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Limited Liability Partnerships

Limited Liability Partnerships

Accounting for a Limited Liability Partnership company requires knowledge and experience of business structures. Very much like conventional partnerships a Limited Liability Partnership presents significant benefits for the partners. An LLP status will offer business owners the adaptability of being self-employed but with the advantages associated with a limited liability structure.

Limited Liability Partnerships are an excellent alternative to a limited company and because of the structure you can grow the business quickly. An accountant will be able to advise you on the benefits of an LLP which include;

  • No liability for corporation tax
  • Cost savings made through employer National Insurance
  • Partners do not need to think about P11Ds, dividend vouchers or PAYE
  • Drawings can be taken against capital in addition to income
  • Funds can be withdrawn from the business bank account by partners
  • Partners don’t have any tax penalties if they take loans from the business
  • All partners in the firm are responsible for tax on their share of the profits

Accountants are best placed to offer advice on the complexities of limited liability partnerships. They can provide in depth information to help you make the most of your partnership and operate effectively.

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Typical services offered by a Limited Liability Partnership accountant will include;

  • Initial registration of the partnership with the HMRC
  • Partnerships incorporated with Companies House
  • Applying for a UTR reference for the partnership and its members
  • Formulating partnership agreements
  • Developing the Green Sock Clause and provision for salaried partners
  • Creating accounts for the partnership and completing year-end financial tasks
  • Managing revenue returns for the partnership as well as national insurance
  • Supporting bookkeeping and record keeping processes
  • Reviewing expenses
  • Managing VAT registrations and quarterly returns
  • Dealing with PAYE and CIS contractors if applicable

The Accountancy Network can connect you with a range of cost effective and experienced accountants for Limited Liability Partnerships. When setting up any type of structure for your business it is essential that you obtain the right advice from a suitably qualified professional. Start your search for an accountant today with The Accountancy Network.