Once a limited liability partnership (LLP) has been formed, the responsibility for filing the annual return falls to a designated member within the LLP. It is generally a condition of the LLP to appoint a minimum of two designated members. It is possible for anyone within the LLP to become a designated member, providing they have not been disqualified from such a role or that of a company director previously. This same rule applies to anyone who is undischarged from bankruptcy. If the LLP has two or less members then all parties automatically become designated members. Here at Coddan we can provide assistance and support with a new company formation, preparing and filing the annual return for an LLP, to ensure that everything is completed correctly and in a timely manner.
|Filing of a Limited Liability Partnership Annual Return|
LLP owners can receive help with preparing and filing LLP annual returns through Coddan Ltd. We charged £99.00 for the online filing of annual return, in the case if we need to file the annual return by the submission of paper forms, our fee is £120.00. If you are not sure what service to order, you can place an order for the standard online filing. Should you need to file your return on paper, you will need to pay the balance before we can submit your documents to the Companies House.
Ultimately they will hold the same rights and have to complete the same duties as every other member. They are however bound by law to take on additional responsibilities. When filing the LLP' annual return, the following information must be submitted to Company House relating to the LLP: the name, the registration number, details of the registered office address, the date return is up to, where records are stored, if not the registered office and the members details. The annual return must accurately match the records held on Company House public record. If they do not match, Companies House will either reject the return or highlight it as inconsistent. If the LLP needs to change or update anything, the designated member must deliver the appropriate forms with their LLP annual return.
It is a criminal offence to not submit an LLP annual return, and if not completed in time, the designated member may be the one facing the criminal offence. It is vital that enough time is allowed for the annual return to reach Companies House before the deadline. It is important to note that if the annual return is not received by Companies House by the filing deadline date, they may assume that the limited liability partnership is no longer in business and therefore strike them from the public register, highlighting the vital role the designated member plays within the business.
Assistance with filing of LLP annual return: if you need to file your limited liability partnership annual return and do not know where to start, Coddan Ltd can help. A limited liabilities partnership has to file a partnership tax return each and every year, and then there may be further requirements for each member to provide a self-assessment form. It is important to make sure the structure and returns are properly organised to maximise your tax advantage, and a professional tax consultant like Coddan Ltd can advise you on the best way to streamline your tax affairs and take the maximum profits for yourself.
File an LLP annual return online, when to file the annual return for an LLP? All LLPs are obliged to deliver an annual return to Companies House within a maximum of 28 days of their made-up date. The made-up date may be the anniversary of the incorporation of the LLP or the made-up date of a previous annual return delivered to Companies House.
After an LLP formation, the designated member of an LLP holds the responsibility for the filing of an LLP annual return. Every LLP must appoint at least two designated members. While anyone can become a designated member, the only restrictions are that they must not have been disqualified from acting as a company director or designated member of an LLP, or experienced undischarged bankruptcy. If there are fewer than two members of an LLP, all members will deemed to be designated members.
While designated members have the same rights and duties towards the LLP as other members, the law places additional responsibilities on designated members. In particular, designated members are responsible for the following: -
Through the filing an LLP annual return, the designated member of an LLP must supply Companies House with the following information: -
Failure to file LLP annual returns or submit LLP annual accounts is a criminal offence which can result in designated members being fined personally in the criminal courts. Any criminal proceedings taken as a result of non-filing of LLP annual returns and accounts is separate from and in addition to any late filing penalty imposed against the LLP for filing accounts late. The registrar may also take steps to strike the LLP off the public record if these documents are delivered late. There is no late filing penalty imposed on annual returns that have been filed late.
All the details provided on the annual return must confirm those already held on Companies House's public record at the made-up date. Companies House may reject an annual return if the information contained within a return fails to match the information held on their record. Alternatively, it may choose to accept the return but highlight it as inconsistent with its public register. To change the details on the public record, it is necessary for the designated member to deliver the relevant form(s) with their LLP annual return: -
LLP annual accounts obligation: all LLPs annual returns must be accompanied by a document filing fee. Returns sent in in the absence of this fee will face rejection.
It is a criminal offence for a designated member to fail to deliver an LLP annual return within 28 days of the made-up date. The designated member may be liable for the criminal offence. To avoid a criminal offence, the designated member must ensure that they allow enough time for their LLP's annual return to reach Companies House before the filing deadline.
If the filing of LLP annual return deadline falls on a Sunday or a public holiday, the law still requires the annual return to reach Companies House by the due date. If using the postal service, the designated member may wish to consider paying for guaranteed methods of delivery to ensure that their return arrives on time. A designated member is liable to pay a late filing penalty, even if the postal service is responsible for the delay.
If Companies House does not receive an LLP annual return from the designated member, it may assume that the LLP is no longer in business and may strike an LLP off their public register, that is why an LLP annual accounts obligations are so important.
You can receive a help with preparing and filing LLP annual returns through Coddan. Our team of accountancy experts will be happy to discuss any aspect of LLP filing annual return with designated members.
If you do not file the annual return of your LLP in time, Companies House may issue late penalties for behalf of designated members of your limited liability partnership, and the LLP can be administratively dissolved for non-compliance with annual requirements and designated members of the LLP can be disqualifies or personally fined up to £5,000. The current status of the LLP is proposal to strike off and Companies House has already filed a dissolution notice in the Gazette regarding proposal for dissolution. If you wish to keep the LLP and stop the
Consequently the LLP's assets will be Bona Vacantia (and will belong to the British Crown) and its banking account will be frozen. In order to recover the limited liability partnership' assets and continue trading the LLP will need to be restored back to the good standing with the Companies House. This process can take as long as 6-8 weeks or even longer.
Our fee for the restoration of the LLP while still in the registry is £250.00; after the LLP administrative dissolution - fees start from £1,250. There is no time to lose, please get back to us ASAP if you want to keep your LLP. In the case if you are already late with filing of your LLP annual return, we still can help you to resolve a problem with the Companies House and filing any late annual returns. We will contact to Companies House on your behalf, provide them support information and assure that the current or late annual return be filed within specified and agreed time with the Companies House.