This package is for UK-residents who want the simplest basic LLP registration offer which comes with the certificate of registration produced electronically & Barclays or HSBC business banking account as a part of this offer.
The following documents will be sending via e-mail upon the registration of your limited liability partnership (LLP):
The certificate of registration;
The free & fast-track banking account with HSBC or Barclays (which is optional).
£49.99
No annual charges
This is the basic LLP incorporation package for UK-residents with additional documents produced electronically & the laminated certificate will be send by post.
This LLP formation offer includes all services mentioned in the first option, plus:
The partnership agreement;
The meeting of the board of members;
The membership certificates;
The partnership' registers;
The laminated certificate of registration (will be send by post).
£92.99
No annual charges
This is one of our the most popular LLP formation packages for the UK residents.
The third option includes all benefits & items mentioned in the second option, plus the following items will be send by post:
Two laminated certificates of registration & LLP' agreements;
The first meeting of the board of members, two elegant membership' certificates & the rubber stamp;
Two sets of the LLP's registers, the certificate of the beneficial owner; additional services are available.
£99.99
Annual fees from £75.00
This is our the MOST POPULAR LLP creation packages for such customers who run their business from home, and who are looking to minimise members's liability.
This LLP formation offer includes all LLP registration benefits & items mentioned into the SECOND OPTION, plus the provision of:
The registered office address in London;
The government mail forwarding;
The secretarial compliance service & the certificate of the registered office address;
Additional services are available.
£129.99
Annual fees from £105.00
This LLP incorporation package for non-UK customers comes with the registered office address in London and the LLP's secretarial compliance service for one year.
The following items are included in to this offer:
The certificate of registration, the LLP agreement;
The LLP's registers, two membership' certificates & meeting of the board of members;
The registered office address, government mail forwarding & certificate of the registered office address.
£479.99
Annual fees from £455.00
This is one of the very favourite UK LLP registration packages for non-UK customers, who wish to appoint UK nominee members in order to maintain the anonymity.
This LLP registration offer includes all services mentioned in the first option, plus the following:
The provision of two UK nominee members;
The signed power of attorney;
The signed, undated resignation letters from nominee members;
The agreement for the provision of the nominee service.
£829.99
Annual fees from £805.00
This is one of the most popular LLP formation packages for non-UK customers, who wish to appoint two offshore based nominee members as an option to the tax planning.
This LLP setting-up offer includes all services mentioned in the FIRST OPTION, plus the following:
The provision of two offshore nominee members & the signed power of attorney;
The signed & undated resignation letters from nominee members;
The agreement for the provision of the nominee service.
£989.99
Annual fees from £805.00
This is the MOST OPTIMAL LLP establishment package in the UK market for such non-UK customers, who wish to legalise all corporate documents by a Notary Public and certify them by the Apostille stamp.
This LLP creation offer includes all services mentioned in the THIRD OPTION, plus:
The certification of all LLP documents including the power of attorney by a Notary Public & the final verification of LLP documents by the Apostille.
Free LLP common & the attorney in law' rubber stamps.
Further Information
Limited liability partnerships (LLP) represent a new form of corporate entity offering numerous advantages over the traditional partnership model. With these advantages also comes the need to prepare and file statutory accounts and, where appropriate, these accounts will need to be subject to an audit. Coddan we have a detailed knowledge of the accounting requirements under the new Statement of Recommended Practice. We are well placed not only to assist and advise our clients on both the LLP accounting and audit requirements, but also on the whole raft of issues that must be considered on the conversion to, or formation of, an LLP.
LLPs with a turnover of no more than £350,000 and a balance sheet total of no more than £1.4 million may dispense with an audit altogether. A company which is a member of a group may also claim exemption if the group turnover and balance sheet total do not exceed £350,000 and £1.4 million (£1.68 million gross) respectively. Slightly different rules apply to companies which are charities. The basis for claiming exemption will need to be stated on the balance sheet and signed by a director (or LLP member). All UK limited liability partnerships are required to keep records of the LLP's financial transactions. The records must contain sufficient detail to enable the financial position of the LLP to be determined at any time and so that the directors can ensure that any profit and loss account or balance sheet LLPs with the requirements of the Limited Liability Partnership Act 2001. The records should contain all details of any income and expenditure and a record of the limited liability partnership's assets and liabilities. If a parent company has a subsidiary undertaking not registered under the Act it must ensure that sufficient records are maintained by or for the subsidiary so as to ensure that the profit and loss account and balance sheet of the parent company comply with the provisions of the Act. The records must be kept by the LLP for a period of three years if it is a private company and six years if it is a public company.
