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Partnership accounts filed on time for a fixed fee agreed up front
Partnership accounts are the job most partners put off, because the figures have to agree before anyone can file their own tax return.
Two or three people, one set of books, and a profit share nobody has written down since the conversation that started the business. We prepare the accounts, split the profit, and file the partnership return and each partner’s return off the same numbers. Tax investigation cover is included free for every client we act for.
In one lineSupreme Consultants is an AAT licensed accountancy practice in Cardiff Bay that prepares partnership accounts and partnership tax returns for businesses across South Wales, on a fixed monthly fee agreed before work starts. Calls, meetings and emails are never billed, and tax investigation cover is included for every client.
Check we’re the right fit
A few questions about your business. Mudassir replies the same working day.
Thank you Mud, your help and support with my VAT return is greatly appreciated. Always a prompt response and my difficult VAT return was quickly submitted and resolved. Would definitely recommend.
5.0 on Google from 14 reviewsReply the same working dayFee fixed before we startEnglish, Urdu, Hindi and Farsi spokenAre your partnership accounts in good hands? Three questions.
Answer with the buttons; there is no email to give.
Question 1 of 3
Does your accountant reply the same working day?
Do all the partners know the profit split going on this year’s return?
If HMRC opened a check tomorrow, would it be handled at no extra cost?
Those three gaps are what turn one late set of accounts into penalties for every partner. Start the check and we will tell you what we would do and what it costs.
Start the checkYou are in a reasonable position and most of it is working. The one you answered no to is worth half an hour on the phone before the next deadline.
Start the checkYou are well served and there is no reason to move. The guides are there if you want to read up on what a partnership has to file.
Read the guidesWhat you get
Tax investigation cover at no extra cost
Every client we act for is covered and we pay for it ourselves. Every HMRC investigation we have handled, we have won.
One set of figures every partner agrees
We prepare the accounts, apply the profit share you have agreed, and file the partnership return and each partner’s return from the same numbers.
A fee you know before we start
A fixed fee agreed in writing. Ring us about drawings, a new partner or a VAT letter and it costs nothing.
What partners tell us when they first call
Three things we hear most often from partnerships across Cardiff and Newport.
“We have never written the profit split down, we just work it out between us at the end of the year.”
One partner ended up taxed on a share of profit she had never actually drawn.
“My partner’s tax return is still sitting there because the partnership accounts are not finished.”
The 31 January deadline went past and both partners picked up penalties for one late set of books.
“I rang to ask about a partner leaving and the call turned up on the next invoice.”
They stopped asking, so the leaving date went into the accounts wrong and the figures had to be redone.
What changes once we take it on
You get one person preparing the partnership accounts and both partners’ returns, so the figures cannot disagree. Every deadline is diarised for the year ahead and we chase you, not the other way round. Questions during the year are part of the fee.
How most partnerships are looked after, and how we do it
Plenty of firms do a sound job on the accounts; the difference is what happens in between.
The usual arrangement
Accounts prepared months after the year end
Partnership return and personal returns handled separately
Phone calls and emails billed by the hour
Investigation cover sold as a yearly add-on
With Supreme Consultants
Deadlines mapped for the year ahead
Partnership and partner returns filed off the same figures
Calls, meetings and emails never charged for
Investigation cover included, paid for by us
Eight questions about how your partnership is run
A yes means it is already covered.
Is the profit share written down and agreed by every partner?
Written terms stop one partner being taxed on money the other kept.
Are the partnership accounts finished before January each year?
Partners cannot file personal returns until the partnership figures are settled.
Is the partnership registered with HMRC and does it have a UTR?
The partnership needs its own reference as well as each partner having one.
Does someone reconcile the bank to the books every month?
Monthly reconciliation is what keeps the year end from turning into a reconstruction.
Are partner drawings recorded separately from business costs?
Mixed drawings and expenses are the most common cause of a wrong profit figure.
If the partnership is VAT registered, are returns filed under Making Tax Digital?
Returns have to come from software that links to HMRC.
Do you know your accountancy fee for the year ahead?
A fixed fee agreed in writing means no invoice you did not expect.
Would an HMRC enquiry be dealt with without a further bill?
Cover is included for every client we act for.
What we do for your partnership accounts
We act for more than 100 clients across South Wales, partnerships among them.
All Services- Year-end partnership accounts
- We prepare the accounts from your records and agree the final figures with every partner before anything is filed.
