Limited Liability Partnerships
A Limited Liability Partnership, or ‘LLP’, is a business structure somewhere in between a limited company and a traditional partnership setup. LLPs operate with the flexibility of a normal business partnership, but they are incorporated at Companies House as legal individuals. This means LLP members (partners) are protected by limited liability for debts because the LLP itself is responsible for its liabilities.
LLPs are popular business structure with professionals such as solicitors, accountants, doctors and dentists, because they can retain their preferred structure whilst protecting themselves with limited liability.
When it comes to HMRC, business partners are expected to do twice as much as their lone-ranger counterparts.
First, they must register for both individual and collective self-assessment, then – unless the business opts for LLP status – they might also be personally liable for various debts.
This is why we provide support across the board, including:
- Advice on setting up a partnership
- Self-assessment registration
- Advice on allowable business expenditure
- Computation of taxable trading profits
- Preparation of tax returns
- Filling tax return to HMRC (Partnership and personal tax return)
- Advice on profit and capital sharing ratios
- Guidance on VAT registration
- Guidance on Capital allowances on capital assets
- Pension planning and NI contribution
- Advice and support on Payroll
Because there’s always strength in numbers – especially ours.
Clients Case Studies
Learn about the experiences that just a handful of our clients have had in working with us, and how we might be able to work with you.