A limited liability partnership's first financial year begins on the day of its LLP incorporation and ends on its accounting reference date, the end of the financial year. Each successive financial year begins the day following the date the previous balance sheet is made up to and ends on the next accounting reference date. The accounts may be made up to a date not more than seven days before or after the accounting reference date. This flexibility is allowed to enable a company to arrange a year-end stock count at a suitable time.
The credibility of our audit department has been built through the integrity and quality of our work. When your business requires an independent audit opinion on its financial statements, we will conduct an efficient and cost-effective audit of the highest quality. However, such services are what you would expect. Where we bring the true value is being proactive in helping you improve efficiencies, streamline processes and find the solutions to your toughest problems. How can we do this? Our audit department works differently than most. In the field, our managers and partners spend more hours on-site and we provide an experienced team of auditors with specific industry experience. One of the most results-oriented portions of our business is providing consulting services to help your business grow, run more profitably and assist you in achieving your goals. We consult with our clients frequently on accounting and general business issues. In this process, we are available to assist you in preparing budgets and cash flow projections. We will also consult with you about valuation issues and buy-sell agreements, and provide assistance with other detailed financial analyses. The accounts must normally be considered by a general meeting of the company, usually the annual general meeting. A copy of the accounts and reports must be sent to every member or debenture holder, and anyone else entitled to attend, at least 21 days before the meeting takes place. It is the duty of the directors to call the meeting at the appropriate time. In the case of a private company, the meeting to consider the accounts will normally be not later than 10 months after the accounting reference date. If the company's first accounts cover a period of more than 12 months, the time allowed will be restricted to 22 months from the date of incorporation.
Limited liability partnership's annual accounting & reporting requirements: audit exemption: limited liability partnerships are more complicated to set up and run than ordinary partnerships, as they have to meet many of the same requirements as limited companies. LLP's disclosure requirements are very similar to those of a company. LLPs are required to provide financial information equivalent to that of companies, including the filing of annual accounts with the UK Companies House. Among other things, they are also required to: file an annual return; notify any changes to the LLP's membership; notify any changes to their member's names & residential addresses. Notify any change to their registered office address. Limited liability partnership's annual accounts must be approved by the board of LLP members, one of whom must sign the balance sheet. The members' report must also be approved by the board of LLP and signed by them. In the past, audits were seen as the 'cost' companies had to pay for the privilege of limited liability. Audits provide reassurance to members, lenders and creditors that the annual accounts are reliable. Companies House confirms that 93% of the complaints it receives are about the credibility of filed accounts from audit-exempt companies. However, small companies (incl. LLPs) still have to produce full statutory accounts, so there remains scope for cutting more 'red tape'. The accounting requirements for smaller companies remain under review. Not all companies with turnover under £5.6 million will come within the new audit exemption provisions, because there are criteria other than turnover. In particular, companies not classed as small or whose total assets exceed £2.8 million must still have an audit. Even if LLP was dormant within the accounting year, it still keeps the liability to file annual accounts with the Companies House and Inland Revenue. Any delay with the filing of the annual accounts or tax report can result with the late filing penalty payments. Members of the Limited Liability Partnership also personally liable for the filing of their personal self-assessment returns with the tax office. If you do not have any experience with the with the preparation of financial reports Coddan's professional accounting team specialises in providing complete business service from production of financial accounts to any taxation or payroll related matters. Let us to help you to establish your limited liability partnership and gets it running, to select the best business for incorporation, or to register your firm with the UK Companies House. Let us know how we can help.
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A limited liability partnership (LLP) is similar to a normal partnership, but it also offers reduced personal responsibility for business debts. Unlike sole traders and partners of ordinary partnerships, the LLP itself - not the individual members - is responsible for any debts that it runs up, unless individual members have personally guaranteed a loan to the business. LLPs are more complicated to set up and run than ordinary partnerships, as they have to meet many of the same requirements as limited companies. LLPs are designed to be used by profit-making businesses. Non-profit making organisations should not use this business structure. If you are unsure about any aspect of forming an LLP, seek professional advice from your solicitor, accountant or from Coddan formation agent.
Profits are shared among members of a limited liability partnership (LLP), and individual members - not the LLP - pay Income Tax on these profits. Unlike limited companies, LLPs don't pay Corporation Tax. In most cases the members will be self-employed, so they must include details of any profits they get on their individual Self Assessment tax returns each year. Self-employed partners are also responsible for paying their own National Insurance contributions (NICs). It's important that each member of the partnership registers as self-employed with HM Revenue & Customs (HMRC).
