Accountants for LLPs, from tax returns to long-term strategy.
As specialist accountants for limited liability partnerships (LLPs), we understand the benefits this relatively unusual structure brings – especially for professional practices and consultancies. LLPs are distinct from both business partnerships and limited companies, but share features of both. They provide flexibility while also insulating partners from financial risk.
An LLP is a distinct legal entity whose partners, or members, are liable for only the amount they invest in it, along with any personal guarantees. LLPs have to be incorporated, like limited companies, and registered with Companies House. You need a registered address for your LLP and have to keep a register of members.
We can provide guidance on limited liability partnership accounting, best practice, based on the experience we’ve gained from working with LLPs over the years. For example, you’ll want an LLP agreement in writing that sets down responsibilities, how you’ll handle profit sharing and dispute resolution procedures.
More practically, we’ll take care of financial admin tasks like payroll, VAT returns and bookkeeping – essential for compliance and always best handled by qualified accountants.
When it comes to tax returns, LLPs are more like traditional partnerships than they are like limited companies. That means instead of a corporation tax return, each partner needs to file a personal income tax return declaring profits they’ve received from the LLP of which they are a member along with any other personal income. We’ll prepare tax returns for each partner, making sure you claim any business expenses you’re entitled to deduct, along with tax reliefs and allowances, to keep your respective tax bills as low as they can be.
If you need advice on growing your LLP, whether organically, through expansion or by acquisition, our business experts can help there, too. That includes long-term business planning, succession and exit strategies.
Want to know more about partnership accounting?
We’re excited to hear from you, to learn about your business, and talk through the options and opportunities. Let’s get the ball rolling today and see what we can achieve together.