Accountancy & Compliance

Partnership Accounts

We prepare clear, compliant partnership accounts for Cardiff businesses, tracking each partner's capital, allocating profits fairly, and keeping you on top of your tax obligations. With nearly ten years' experience helping South Wales partnerships, we make sure your records reflect every partner's stake and every penny is accounted for.

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10
Years serving Cardiff
100+
Partnerships supported
ACCA
Chartered Certified
Two business partners collaborate at a desk reviewing financial documents and a laptop with charts in a clean, daylight-lit meeting room.

What we cover

From capital account tracking to year-end statements and tax returns, we handle every aspect of partnership accounting so you can focus on running your business together.

Capital Account Management

Track each partner's equity, contributions, profit share and withdrawals with accuracy and transparency.

Partnership Tax Returns

Prepare and file your SA800 partnership return and individual K-1 schedules for every partner on time.

Profit & Loss Allocation

Distribute income fairly according to your partnership agreement, including salary and interest allowances.

Partner Admission & Retirement

Handle the accounting when partners join, leave or change their stake in the business.

How we keep your partnership accounts straight

Partnership accounting is different. Unlike a sole trader or limited company, every partner has their own capital account, their own share of profits, and their own tax position. We track all of it, making sure your records reflect who owns what, who's put in what, and who's entitled to what when profits are divided.

Our process starts with your partnership agreement. That document governs how profits and losses get split, how distributions happen, and what allowances apply. We build your accounts around it, maintaining separate capital accounts for each partner and closing out the year with a proper statement of partners' equity. You get transparency, your partners get clarity, and HMRC gets everything they need.

We make sure every partner's stake is tracked accurately, from initial contributions right through to year-end distributions.

More information

At year-end, we prepare your partnership tax return (SA800) and individual schedules for each partner. Partnerships don't pay tax directly, but every partner reports their share on their personal return. We calculate each partner's basis, track it year on year, and make sure the numbers tie up so there are no surprises when self-assessment comes around.

We work with partnerships across Cardiff and South Wales: solicitors sharing a practice, builders working together, retail partners running a shop, even property investors holding assets jointly. Whether you're two co-founders or a larger partnership with multiple stakeholders, we keep your books compliant and your relationships transparent.

What's included

  • Individual capital account tracking for every partner
  • Profit and loss allocation per your partnership agreement
  • Partnership tax return (SA800) preparation and filing
  • Schedule K-1 statements for each partner's personal return
  • Statement of partners' equity for your year-end accounts
  • Advice on admitting new partners or managing exits
  • Support with partnership basis tracking and tax planning

Common concerns we address: making sure contributions and withdrawals are recorded properly, handling guaranteed payments, dealing with changes in profit-sharing ratios, and keeping everything consistent when a partner joins or leaves. Partnership accounting only works when it's accurate and up to date. We make sure it is.

If you're running a partnership in Cardiff, Penarth, Barry, Pontypridd or anywhere across South Wales, we're here to take the accounting off your plate. You focus on the work. We'll make sure the numbers add up and every partner knows where they stand.

From the blog

Professional woman reviews SA800 Partnership Tax Return guide with couple at a wooden table

What is the SA800 partnership tax return and who has to file one?

What is the SA800 partnership tax return and who needs to file one? A plain English guide for business partners, covering deadlines, penalties and Self Assessment.

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Before we start

Here's what Cardiff partnerships usually ask us before we begin.

Do I need partnership accounts if I'm in a partnership?
Yes. Even though partnerships don't pay corporation tax, you still need proper accounts to track each partner's capital, allocate profits correctly, and file your SA800 partnership tax return with HMRC each year.
What's the difference between a capital account and a current account?
Your capital account tracks your equity stake: what you've invested, your share of profits and losses, and any withdrawals. A current account (if you use one) tracks day-to-day transactions like drawings and expenses. We'll set up whichever structure suits your partnership.
How do you work out each partner's share of profit?
We follow your partnership agreement. That document sets out the profit-sharing ratio, any salary or interest allowances for partners, and how distributions are made. If you don't have a written agreement, we can help you get one in place.
What's an SA800 and do we need to file one?
The SA800 is the partnership tax return. Every partnership must file one each year, even if there's no tax to pay. It tells HMRC about the partnership's income, and we also prepare individual schedules (K-1s) so each partner can report their share on their personal return.
What happens if a partner joins or leaves?
We handle the accounting side: adjusting capital accounts, recalculating profit shares from the date of change, and making sure the incoming or outgoing partner's tax position is correct. It's important to get this right so everyone's basis is accurate going forward.
How much do partnership accounts cost?
It depends on the size of your partnership, transaction volume, and complexity. We'll give you a fixed quote after a free consultation so there are no surprises. Most Cardiff partnerships find our fees very reasonable for the peace of mind.
Do you work with partnerships outside Cardiff?
Absolutely. We serve partnerships across South Wales, including Penarth, Barry, Pontypridd, Newport and the Valleys. Most of our work is done remotely, so location is rarely an issue.
Can you help if we don't have a partnership agreement?
Yes. We'll work with you to document your profit-sharing arrangement and recommend getting a formal partnership agreement drawn up. It protects everyone and makes the accounting much clearer.

Let's talk about your partnership accounts

Book a free consultation and we'll explain exactly how we can help your partnership stay compliant, transparent and tax-efficient.

Book a free consultation