Limited Liability Partnerships
The key characteristic of an LLP is that it is treated as a separate legal entity from its members, giving them the benefit of limited liability - therefore protecting their personal assets. The members only have liability up to the amount they have contributed to the LLP - a significant advantage over a traditional partnership, where partners' liability is unlimited.
Similar to the requirements that companies must adhere to, LLPs are required to file financial information at Companies House. This includes annual returns and accounts, notification of changes to memberships and the registered office, and details relating to a mortgage or charge, if created. As in all cases, failure to comply on time will result in penalties from Companies House, so it is imperative that as an LLP, you meet your statutory requirements.
In Limited Liability Partnership, the partners are liable to income tax and NIC on the same basis as sole traders. Partnerships are required to inform the authorities in the same way as sole traders for personal tax but also need to inform HMRC for corporation tax. For VAT purposes, the turnover limit is a limit for the whole partnership and not for each partner.
Accounting for partnerships is complex and you need a specialist accountant. Partnerships are also subject to very specific tax rules which are becoming increasing complex in recent years and must be navigated with care. No matter how complicated you tax affairs are, we can take care of everything for you.
We offer services:
Incorporation of LLP
Appointment and termination of partners
Prepare and submit confirmation statement to Companies House
Prepare and submission of LLP accounts to CH and HMRC
Prepare and submit the partnership tax return
Prepare and submit the partners' personal tax returns as required
Administrate payroll services as required
Prepare and submit VAT returns as required
Advice on minimising your tax liabilities
Advice on disposal on partnership assets
Require more information?
If you would like more information or would like to speak to us, then call us on 0208 050 4073 or if you prefer to contact us.