Filing of LLP Annual Accounts Online

LLP post incorporation services

LLP annual accounts obligation: a limited liability partnership consists of a minimum of two members, who are people, companies, trusts or partnerships. They have come together to create a new limited liability partnership, that must file its own accounts separately from the individual businesses owned by the members. There are many advantages to forming an LLP which include tax benefits, organisational advantages and minimising risk.

After an LLP start up, the annual accounts obligation of a partnership is fulfilled by one member of the group who is designated as the person responsible for signing and delivering the accounts. The accounts will cover the business activities of all members of the LLP, as if it were one company. They must be filed by a given date with the Registrar of Companies. Failure to deliver the accounts, which provides  annual account information for all members, will result in members being fined.

Tax returns for LLPs should be filed annually with the Inland Revenue. The partnership will be taxed as one person and the tax advantages enjoyed by LLPs come about because members can achieve the best possible tax rate for the group by profit and loss sharing. When some of those members are based overseas and governed by different tax laws, there may be even more opportunity for tax reduction. The advantage of group VAT, which an LLP is entitled to, means that when goods and services are supplied between members, no VAT needs to be recorded.

A large amount of paperwork is required for an LLP to operate on the right side of English law. This is because there are more factors involved than with any other sort of company and more opportunities to be liable for a range of different reasons. To make sense of the law governing LLPs and their annual accounts, you don't need to have a good knowledge of how the law works. You simply need to give, our expert team here at Coddan℠ Ltd, a call and let us take on the hard work for you. We are an experienced LLP incorporation firm and we know exactly what an LLP can and cannot do in order to operate legally.

Given the amount of additional documentation that is often required to form an LLP and file the  annual accounts for it, why not let Coddan™ put our hardworking and very knowledgeable staff on the case for you? Companies House receive accurate applications from us daily and respond to them very quickly. We have dealt with just about every situation that can occur with an LLP and will already have the answer to most queries.