The preparation of a limited liability partnership annual accounts: preparing and filing the annual accounts for limited liability partnerships can be a minefield. An LLP is made up of two or more individuals, companies, partnerships or trustees. This means there a are a lot more variables to take into account than with the accounts of an ordinary company. No, LLP is the same, so it may be difficult to find exact answers to your specific accounting queries in the usual places. In order to get the help you need, you will probably find the best solution is to call the experts and get tailored advice to suit your individual case, call us today, if you need a help with filing of a limited liability partnership annual accounts.
Our team at Coddan are a fully endorsed e-filing partner to Companies House, with many years of LLP annual account-filing experience for a wide range of LLPs. We have handled a huge amount of varied cases and know exactly how to fill in the relevant paperwork in the most efficient manner possible. Our in-depth understanding of essential additional documentation for a number of cases means that no paperwork will be overlooked and any potential liability resulting from an error such as this will be avoided.
Even though each member will know the administrative and accounting methods that work best for their individual business, this doesn't mean that it will work well for the group accounts. To get the best possible tax results from your group accounts, the business activities of each member will need to be taken into consideration. This obviously makes the whole process more time-consuming and complicated. At least one member will be responsible for signing the accounts and ensuring that they are delivered to the Registrar of Companies. However, everyone in the group has a responsibility to ensure that their own accounts are filed correctly and on time.
The tax return must be filed with the Inland Revenue. There are tax benefits to be had with an LLP because members can share profits and losses between themselves, in order to gain the most preferential tax rate for the group. The arrangements for profit and loss sharing will be set out in the membership agreement. Again to make the most of the opportunities that are available to you, it's a wise financial move to have our professional accounting team ensure that you have taken maximum advantage of your LLP and that this is reflected in your accounts. Our services may be particularly useful if some, or all of your members are based overseas and you need to take into consideration unfamiliar accounting methods. Overseas accounts are likely be arranged in compliance with the parent law or with international accounting standards.