Your own dedicated online limited liability partnership accountant
All returns and filing included
Unlimited help and advice
Leading cloud accounting software
Real-Time Bookkeeping
Reminders – never miss a deadline
When you join us, you will receive your very own dedicated limited liability partnership accountant. Our fully qualified and friendly team will be on hand to help you throughout the year for all your financial queries.
You are provided with leading accounting software which will help reduce the time it takes to – provide quotes and invoices to customers, chase payments, and monitor outstanding balances.
Tax & Accounting packages tailored to suit your LLP business. We are always straightforward in our services & pricing. We take care of your accounting and let you get on with making your business a success.
Your dedicated limited liabiltiy partnership accountant will always be on hand to answer any questions about your small business. You can contact them via email, phone, live chat, Microsoft Teams or meet them in person.
We send regular automated reminders to inform you of when your accounts and returns are due to be submitted, helping to ensure you never miss a deadline for your LLP business again.
Get started with the right accounting solution for your Limited Liability Partnership
Get started with the right Limited Liability Partnership Accounting solution
Our online accountants have a range of qualifications from the Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW). We are also an Institute of Certified Practising Accountants (ICPA) accredited firm, and a HMRC registered Agent.
Get started with the right accounting solution for your LLP Business
A Limited Liability Partnership (LLP) is an alternative legal structure that was introduced in 2001 by the LLP Act 2000. It is an ideal set-up for the types of professions that normally operate as a traditional partnership, such as solicitors, accountancy firms and dental practices.
An LLP shares the same characteristics as a normal partnership structure in terms of tax liability, internal management and the distribution of profits, but it provides reduced financial liability, or ‘limited liability’, to each partner. Traditional partnerships place the full burden of business debts upon the partners. LLPs place reduced financial liability upon the partners, which is a more desirable option for many people. It is similar to the financial protection offered to limited company owners.
An LLP is a great alternate structure for any business that currently operates as a traditional partnership with a small and consistent number of members who each make comparable contributions and draw similar profits.
An LLP is also particularly beneficial if the activities of the partnership involve high-risk services, or there is a likelihood that claims for damages could be brought against the business. Furthermore, the flexibility offered from a partnership structure is often the determining factor for certain professions.
Talk to Accounting Wise today to find out which option is best suited to you and your business and to find our more about our limited liability partnership accounting package.
Get started with the right Limited Liability Partnership Accounting solution
What is a Limited Liability Partnership (LLP)?
A Limited Liability Partnership (LLP) is a business structure that combines the flexibility of a traditional partnership with the limited liability protection of a limited company. Partners are not personally liable for the LLP’s debts beyond the amount they have invested.
How does an LLP differ from a regular partnership?
In an LLP, partners have limited liability, meaning their personal assets are protected if the business incurs debts. In a regular partnership, partners have unlimited liability and may be held personally responsible for the partnership’s debts.
Do LLPs pay Corporation Tax?
No, LLPs are not subject to Corporation Tax. Instead, each partner is taxed individually on their share of the profits. This is similar to a traditional partnership where profits are taxed through each partner’s Self Assessment tax return.
How is an LLP taxed?
LLPs are treated as transparent for tax purposes, meaning the LLP itself doesn’t pay tax. Instead, each partner is responsible for reporting and paying tax on their share of the profits through their Self Assessment tax return.
What taxes do LLP members need to pay?
LLP members must pay income tax on their share of the profits, as well as National Insurance Contributions (NICs). Higher and additional rate taxpayers will pay tax at their respective rates. LLP members also need to consider Capital Gains Tax (CGT) if they dispose of any assets.
Do LLPs need to register with Companies House?
Yes, LLPs must register with Companies House when they are formed and file annual accounts, as well as an annual confirmation statement, much like limited companies.
What accounting records must an LLP keep?
LLPs must keep accurate records of income, expenses, assets, and liabilities. These records should include all transactions, partnership agreements, and any member contributions or drawings. Accounts must be prepared and submitted annually.
Can LLP members claim expenses?
LLP members can claim allowable business expenses such as travel, office costs, equipment, and any other expenses wholly and exclusively incurred for the business. These claims reduce the taxable profits of the LLP.
What is the difference between an LLP and a limited company?
An LLP offers the flexibility of a partnership structure but with limited liability for its members. A limited company is a separate legal entity, and shareholders own shares in the business. In a limited company, Corporation Tax is paid on profits, while LLPs pass profits through to individual members for tax purposes.
Do LLPs have to file annual accounts?
Yes, LLPs must prepare and file annual accounts with Companies House. The accounts show the financial position of the LLP, including income, expenses, and profits. These accounts are public records, and there are penalties for late filing.
Can an LLP have just one partner?
No, an LLP must have at least two members to exist. If the LLP falls below this minimum for more than six months, it may lose its limited liability protection.
What happens if an LLP makes a loss?
If an LLP makes a loss, the loss is shared among the members based on their profit-sharing agreement. Members can offset their share of the loss against other income to reduce their overall tax liability.
Can an LLP become a limited company?
Yes, an LLP can convert to a limited company, but this involves restructuring the business and creating a separate legal entity. Consult an accountant or solicitor to understand the legal and tax implications of this change.
1 Choose Your Package
Pick the Limited Liability Partnership accounting services that you would like from either our pre-built packages or build your own to find out exactly how much you will be paying each month.
2 Sign up with Us
Once you have picked your level of service you’ll simply need to send over a few extra details to register with us via our sign up form or over the phone
3 You’re ready to go
That is it, we will begin to set your LLP company services up for you, contact your previous accountant if required, and begin the authorisation process with the HMRC
Free company formation with our Pre-Built or Bespoke Accounting packages!
All official documents provided
Online Hub to manage your company
London Registered office Address
Your own incorporated limited company
Get started with the right accounting solution for your business
