Communicating with the Partnership

  • When H M Revenue & Customs (HMRC) correspond with the partnership they will normally write to just one partner who may be the senior partner or the first named partner. However, you may wish to nominate a different partner to receive and deal with correspondence on behalf of the partnership.
  • In our correspondence with the partnership we will deal in the first instance with the nominated partner for taxation purposes. Please advise us of any changes which may arise.

Responsibilities of the Partners

  • Under partnership laws all partners are jointly responsible for the debts of the partnership. It is your responsibility to ensure that each partner is fully aware of the financial position of the partnership at all times.
  • The partnership has undertaken to make available to us, all the accounting records and related financial information necessary for the compilation of the accounts. The partnership will make full disclosure to us of all relevant information. The accounts need to be approved by the partnership before we are able to issue our report.
  • The partnership is responsible for ensuring that, to the best of it`s knowledge and belief, financial information, whether used by the business or for the accounts, is reliable. The partnership is also responsible for ensuring that the activities of the business are conducted honestly, that its assets are safeguarded, and to establish arrangements to deter fraudulent or other dishonest conduct and to detect any that occur.
  • The partnership is responsible for ensuring that the business complies with the laws and regulations applicable to its activities, to establish arrangements designed to prevent any non-compliance and to detect any that occur.

Responsibilities of the Accountants

  • We shall compile the annual accounts based on the accounting records maintained and the information and explanations given to us by the partnership. We shall compile draft annual accounts for your approval. We shall plan our work on the basis that no report is required by statute or regulation for the year, unless you inform us in writing to the contrary.
  • Our work as the compilers of the annual accounts will not be an audit of the accounts in accordance with Auditing Standards. Consequently our work will not provide any assurance that the accounting records or the accounts are free from material misstatement, whether caused by fraud, other irregularities or error.
  • We shall report, with any variations that we consider may be necessary, that in accordance with your instructions, we have compiled the accounts from the accounting records of the business and from the information and explanations supplied to us.
  • We have a professional duty to compile accounts which conform to generally accepted accounting principles. Where we identify that the accounts do not conform to accepted accounting principles, or if the accounting policies adopted are not immediately apparent, we will report this to you.
  • As part of our normal procedures we may request you to provide written confirmation of any information or explanations given to us orally during the course of our work.

Tax Returns

  • We will prepare the income tax and capital gains tax computations based on the partnership accounts from the accounting records and other information and explanations provided by you.
  • We will prepare the firm`s annual partnership return, including the partnership statement of total income, gains, losses, tax credits and charges of the firm for each period of account ending in the return period.
  • We will send you the income tax and capital gains tax computations and the tax return and supporting schedules for you to approve and sign. We will then submit it with the accounts and computations, to HMRC. You authorise us to file the return electronically.
  • We will advise all the partners who were partners in the firm during the period of their respective shares of the firm`s total income, gains, losses, tax credits and charges so that they are able to file their personal self-assessment tax returns within the relevant time period.
  • We will give advice to the partners so that they can inform the partnership what amounts of tax are due in respect of their partnership income and gains and we will advise as to appropriate amounts of tax and Class 4 national insurance contributions to be paid and the dates by which the partnership should make the payments. In order to do this we will need to be supplied with relevant information by the partners.
  • We will deal with HMRC regarding any amendments required to the partnership return and prepare any amended returns which may be required.
  • We will advise as to possible claims and elections arising from the tax return and from information supplied by you. Where instructed by you, we will make such claims and elections in the form and manner required by HMRC.
  • We will deal with all communications relating to the partnership return addressed to us by HMRC or passed to us by you. However, if HMRC choose the partnership tax return for enquiry this work may need to be the subject of a separate assignment in which case we will seek further instructions from you.
  • We will prepare the tax provisions and disclosures to be included in the partnership`s financial accounts.

