Having a limited liability partnership is a lot like a company, except for a few subtle differences in terminology. However, partnerships are becoming more and more popular, mainly due to the added protection given to partners due to the limited liability status that a partnership provides.
Just like a company, your partnership must be registered with Companies House and you must file accounts annually. Your accounts will be quite similar to a company’s accounts, but your taxes will be different.
Unlike the profits of a company, which are subject to corporation tax, the profits of a limited liability partnership (LLP) are taxable on the members of the partnership who will pay income tax on their share of the profits.
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Completing all your VAT, tax and year-end returns Calculating quarterly PAYE and annual PAYE returns if you have employees Advising on how to keep your records Preparing the annual accounts Calculating your income tax Preparing your self-assessment tax return for the partners and the partnership Reminding you of the payment dates
We can guide you through your partnership in the early days, helping you get set up so everything is smooth sailing.
Here at Yorkshire Accountancy, we provide a range of services that are invaluable to your partnership, including the preparation of first year LLP accounts, revenue and profit recognition and preparation of your annual report and financial statements.
We will submit a self-assessment tax return for each partner and the partnership, helping to keep things simple and straightforward at your end. Each partner will pay income tax on their share of the profits, and we can offer you expert advice and guidance.
We also deal with all HMRC correspondence and advise you on what action to take. The tax due on the business profits is due to be paid by instalments, and wehelp you keep on top of deadlines so there won’t be any nasty fines coming your way. If you have employees, we will work with you to calculate quarterly PAYE and annual PAYE returns so your bookkeeping becomes a whole lot simpler. We always strive to maximise your company’s potential with our fantastic financial advice and planning assistance. With us, your VAT registration, quarterly VAT returns and all of your partnership’s self-assessment tax returns are all taken care of, making everything simple and easy to manage.