UK - LLP Accountancy Services

Accountancy and Tax work for an LLP

A Limited Liability Partnership never pays tax in its own right, the tax is due on the member of the partnership in their own country of tax residency. 

However the following needs to be done in all cases: 

  • Financial statements need to be lodged for all LLPs with Companies House. The abbreviated accounts that can be lodged with Companies House are specific to an LLP.
  • Tax returns need to be lodged for every accounting period for the LLP itself and for all the members

Please note: 

  • The format of the Balance Sheet is different to that of a Limited Company.
  • The members have to lodge tax returns even if the company has not traded
  • If the member is a limited company; the tax return lodged for the member needs to be accompanied by company accounts and information about where the company is considered to be resident for tax purposes. 
  • If the member is a private individual: details of the income they derive from the LLP needs to go on their personal tax return. If the member is a UK taxpayer, then we can advise.

An LLP is often a good model for international business, because it is not taxed in its own right. However, there are strict rules about what needs to be filed. Typically we do: 

  • Preparation and lodging of accounts for the Partnership
  • Preparation and lodging of accounts for any partner which is a limited company
  • Preparation and lodging of a tax return for a private individual