Your Responsibilities for the Provision of Information for Tax Purposes

  • Under the self-assessment regime there are a number of key dates by which returns and payments must be made. Failure to meet the deadlines may result in automatic penalties, surcharges and/or interest.
  • You are legally responsible for making correct returns and for payment of tax on time.
  • To enable us to carry out our work you agree:
    1. to make a full disclosure to us of all sources of income, charges, allowances and capital transactions and to provide full information as necessary for dealing with the partnership`s tax affairs; we will rely on the information and documents being true, correct and complete;
    2. to respond quickly and fully to our requests for information and to other communications from us;
    3. that we can approach such third parties as may be appropriate for information that we consider necessary to deal with your affairs;
    4. to provide us with information in sufficient time for your tax returns to be completed and submitted by the 31st January following the end of the tax year. In order to meet this deadline you agree to provide us with all the relevant information as soon as practical at the end of each tax year;
    5. to forward to us, on receipt, copies of all HMRC statements of account, PAYE coding notices, notices of assessment, letters and other communications received from HMRC to enable us to deal with them as may be necessary within the statutory time limits;
  • We will provide our professional services outlined in this letter with reasonable care and skill. However, we will not be responsible for any losses, penalties, surcharges, interest or additional tax liabilities arising from the supply by you or others of incorrect or incomplete information, or your or others` failure to supply any appropriate information or your failure to act on our advice or respond promptly to communications from us or the tax authorities.
  • We will give advice to the partners so that they can inform the partnership what amounts of tax are due in respect of their partnership income and gains and we will advise as to appropriate amounts of tax and Class 4 national insurance contributions to be paid and the dates by which the partnership should make the payments. In order to do this we will need to be supplied with relevant information by the partners.
  • We will prepare your tax return in future years under the same conditions as above.

Contact Roy Chandler or Mary Harknett

100 High Road, Byfleet, Surrey KT14 7QT  •  01932 353165
Registered in England & Wales No. OC 355216

MW&Co LLP
Chartered Accountants

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Terms and Conditions - Partnership

Communicating with the Partnership

  • When H M Revenue & Customs (HMRC) correspond with the partnership they will normally write to just one partner who may be the senior partner or the first named partner. However, you may wish to nominate a different partner to receive and deal with correspondence on behalf of the partnership.
  • In our correspondence with the partnership we will deal in the first instance with the nominated partner for taxation purposes. Please advise us of any changes which may arise.

Responsibilities of the Partners

  • Under partnership laws all partners are jointly responsible for the debts of the partnership. It is your responsibility to ensure that each partner is fully aware of the financial position of the partnership at all times.
  • The partnership has undertaken to make available to us, all the accounting records and related financial information necessary for the compilation of the accounts. The partnership will make full disclosure to us of all relevant information. The accounts need to be approved by the partnership before we are able to issue our report.
  • The partnership is responsible for ensuring that, to the best of it`s knowledge and belief, financial information, whether used by the business or for the accounts, is reliable. The partnership is also responsible for ensuring that the activities of the business are conducted honestly, that its assets are safeguarded, and to establish arrangements to deter fraudulent or other dishonest conduct and to detect any that occur.
  • The partnership is responsible for ensuring that the business complies with the laws and regulations applicable to its activities, to establish arrangements designed to prevent any non-compliance and to detect any that occur.

Responsibilities of the Accountants

  • We shall compile the annual accounts based on the accounting records maintained and the information and explanations given to us by the partnership. We shall compile draft annual accounts for your approval. We shall plan our work on the basis that no report is required by statute or regulation for the year, unless you inform us in writing to the contrary.
  • Our work as the compilers of the annual accounts will not be an audit of the accounts in accordance with Auditing Standards. Consequently our work will not provide any assurance that the accounting records or the accounts are free from material misstatement, whether caused by fraud, other irregularities or error.
  • We shall report, with any variations that we consider may be necessary, that in accordance with your instructions, we have compiled the accounts from the accounting records of the business and from the information and explanations supplied to us.
  • We have a professional duty to compile accounts which conform to generally accepted accounting principles. Where we identify that the accounts do not conform to accepted accounting principles, or if the accounting policies adopted are not immediately apparent, we will report this to you.
  • As part of our normal procedures we may request you to provide written confirmation of any information or explanations given to us orally during the course of our work.

