s annual quiz night a fortnight ago (Thursday 12th October) in aid of Kirkwood Hospice. The event, held at Huddersfield RUFC, raised over £820 for the charity who aims is to help to improve the lives of people with incurable conditions. Whether at the Hospice, in the home or out in the community, Kirkwood Hospice make sure that those in their care have the opportunity to live the best quality of life possible and are able to make the most of the time they have left. Over 20 teams battled it out to be crowned the Sheards Quiz Champions as Kevin Sanders, Client Manager at Sheards, put together another famously challenging quiz that put local businesses general knowledge to the test. Kevin Winterburn, Director of Sheards Accountancy commented: “Now in its 5th year, we’re delighted that our Quiz Night is still as popular as ever with another sell-out event. The support from local businesses is really appreciated and the generosity everyone who joined us helped raise both valuable funds, and awareness, for a great local charity." Kate Leadbeater, Partnership Development Manager at Kirkwood Hospice commented: “Our charity partnership with Sheards is one that we really value and we can’t thank them enough for their hard work and tireless fundraising. To see so many local businesses come out to support our charity at the event was just fantastic and we really appreciate the effort that Sheards put in to promote our work within the business community.”
Posted by Sheards Accountancy Ltd
Huddersfield chartered accountants play ball to raise money for charity

Monday 09 October 2017

Huddersfield-based firm Crowther Chartered Accountants held a social event at Huddersfield Lawn Tennis Club (HTLC) last month (Friday 29th September) to raise money for Forget Me Not Children’s Hospice and Macmillan Coffee Morning. Rallying together clients, business associates, partners and contacts, the day raised £840 from donations, a raffle and advertising opportunities. Commencing at 11.30am with coffee, attendees of all skill levels were then invited to play doubles tennis against each other, in a bid to clinch the ‘most outstanding player’ accolade. Other awards included ‘hardest working’, ‘noisiest’ and ‘smartest dressed’ players, to name a few. The full-day event marked one month since the appointment of business development manager David Busfield from HSBC. Michelle Crowther, business development director, said: “This was a really fun way to introduce David to our connections, socialise with new and existing associates and finish off the last of summer, while raising money for these fantastic charities. “Last year we also sponsored Kirklees and Calderdale Charity Lunch (KACCL) — the group which raises valuable funds for Forget Me Not Children’s Hospice. This event was another way for us to support them. And what better way to bring people together than on a tennis court with some food and fun games!” Jeremy Mills of Riley Dunn & Wilson clinched the top prize of best tennis player, with Crowther Accountants’ Kristian Lee taking second place. Tim Grimshaw — a business banking manager at HSBC — won ‘best entertainer’, after he dislocated his shoulder within five minutes of play. Jess Lees, corporate fundraiser at Forget Me Not Children’s Hospice said: “We are delighted that Crowther Accountants continually chooses to support our hospice. “They are a long-standing supporter of our charity and help to not only raise funds, but also awareness of the hospice across Huddersfield and Kirklees. We really value what they do for us!” Crowther Chartered Accountants provides accountancy, taxation and bookkeeping support to over 600 clients across Yorkshire and the rest of the UK. The firm has also just announced the recruitment of a business administration apprentice and an account manager.
Posted by Byram, Amy
Leading Huddersfield accountancy practice invites local businesses to get their thinking caps on for charity

Wednesday 06 September 2017

Sheards Annual Quiz Night Returns to raise funds for Kirkwood Hospice Sheards Accountancy’s annual quiz night is set to return on Thursday 12th October. Once again, the Sheards quiz master, Kevin Sanders, will create a brain-teasing quiz which will test the general knowledge of all those attending the event. The event will be in aid of local charity, Kirkwood Hospice, and will be held at the Waterloo Suite at Huddersfield RUFC from 6:30pm. Last year, thanks to the generosity and support from the local businesses that took part, over £740 was raised for The Town Foundation. Entry costs £50 for a team of 4 and will include a hot supper. There will also be a raffle on the evening to help raise more money for the fantastic work carried out by Kirkwood Hospice. Raffle donations are welcome. Kevin Winterburn, Director of Sheards Accountancy commented: “Our charity quiz night has become a popular event in the local business calendar and we are delighted to be able to host it once again this year. It will be our second fundraising event for Kirkwood Hospice, and we hope it will contribute to reaching our fundraising goal for this fantastic charity. We look forward to welcoming local businesses in what will surely be a night to remember." To book your place, please email Kevin Winterburn: kevinw@sheards.co.uk
Posted by Sheards Accountancy Ltd
Batley based haulage and storage companies bought out of administration