- The partnership tax return
- We file the SA800 and allocate the profit to the share you have agreed, so each partner’s figure matches the accounts.
- Each partner’s own return
- Personal self assessment returns are prepared alongside the partnership, from the same numbers, in the same job.
- Bookkeeping and VAT
- Day to day bookkeeping and Making Tax Digital VAT returns, so the year end is a check rather than a rebuild.
- Partners joining or leaving
- We work out the split for a part year and tell you what it means for each partner’s tax before you commit to a date.
What a free phone call is actually worth
A Cardiff shop owner came to us still paying full business rates through Covid. Cardiff Council required an application for retail rates relief and nobody had told him.
Clients described by type. Names withheld.
- How it was found
- We spotted it in the first meeting, because asking us things costs nothing.
- What happened
- He got the money back and now rings whenever a bill looks wrong.
Reviews from clients
Thank you Mud, your help and support with my VAT return is greatly appreciated. Always a prompt response and my difficult VAT return was quickly submitted and resolved. Would definitely recommend.
I just want to say a big thank you to Mudassir for all the advice, guidance and help he has provided whilst dealing with my accounts and tax returns. From start to finish the service has been excellent and professional. Unlike other accountancy firms they provide a friendly personalised service, I was very clear on the process and was even provided with additional guidance where needed. Highly recommended!
Friendly, nice 👌 , helpful and great all around
Difficult to describe as there are too many words that can be expressed for a wonderful accountant and their firm.
Definitely 🔝 and highly recommended in Wales 🏴 and throughout the UK for Accountancy and Tax Services
Shaz Khan
How switching to us works
Most of it happens without you doing anything beyond saying yes.
- Before you join
A free introductory chat
Tell us where the partnership stands. If we cannot genuinely help, we will say so.
- Week one
Fee agreed, handover started
We complete ID checks, agree your fixed fee in writing and write to your current accountant for the records. We handle Companies House ID verification free where it is required.
- First month
Past returns gone through
We review the partnership’s past accounts, both partners’ returns and the HMRC records. Missed reliefs and payments on account set too high usually turn up here.
- By ninety days
Profit split and drawings planned
We talk through how each partner takes money out and what that means for tax, then tidy up the bookkeeping behind it.
Who we are not right for
We do not act for CIS construction subcontractors.
We do not take on charities.
We do not take on a business that is already late into an HMRC investigation.
If none of those apply, start the check and we will come back the same working day.
Partnership accounts: questions people ask
How much do partnership accounts cost?
We work on a fixed monthly fee agreed in writing before anything starts. The figure depends on turnover, whether you are VAT registered, how many transactions there are, how many partners and how tidy the records are. We quote after the introductory chat rather than guess. Calls, meetings and emails are never charged for.
Can we switch accountants partway through the partnership’s year?
Yes, and most partnerships do. We write to your current accountant for professional clearance and your records, so neither partner has to have that conversation. We then get authorised as your agent with HMRC. The handover, the first month and migration to Xero cost nothing.
What happens if HMRC writes to our partnership?
Send it to us the day it lands and we deal with HMRC directly. Tax investigation cover is included free for every client we act for, paid for by us rather than sold as an add-on. Every HMRC investigation we have handled, we have won.
Do we have to change our bookkeeping software?
No. We work with what you already use, and if the partnership is VAT registered we make sure the returns go to HMRC under Making Tax Digital. If you do want to move to Xero, we migrate you free as part of switching. The choice stays yours.
Do you do the partners’ personal tax returns as well as the partnership accounts?
Yes, and we prefer to. The partnership return allocates each partner a share of profit, and that figure has to appear on their own return. Doing both means the numbers agree and nobody is waiting on anyone else in January. We do not take on one-off self assessment or capital gains work.
Do you look after partnerships outside Cardiff?
Yes. We are based at Titan House in Cardiff Bay and act for clients in Newport, Swansea, Caerphilly, Port Talbot, Barry and Bristol, plus others further afield. We work remotely, in person, or a mix. Phone 029 2264 0550 or email info@supremeconsultants.co.uk, Monday to Friday.
Three ways to take the next step
Start the check
Answer a few questions and we come back the same working day with what we would do and the fixed fee.
Start the checkGot a question first?
Call or email Mudassir and ask it; we never put a call on the invoice.
Ask Mudassir a questionStill deciding
The guides set out what a partnership has to file and when each deadline falls.
Read the guides