Tax Returns

  • We will prepare the income tax and capital gains tax computations based on the partnership accounts from the accounting records and other information and explanations provided by you.
  • We will prepare the firm`s annual partnership return, including the partnership statement of total income, gains, losses, tax credits and charges of the firm for each period of account ending in the return period.
  • We will send you the income tax and capital gains tax computations and the tax return and supporting schedules for you to approve and sign. We will then submit it with the accounts and computations, to HMRC. You authorise us to file the return electronically.
  • We will advise all the partners who were partners in the firm during the period of their respective shares of the firm`s total income, gains, losses, tax credits and charges so that they are able to file their personal self-assessment tax returns within the relevant time period.
  • We will give advice to the partners so that they can inform the partnership what amounts of tax are due in respect of their partnership income and gains and we will advise as to appropriate amounts of tax and Class 4 national insurance contributions to be paid and the dates by which the partnership should make the payments. In order to do this we will need to be supplied with relevant information by the partners.
  • We will deal with HMRC regarding any amendments required to the partnership return and prepare any amended returns which may be required.
  • We will advise as to possible claims and elections arising from the tax return and from information supplied by you. Where instructed by you, we will make such claims and elections in the form and manner required by HMRC.
  • We will deal with all communications relating to the partnership return addressed to us by HMRC or passed to us by you. However, if HMRC choose the partnership tax return for enquiry this work may need to be the subject of a separate assignment in which case we will seek further instructions from you.
  • We will prepare the tax provisions and disclosures to be included in the partnership`s financial accounts.

Your Responsibilities for the Provision of Information for Tax Purposes

  • Under the self-assessment regime there are a number of key dates by which returns and payments must be made. Failure to meet the deadlines may result in automatic penalties, surcharges and/or interest.
  • You are legally responsible for making correct returns and for payment of tax on time.
  • To enable us to carry out our work you agree:
    1. to make a full disclosure to us of all sources of income, charges, allowances and capital transactions and to provide full information as necessary for dealing with the partnership`s tax affairs; we will rely on the information and documents being true, correct and complete;
    2. to respond quickly and fully to our requests for information and to other communications from us;
    3. that we can approach such third parties as may be appropriate for information that we consider necessary to deal with your affairs;
    4. to provide us with information in sufficient time for your tax returns to be completed and submitted by the 31st January following the end of the tax year. In order to meet this deadline you agree to provide us with all the relevant information as soon as practical at the end of each tax year;
    5. to forward to us, on receipt, copies of all HMRC statements of account, PAYE coding notices, notices of assessment, letters and other communications received from HMRC to enable us to deal with them as may be necessary within the statutory time limits;
  • We will provide our professional services outlined in this letter with reasonable care and skill. However, we will not be responsible for any losses, penalties, surcharges, interest or additional tax liabilities arising from the supply by you or others of incorrect or incomplete information, or your or others` failure to supply any appropriate information or your failure to act on our advice or respond promptly to communications from us or the tax authorities.
  • We will give advice to the partners so that they can inform the partnership what amounts of tax are due in respect of their partnership income and gains and we will advise as to appropriate amounts of tax and Class 4 national insurance contributions to be paid and the dates by which the partnership should make the payments. In order to do this we will need to be supplied with relevant information by the partners.
  • We will prepare your tax return in future years under the same conditions as above.
 

Contact Roy Chandler or Mary Harknett

100 High Road, Byfleet, Surrey KT14 7QT
Tel: 01932 353165

Registered in England & Wales No. OC 355216