Partnership Accounts Preparation

What partnership accounts preparation covers

This service turns your bookkeeping records into a complete accounts pack that supports correct tax reporting for the partnership and each partner.

• Review of the partnership’s income and expenses for the year
• Year-end adjustments (accruals, prepayments, depreciation and other relevant items)
• Profit and loss account and balance sheet
• Partners’ profit-sharing allocation in line with your agreement
• Partners’ capital and current account movements (introductions, drawings and balances)
• Queries raised clearly, with a checklist of what’s needed to finalise
• Delivery of final figures for SA800 and partners’ Self Assessment returns

When this service is most useful

This is a good fit if you run a UK partnership or LLP and you want confidence that profit is calculated and shared correctly. It’s especially helpful when:

• there have been changes in partners, profit shares, or drawings
• bookkeeping is up to date but you need year-end adjustments and a proper accounts pack
• you need clear figures for each partner’s tax return, without disputes or uncertainty
• you want to understand what the partnership can safely withdraw and what should be retained

How the process works

You’ll be asked for your bookkeeping access or records, plus key partnership details (profit-sharing arrangements, partner changes, and any significant one-off items). The accounts are then prepared and checked for consistency, with questions sent in a single list to avoid back-and-forth.

Once agreed, you receive the final accounts and a summary of the profit allocation so each partner knows the figures they need for tax.

What happens after the accounts are prepared

After delivery, you’ll have a clean set of year-end numbers you can use for:

• the partnership tax return (SA800) and supporting schedules
• each partner’s Self Assessment reporting
• planning drawings, tax reserves, and partner balances for the next year

If anything in the records is creating avoidable tax risk or confusion (for example, inconsistent drawings or unclear profit splits), you’ll get practical next-step guidance to tighten things up for the year ahead.