It is also possible for LLP members to be companies or other LLPs rather than individuals. If so, companies that are LLP members will have to pay Corporation Tax on their profits from the LLP and should include the relevant details on their Self Assessment return for Corporation Tax. If the LLP has, or expects to have, turnover of more than £73,000 a year, it will need to charge VAT to its customers and pass this on to HMRC. If you need to be VAT registered, please call to our office and order VAT registration number online today.
LLPs with employees must collect and pay Income Tax and NICs from them, which means operating a PAYE (Pay As You Earn) system. When you set up a new LLP you must contact your local HMRC office to let them know the business exists. HMRC will send a Partnership Tax Return, which must be filled in to show the partnership's income and expenses for the tax year. The Partnership Tax Return includes a Partnership Statement, showing how profits or losses have been divided among the partners.
LLP Registration Service
We provide fast online service for UK LLP registration, & including a private, public and guarantee companies formation, establish of limited partnership in Scotland, plus the other business entities incorporation in England, Wales, and Scotland.
Setting up a business for the first time can be confusing and there are too many issues to consider. You need to decide whether to use professionals who can help you to incorporate your LLP, and to choose the best ownership structure for your business.
Choosing a structure for your business can be a confusing puzzling of terminologies. However, with this basic guide, you will be able to select the structure that will serve your business best at tax time. There are several types of legitimate commercial and non-commercial legal entities which you can choose to operate as. Find out the links below on the pros and cons of registering your business.
Coddan is one of the leading service providers in the field of English, Scottish, and Irish LLPs, partnerships, private or public companies formation and registration. Our electronic filing software has been approved by Companies House. Companies House (Companies Registry, Secretary of State) is an executive agency of the United Kingdom Government Department of Trade and Industry (DTI). All LLPs in Great Britain are registered with Companies House and file specific details as required by the Companies Act 2006.
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The partnership should appoint one of its members - the 'nominated member' - to fill in the Partnership Tax Return and return it to HMRC. The nominated member should also make sure that other members of the partnership are given copies of the Partnership Statement, to help them complete their own personal tax returns. Although the nominated member has responsibility for the Partnership Tax Return, all the members will be jointly liable for any penalties that result from it being submitted late or incorrectly.
Where a pension fund, the pension business of a life insurance company or the tax exempt business of a friendly society receives income or gains in their capacity as a member of a property investment LLP the normal taxation exemptions in respect of that income or gains are disapplied. A property investment LLP is a LLP whose business consists wholly or mainly in the making of investments in land and the principal part of whose income is derived therefrom.
Land has the meaning given by the Interpretation Act 1978 so that it includes "buildings and structures, land covered with water, and any estate interest, easement, servitude or right in or over land".
Limited Liability Partnership LLP Taxation
The original legislation relating to the taxation of LLPs was included in Section 10 of the LLP Act 2000. Amendments to clarify those provisions and to prevent tax loss where the LLP carries on an investment or a property investment business were included in FA01/S75 and FA01/SCH25.
Although in general law a LLP is regarded as a "body corporate", for tax purposes a LLP is normally treated as a "partnership". ICTA88/S118ZA (for CT purposes) and ITTOIA05/S863 (for income tax purposes) provide that where an LLP carries on a trade profession or other business with a view of profit: -
1. All the activities of the LLP are treated as being carried on in partnership by its members (and not by the LLP as such); 2. Anything done by, to or in relation to the LLP for the purposes of, or in connection with, any of its activities is treated as done by, to or in relation to the members as partners; and 3. The property of the LLP is treated as held by the members of the LLP; 4. A references to a partnership include an LLP to which ICTA88/S118ZA and/or ITTOIA05/S863 apply; 5. References to members of a partnership include members of such an LLP; 6. References to a company do not include such a LLP; and 7. References to members of a company do not include members of such a LLP.
Thus the LLP will normally be regarded as transparent for tax purposes and each member will be assessed to tax on their share of the LLP’s income or gains as if they were members of a general partnership governed by the Partnership Act 1890. It follows that where a LLP carries on a business with a view of profit it will be treated as a "partnership" in respect of all of its activities, including any activities which are not carried on with a view of profit.
It is the persons who are registered as members of the LLP who carry on the business. If a LLP carries on a trade then each registered partner is taxable on the income they derive from the LLP as self-employed trading profits notwithstanding the fact that the registered member may have been a salaried partner (an employee) in a predecessor general partnership.