Friday 18 August 2017

Batley-based haulage solutions and storage companies have been acquired out of administration securing all 15 jobs. Charles Brook and Allan Cadman, insolvency practitioner partners at Poppleton & Appleby were appointed as the joint administrators of both companies on 10th August 2017. CIS Industrial Ltd and CIS Industrial Hire & Sales Ltd, both family businesses, have operated side by side dating back to the 1980s. They offer haulage solutions and storage facilities serving customers both locally and nationally from their premises in Birstall, Batley. Both Companies had suffered cash-flow difficulties in part caused by restrictive historic finance issues to the point where the companies were under imminent threat of being wound up through the Courts by HM Revenue & Customs. Immediately following Poppleton & Appleby’s appointment, the Joint Administrators undertook a ‘Pre pack’ sale of the business and assets of both companies, where the purchasers are the existing family management team. The deal saved the jobs of the workforce in its entirety and ensured the continuity of supply to their customer base. Joint Administrator, Allan Cadman, said “It is gratifying to be involved in such a matter particularly in a week where there has been a media spotlight on family-owned and run businesses. The deal not only saves the jobs of 15 people in the locality but provides continuity for customers and new opportunities for suppliers. The deal will ensure that the creditors’ position will be enhanced through this process as opposed to the winding up and shut down position which was narrowly avoided.”
Posted by Poppleton & Appleby Northern
Huddersfield-based Crowther Accountants strengthens management team with recruit from HSBC

Monday 14 August 2017

A former HSBC senior commercial banking manager has been appointed by Huddersfield-based Crowther Accountants as its new business development manager. David Busfield joins the firm’s 20-strong team with over 40 years’ experience in the banking industry. His role will see him generating new opportunities, working with existing relationships and managing sales activities. Starting his career with Midland Bank in 1976 — more latterly HSBC Group — he initially worked in the retail banking sector before moving into the commercial and corporate environment over 20 years ago. His career has seen him work in various roles, before being appointed to the senior commercial role five years ago. Throughout this time, he’s supported a wide variety of SME’s and corporate clients, covering both West and South Yorkshire. Whilst this is a new role created within the firm for David, he’s been an associate of Crowther Accountants for many years. He said: “In the past we’ve shared some of the same customers and I’ve always been impressed with the way Crowther do things. The team is extremely proactive, on-the-ball and quick to spot opportunities for clients. “So when this new role became available and I saw their plans for growth, I decided that I wanted to be part of it. I’m excited to be joining such a great team.” And David’s diary is already filling up with opportunities for the Crowther team – among both new and existing clients. Next month, the firm is hosting a social event at Huddersfield Tennis Club for Crowther Accountants’ clients, partners and contacts, as well as some of David’s own business and professional connections. Michelle Crowther, the firm’s business development director, added: “We’ve always had a fantastic working relationship with David — it’s been built on mutual integrity and trust over a number of years. He’s a very well respected member of the Leeds and Huddersfield business community and we know that he’ll be a great ambassador for the firm. “We’re delighted that he has joined us and, in fact, he’s already proved to be a brilliant addition to our team! His experience of dealing with small and medium enterprises across the region will only add to our reputation of delivering a first-class service to our clients.” Crowther Chartered Accountants provides accountancy, taxation and bookkeeping support to over 600 clients across Yorkshire and the rest of the UK. The firm is also set to further expand its team and is currently looking to recruit an accounts manager and has recently filled various trainee positions within the firm.
Posted by Byram, Amy
ABL Business expands into North Yorkshire

Wednesday 21 June 2017

Yorkshire-based business support consultancy ABL Business Ltd are expanding their operations into North Yorkshire. The company, which offers commercial finance and marketing support to SMEs, has engaged Fraser Irvine as an Appointed Representative to cover the county. Based in Harrogate, Fraser will be operating across the area, offering a full mix of commercial finance services. He will assist SMEs in raising the funds they need to trade, grow or stabilise their business, using all the funding lines and capabilities of ABL Business. It marks the third recent growth for the Cleckheaton-based company, who recently set up a new office in Scotland with two representatives just over a year ago and expanded into the North East region in March this year. Fraser Irvine is an experienced Independent Commercial Finance Broker and joins the company with an extensive career in financing businesses under his belt. He has spent almost 30 years working with asset and cash flow funders, which gives him a deep understanding of the financial needs of an SME business. Fraser has worked with new start businesses, as well as more established companies, arranging funding facilities to suit individual needs. His interest in business finance has also enabled him to gain extensive experience in the Management Buy-out, Management Buy-in and transactional market as a whole. He said: “I have known ABL Business and its owners, Andy Redman and Alex Beardsley for many years and really like the independent and client-focussed approach they adopt, so I’m very excited that I’m now joining the team. “ABL Business has access to a vast range of funders, which means I will benefit from being able to offer clients financial solutions that are tailored to bespoke needs. I am keen to help clients from new starts to multi-million turnover businesses to grow and achieve their full potential.” ABL Business Ltd and their appointed representatives have access to over 70 funders, enabling them to find an appropriate solution, no matter what a client’s financial requirements may be. ABL Business Director Andy Redman said: “We’re delighted to welcome Fraser to the team. He has a wealth of experience, which he brings with him from the financial sector, and in business too. Fraser, with his connections and knowledge, will be a real asset to ABL Business and to companies across North Yorkshire. His appointment has enabled us to expand our reach into yet another area and help even more businesses find funding packages that suit their specific needs”.
Posted by ABL Business Ltd
10 results found 
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