Coddan is one of the UK's leading firms when it comes to dealing with businesses. As a firm that specialises in business formation and business law, they are a good choice when searching for a firm to help with your business needs. Coddan can also perform annual accountancy roles that ensure that your business stays on the right side of the governing body's rules and regulations.
Coddan are currently charging an incredibly good value price for processing large amounts of accountancy paperwork. Starting from just £1,200, they will perform all the necessary accountancy jobs that might be required by a limited liability partnership. This cost is for limited liability partnership whose transactions number more than ten and will see your annual accounts filed with both the Companies House and HMRC.
A business' legal status depends fully on its ability to work and cooperate with the rulings of Companies House. Coddan can ensure that all of your tax and accountancy needs are presented to the necessary bodies on time and without delay.
In order to receive a proper and accurate estimate of the charge your accountancy requirements will incur, Coddan simply require a copy of your bank statement and further copies of your in going and outgoing invoices. These details must be complete and not missing any essential information.
You must then pay £1,200 up front if the number of transactions is higher than ten. The final cost of the annual accountancy service is likely to be totalled at £1,200, although it can at times be a little bit higher. Coddan have never charged a client more than £2,000 for the service of preparing and filing the annual accounts of limited liability partnerships. The services offered are highly specialised and worth every penny to ensure that your business is successfully balancing its books.
Risks to LLPs for late filing of accounts: if you're running a limited liability partnership (LLP), you and other members of the operation are legally responsible for filing annual accounts and returns on time. Failure to do so results in fines and penalties that can harm the LLP's reputation. The law, under section 441 of the Companies Act 2006, obliges firms to file their annual accounts to the Registrar of Companies by the deadline date.
These fines have been in effect since 2009 and if they are not paid, the matter is passed to a collection agent. If the agent fails to collect the payment, legal action can be taken against the LLP, resulting in a bad public image for the firm and possibly harming its trading as clients and suppliers leave what they perceive to be a troubled firm. In terms of tax, if the LLP is late by just one day, HM Revenue & Customs will fine the firm £100.00, even if there is no tax payable or you have already paid it.
If the tax deadline is three months late, LLPs will additionally be fined £10.00 for each subsequent day up to a maximum of 90 days, making filing overruns costly. If the returns are more than six months overdue, firms will also be hit with a fine of £300.00 or 5% of the tax bill, depending on which is the greater sum. This percentage can rise to 100% of the tax due in cases where filing is 12 months late.
If an LLP is struck with penalties and fines for failing to file its accounts and returns on time and is subject to legal action for ongoing failure to pay the fines, it could also have a devastating impact on the LLP when it comes to securing lines of credit from financial institutions, which could view the LLP as not secure or viable. This could endanger the entire future of the firm.