For those members chargeable to income tax, their share of the partnership's profits to be charged to tax is calculated in accordance with the rules set out in ITTOIA05/S849 and for those members chargeable to corporation tax in accordance with the rules set out in ICTA88/S114. There are two exceptions to the normal rule. These are where: -
1. The LLP does not carry on a business with a view to profit. In these circumstances ICTA88/S118ZAand ITTOIA05/S863 do not apply (some members clubs or societies fall within this narrow category), and 2. The LLP is in liquidation or is being wound up by the order of the Court.
In these circumstances the LLP will be regarded as a "body corporate" for the purposes of the Tax Acts and will itself be chargeable to corporation tax on its taxable profits or gains. But where the LLP only temporarily ceases to carry on a business with a view of profit (ICTA88/S118ZA (3)(a) and ITTOIA05/S863 (3)(a)), or the LLP is being wound up, and: -
The period of the winding up is not unreasonably prolonged, and
The winding up is not connected in whole or in part with the avoidance of tax (ICTA88/S118ZA (3)(b) and ITTOIA05/S863 (3)(b)).
Then the LLP will continue to be regarded as a partnership, that is as transparent, for the purposes of the Tax Acts.
If you're an employer, use form P11D at the end of the tax year to report expenses and benefits you've provided to LLP' members or to employees earning at a rate of £8,500 or more per year. You must also provide a copy to the member or employee, as they will need it to complete their end of year tax return.
Limited Liability Partnership LLP TMA
Where a LLP is treated as a "partnership" for the purposes of the Tax Acts then the TMA provisions relating to partnerships and to partners apply equally to the LLP and to the members of the LLP. Examples of such provisions include TMA70/S12AA (issue of partnership returns), TMA70/S12AC (enquiries into partnership return), TMA70/S19A (power to call for documents), TMA70/S28B (closure of enquiries), TMA70/S30B (discovery and partnerships) and TMA70/S93A and TMA70/S95A (penalties).
If exceptionally a LLP is regarded as a "company" for the purposes of the Tax Acts the TMA provisions relating to companies will apply to that LLP.
Where an old partnership incorporates as a LLP during an accounting period then, if the partners so wish, they need only make a single partnership return for the one tax year. They may do this even if the partnership changes its accounting date. The old partnership and the new LLP also need only make a single PAYE return for the tax year in which the old partnership incorporates as the new LLP.
Accounting and Audit Exemptions for Small Limited Liability Partnerships
Although all limited liability partnerships (LLPs) have to submit some form of accounts to Companies House, these accounts don't have to be audited for financial years starting before 6 April 2008 or prior to 1 October 2008 for LLPs if you: -
Qualify as a small LLP for the purposes of filing abbreviated accounts;
Have a turnover of no more than £5.6 million;
Have a balance sheet total of no more than £2.8 million.
For financial years starting on or after 6 April 2008, to qualify for total audit exemption, an LLP must: -
Qualify as a small LLP;
Have a turnover of no more than £6.5 million;
Have a balance sheet total of no more than £3.26 million.
Small and medium-sized LLPs can take advantage of the higher thresholds for accounting periods starting on or after 1 October 2008. In these cases you can submit audited accounts if you wish, but it's not compulsory. Bear in mind there can be drawbacks. Banks, credit managers and your customers and suppliers rely on information from Companies House to assess creditworthiness and will be reassured by an independent audit. If you decide to submit audited accounts, you must appoint an auditor.
Even if a small company meets the criteria, it must still have its accounts audited if any of the following ask for an audit: a member or members holding at least 10 per cent of the value of issued share capital or 10 per cent of any class of shares. Recent changes to the rules have allowed some small financial services businesses and some small businesses, such as home-finance providers, that comply with Sharia law to qualify for an audit exemption. However, businesses taking advantage of the audit exemption should be aware that shareholders who own 10 per cent or more of the company still have the right to ask for an audit.
Audit Exemptions for Dormant Limited Liability Partnerships
A limited liability partnership (LLP) is dormant if it has had no 'significant' accounting transactions during a financial year. A significant accounting transaction is one which the LLP should enter in its accounting records. Some dormant LLPs can't take advantage of audit exemptions. They include regulated financial companies and insurance market businesses. If your LLP is dormant, you can generally claim an exemption from sending in audited accounts and need only prepare and deliver an abbreviated balance sheet and notes to Companies House.
