U.K. Professional Clients
U.K. Private Customers
Change a UK LLP accounting date: what is involved when an LLP wants to change the date of the end of their financial year? For many years at Coddan, our specialist company formation and LLP post formation team has been receiving the same query over and over again about changing the official accounts date that a limited liability partnership has to submit its annual accounts. This kind of limited liability partnership often leads to a common problem when Companies House allocates a specific reporting date, and then HMRC proceed to provide one that is completely different. If this is going to cause an accountancy headache for your business, we can arrange for this date to be adjusted - either by Companies House or HMRC.
|Changing an LLP Partnership Accounting Reference Date|
We are able to engage with Companies House to process a change in the limited liability partnership's financial year to bring it into line with the HMRC financial year. If you have a limited liability partnership, and require to change it accounting reference date, we are able to help to change LLP accounting date with the Companies House and HMRC. All you need to do is to complete our application form and we will help you to change the reference date for behalf of your LLP.
While Companies House accounting year-end dates are usually 'set in stone' as being one year after the formation of an LLP, there can be a higher amount of flexibility from HMRC for sole traders and other similar arrangements. At Coddan, we can work out the best possible course of action for your individual business needs - whether this involves approaching Companies House or HMRC. In the event that the team at Coddan Ltd needs to deal directly with Companies House on your behalf, we will take all of the necessary steps to ensure that you can make the most of your entitlement to make this change.
From time to time, there will be occasions where it isn't possible to change your limited liability partnership end of year reporting date with Companies House. If your current LLP accounts have not been filed, making them overdue, you will not be permitted to make any changes. In these circumstances, we would also recommend that you rectify the situation as soon as possible - your LLP runs the risk of various levels of fines, and in the worst-case scenario you could even be completely struck off from the register for this type of an LLP. For all types of advice about keeping a partnership running smoothly with the proper and prompt reporting of LLP accounts, get in touch with our experienced specialists and experts at Coddan. Alternatively, find out more information at our website.
Assistance with change of LLP accounting reference date. When you chose the time to set up your limited liability partnership, creating your ideal accounting reference date was probably not a priority. Now you're in business, the arbitrary date assigned to you may be completely out of step with your annual cycles. Fortunately, Coddan can make it simple to amend accounting reference date so it coincides with your other reporting dates, the end of the standard tax year or any date that works better for you. As specialist accountants with specific expertise in partnership registrations, we can handle all the paperwork and communication with Companies House, so you can get on with building your business. If you need to change a financial year date, you can also speak to our business advisors between 9.30am-6.00pm Monday to Friday by telephoning + (0) 207.935.5171 or + (0) 330.808.0089 (national rates).
Many of our clients, such as family businesses, LLP sole traders, self-employers, accountants or solicitors, choose to setting up a limited liability partnership. This is perhaps the preferred type of entity in these industries. This structure has specific attributes that can be suitable in these situations. The partners of a limited liability partnership are not themselves personally liable for the entire debts of the business in the event it cannot pay. Instead, the LLP partners' liability is limited to the sum of money they have invested in the business.
The limited liability partnership structure has specific implications when it comes to accounting reference dates at the end of the financial year. The financial year-end, as is the case with limited liability partnerships, is the 12 month period for which you must prepare and submit accounts. Every limited liability partnership has to prepare proper accounts that outline the performance and activities of the business during this financial period. The financial year for a limited liability partnership is determined by the accounting reference period, which ends on the LLP accounting reference date. Any limited liability partnership may make up its accounts to within seven days either side of this date without the need for any form filling.