Partnerships as a business model are very similar as a sole trader, except that they are used when more than one person wishes to own the business.
Each partner pays income tax, through the Self Assessment system, as well as Class 2 and Class 4 National Insurance - and the business itself pays VAT if it has registered.
With the Partnership model, each partner has joint liability for the debts of the Partnership, so if one partner cannot pay their share of any debts, the debt will fall on the other partners.
If this approach is what you choose we will assist with registration with HMRC, VAT registration, record keeping and we can even assist with opening a bank account.
Our charge for this service (2 partners) is £190 + VAT per month, additional partners are charged at £95 + VAT per month.
Why Choose Nixon Williams?
At Nixon Williams our aim is to assist in making your contracting life easier by removing the stress normally associated with accounting, taxation and other financial issues experienced by contractors.
Each of our clients are provided with a single point of contact that will be on hand to assist with any accountancy or tax related queries.