Unaudited dormant accounts are much simpler than those of a trading LLP. However, they must contain: -
An abbreviated balance sheet stating that the LLP was dormant throughout the accounting period;
Any previous year's figures for comparison;
Notes to the balance sheet - covering a wide range of information (the information required differs for LLPs).
The right to prepare a dormant balance sheet for filing at Companies House does not affect a LLP's obligations to prepare full accounts for its members. Remember that if your LLP starts trading again, full accounts would then be needed for that period and you might need to appoint auditors.
Examining Accounts: Accountants and Auditors - Audit Requirement Other Conditions
The LLP still has to qualify as a small LLP, which is dependent on meeting a number of limits over a 2 year period, unless it is the first year of trading. There are some complex transitional provisions that we have not outlined here, so talk to your compliance accountant if this needs to be clarified.
The LLP must not be part of a group unless the whole group qualifies as a small group. Again the definitions can be complex so check with your local compliance accountant if necessary.
The LLP is not registered under the Financial Services and Markets Act 2000 to carry on regulated activity, or registered as a trade union or employers' association, where there is no audit exemption. The exemption therefore will not apply to many companies and limited liability partnerships in the financial services industry.
The LLP is not also a charity where lower limits apply. The whole issue of exemption for charities is under review as charities incorporated as LLPs have different exemption limits from other charities where the limits are lower.
Members have not requested an audit - members holding at least 10% of the membership capital can still force the LLP to have an audit if they wish but no other parties can force the limited liability partnership to have an audit.
These regulations do not relax the requirement for LLPs to prepare accounts, only the requirement to have them audited. LLPs are still required to file full or abbreviated accounts with Companies House and to provide full accounts for their members.
Limited Liability Partnerships Accountants and Auditors: Who can Audit?
The Companies Act 2006 consolidates previous legislation concerning the regulation and supervision of auditors. Only properly supervised and appropriately qualified auditors can be appointed. Statutory auditors must be registered with a supervisory body and must be eligible for appointment under the rules of that supervisory body. The following bodies have been recognised by the Secretary of State: -
The Institute of Chartered Accountants in England and Wales;
The Institute of Chartered Accountants of Scotland;
The Institute of Chartered Accountants in Ireland;
The Chartered Association of Certified Accountants;
The Association of Authorised Public Accountants.
The number of persons entitled to sign an audit report is much smaller than the total number of qualified accountants belonging to the bodies listed above. The professional bodies require their members to apply for a practising certificate before they can take responsibility for audits. Such certificates are held by accountants who are sole practitioners or partners offering services to the public in such areas as auditing, taxation and accounting.
In order to be granted a practising certificate, an accountant must show that he or she has had sufficient practical experience and maintains proper professional standards. A person entitled to sign an audit report is described as a "Registered Auditor" and you should normally find this term used on audit reports. You should bear in mind that much audit work is delegated to junior staff, who may not be professionally qualified and probably under training.
Limited Liability Partnership (LLP) International Aspects
UK branches of overseas limited liability partnerships: the tax treatment of a UK branch of an overseas LLP, and the members of such a LLP, depends on how the foreign entity is regarded for the purposes of the UK taxation provisions. Where the foreign LLP is regarded as a "body corporate" for the purposes of the UK Taxes Acts the profits of the UK branch will be chargeable to CT. On the other hand if it is regarded as a partnership then members are separately liable to tax on their share of the branch’s profits under the existing legislation for partnerships rather than under the LLP Act. The latter Act only applies to UK registered LLPs.
English, Wales, Scottish and Northern Irish double taxation relief: where an overseas tax authority regards a foreign branch of a UK LLP as a "body corporate" the UK members will be entitled to claim tax credit relief in respect of their proportionate share of the foreign tax paid on the overseas branch's profits.
English, Scottish and Irish LLP' dividends: a UK LLP is not itself "liable to tax" in the UK as the LLP tax provisions identify other persons (i.e. the members) as the persons who are to be taxed. Accordingly for the purposes of the Double Taxation Agreements (DTAs) the LLP is not regarded as being resident in the UK and cannot itself therefore claim relief from foreign taxes under such agreements. As is now the case with ordinary and limited partnerships the members must make the claim.
Assuming they are UK residents in accordance with the provisions of the relevant DTA the members of a LLP are entitled to relief for any withholding tax on overseas dividends. Normally a DTA provides for withholding tax of a maximum of 15% to be deducted and relief for that tax given. Where a partner is an individual then no relief is due in respect of the taxes paid (the underlying taxes) on the profits out of which the dividend is paid.
