PARTNERSHIPS

Recurring compliance work – accounts and tax returns

If you require partnership accounts and tax returns, we will:

• Prepare the partnership accounts from the books and records you provide, in line with relevant accounting standards (GAAP).
• Assist in completing records where information is incomplete, based on the information supplied.
• Highlight any areas where the accounts may not comply with accounting standards and discuss appropriate adjustments.
• Prepare the partnership tax return, including income and capital gains computations based on the accounts.
• Submit the partnership tax return to HMRC after obtaining approval from the nominated partner.
• Provide each partner (or their agent) with details of their allocated share of income, gains and other relevant figures.

We will rely on the profit-sharing arrangements and other allocations as provided to us.

Important limitations

• We will not carry out an audit or verify the accuracy of the information provided.
• We have a professional obligation not to be associated with accounts that may be misleading. In rare cases, this may result in us withdrawing from the engagement.
• The accounts are prepared for the partnership’s use only. No third party may rely on them unless agreed in writing.
• We do not monitor changes to partnership arrangements unless specifically instructed.

Partner-level services

Our engagement is with the partnership.

• We will not provide advice or services to individual partners unless separately agreed.
• If individual partners require personal tax advice or tax return preparation, this will be subject to a separate engagement.

Your responsibilities

The partners are responsible for:

• Prepare the partnership accounts from the books and records you provide, in line with relevant accounting standards (GAAP).
• Assist in completing records where information is incomplete, based on the information supplied.
• Highlight any areas where the accounts may not comply with accounting standards and discuss appropriate adjustments.
• Prepare the partnership tax return, including income and capital gains computations based on the accounts.
• Submit the partnership tax return to HMRC after obtaining approval from the nominated partner.
• Provide each partner (or their agent) with details of their allocated share of income, gains and other relevant figures.

Additional information

• Where appropriate, we may deal with a nominated partner as the main point of contact for the partnership.