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 Ltd, 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 Ltd, 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 LLP 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 an LLP running smoothly with the proper and prompt reporting of LLP accounts, get in touch with our experienced specialists and experts at Coddan Ltd. 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 Ltd can make it simple to amend LLP LLP 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 LLP registrations, we can handle all the paperwork and communication with Companies House, so you can get on with building your LLP. If you need to change an LLP 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 LLP financial year-end, as is the case with limited liability partnerships, is the 12 month period for which you must prepare and submit LLP accounts. Every limited liability partnership has to prepare proper accounts that outline the performance and activities of the limited liability partnership 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.
After an LLP formation, the LLP accounting reference date is an interesting matter in the case of the limited liability partnership. The LLP financial year-ends date decided by legislation, which sets the first accounting, reference date as the last day in the month of the first year anniversary of the incorporation of the limited liability partnership. For example, where a limited liability partnership incorporated on 5 August 2013, its accounting reference date will be 31 August 2014. This LLP accounting reference date is then fixed for all future years for statutory reporting to Companies House.
What makes this interesting, and potentially costly for the business owner, is that HMRC has different rules. HMRC treats limited liability partnerships as sole traders and this means that the end of the financial year is automatically set to 5 April each year. This can be a real headache for the limited liability partnership. These differing reporting requirements mean that two sets of accounts must be maintained and submitted to HMRC and Companies House on different LLP financial year ends dates. For a small business, running as an LLP, this can mean an unwelcome and distracting administration overhead. It can also mean the doubling of accountancy fees to make up the two sets of books.
Clearly, many limited liability partnerships find this inconvenient and needlessly costly. Thankfully, Coddan Ltd is able to help to change an LLP 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. In this way, we are able to save our customers a great deal of extra effort, not to mention significant expense. Companies House has a series of regulations associated with making this LLP accounting reference dates change, and Coddan Ltd is fully experienced in making sure our clients meet these requirements.
Newly formed limited liability partnerships (LLPs) are assigned an accounting reference date by Companies House. This date, which outlines their financial year, can be troublesome because it may not be the same as other annual reporting dates of an LLP, and many wish to change LLP accounting reference date.
At Coddan, we can deal with Companies House to change the reference dates for clients who wish to have one that's more suitable to their operations and also the same as their annual reporting obligations to HM Revenue & Customs. The process is straightforward and low-cost; all that's required is filling out a form online.
However, it is not always possible to change LLP accounting reference date. One instance where it is not permitted by Companies House is where annual accounts for the current reference date have not been filed and are overdue, which in itself would place the LLP at risk of fines.
You can shorten the financial year as often as you wish but it is not possible to lengthen it beyond 18 months. In addition, you cannot lengthen the financial year more than once in five years, but there are exceptions: where the LLP is in administration of you wish to have the same dates as a parent company or subsidiary.
If you wish to change the accounting reference date for your LLP, or if you have any queries about whether you might not be able to, talk to Coddan's consultants today and we can help.
Changing LLP accounting reference date and helping with filing of an LLP annual returns and submitting an LLP annual accounts: when you established your limited liability partnership (LLP) you were provided with an accounting reference date. However, it may not be suited to your annual reporting dates and may lead to higher accountancy workloads, and fees. The good news is that Coddan can assist in changing your LLP accounting reference date so that it falls in line with other annual duties, such as taxation and account filing, thereby streamlining your business and its obligations.
The end of the LLP financial year is the 12 months from when it was formed, and accounts must be prepared and submitted on time if the LLP is to avoid fines and even the possibility of LLP being struck off. We can work with Companies House so that your LLP's financial year is the same as that of HM Revenue & Customs, and this makes reporting easier. We can do this for LLPs in any part of the UK, whether England and Wales, for LLPs registered in Scotland or LLPs incorporated in Northern Ireland, and our fee is just £25.00. All you have to do is fill out our simple online form and we will do the rest.
When the process is complete and you have your new accounting reference date, we can also assist in preparing and filing the required accounts and returns. Our range of bookkeeping and other LLP post-formation services helps to keep an LLP fully compliant with partnership law wherever they are in the UK, as well as helping to ensure they run as smoothly as possible.