In the very narrow circumstances where the LLP is not treated as transparent, but instead as a body corporate for tax purposes (such as when the LLP is in liquidation or being wound up in circumstances where transparency cannot be retained), we take the view that the LLP can itself claim relief for foreign taxes, including if appropriate underlying tax.
Set Up and Register a Limited Liability Partnership (LLP) - The Members of an LLP
The members of an LLP normally share in both the responsibilities of running the business and the profits that it makes. Exactly how their rights and responsibilities are defined and divided depends on the LLP's partnership agreement or 'deed of partnership'. Designated members have some extra responsibilities on top of those of ordinary members. Designated members have to ensure that the LLP meets its legal obligations by: -
Appointing an auditor - if one is needed;
Preparing and signing the accounts on behalf of the members;
Delivering the accounts to Companies House;
Notifying Companies House of any membership changes, or of a change to the registered office address or name of the LLP;
Preparing, signing and delivering the annual return to Companies House;
Acting on behalf of the LLP if it is wound up and dissolved.
Designated members are legally accountable if they fail to carry out their duties properly.
Establish a Limited Liability Partnership (LLP) - LLP Records
An LLP must keep and maintain a register of members. If the LLP issues debentures it must keep a register of debenture holders and if it enters into a charge it must keep a register of charges together with the instrument creating the charge. All these registers must also be kept available for inspection. Additionally an LLP must maintain a register of members' residential addresses but this is not available for public inspection.
You may keep all or any of these records at the LLP's registered office. The LLP may choose an alternative location to make these records available for inspection. The LLP can only have one alternative location to the registered office at any given time. That location must be in the same part of the UK as the registered office, e.g. an LLP registered in England and Wales can have an alternative inspection location in England and Wales, but not in Scotland or Northern Ireland. The LLP may choose to keep some records at its registered office and some at its alternative inspection location provided that all the records of a type are kept together.
If you do not keep all your records at the LLP's registered office, then you need to tell to Companies House the address of your alternative inspection location or any change in that address. You also need to tell to Companies House which records you hold there, and when any of the records return to the registered office.
Incorporate a Limited Liability Partnership (LLP) - Annual Return
Every LLP must deliver an annual return to Companies House within 28 days of its made-up date. An LLP's designated members are responsible for ensuring that: -
They deliver the annual return to Companies House; and
It gives a true picture of the LLP at the made-up date.
If you do not deliver an annual return the registrar may assume that your LLP is no longer in business or operation and take steps to strike it off the register.
Remember: it is a criminal offence not to deliver the annual return within 28 days of the made-up date, for which the LLP and designated members may be prosecuted.
An annual return is a snapshot of information at the made-up date. It is separate from the LLP annual accounts. An annual return must contain the following information: -
The name of the LLP;
Its registered number;
The date to which the annual return is made up;
Its registered office address;
The address where any LLP records are kept if not at the registered office, and the records that are kept there; and
Details of all the LLP’s members (corporate or individual), and whether they are designated members.
What is the Made-up Date?
This is the date at which all the information in an annual return must be correct. The made-up date is usually the anniversary of: -
The incorporation of the LLP; or
The made-up date of the previous annual return registered at Companies House.
Register a Limited Liability Partnership (LLP) - Late Filing Penalties
Parliament introduced late filing penalties in 1992 to encourage the filing of accounts and reports on time, because this information is required for the public record. All LLPs, whether trading or not, must send their accounts and the auditor's report on those accounts (unless exempt from audit), to Companies House by the filing deadline. If the designated members submit the LLP's accounts late the law imposes an automatic penalty.
The period allowed for filing your LLP’s accounts depends on whether you are filing your first accounts since incorporation or subsequent accounts: -
First accounts: if your first accounts cover a period of more than 12 months, they must be delivered to Companies House within 21 months of the date of incorporation or 3 months from the end of the accounting reference period which ever is longer. If the first accounts cover a period of 12 months or less, they must be delivered within 9 months from the end of the accounting reference period.
Subsequent accounts: in subsequent years you have 9 months from the end of the accounting reference period to file the accounts. However if you change the accounting reference period the filing time may be reduced.
If you are a designated member of an LLP, you are personally responsible for ensuring you deliver the LLP accounts before the time allowed runs out. Delivery means actual receipt at Companies House in the correct format. If they are late a penalty is automatically imposed.
How Much are Late Filing Penalties?
Not more than 1 month £150.00;
More than 1 month but not more than 3 months £375.00;
More than 3 months but not more than 6 months £750.00;
More than 6 months £1,500.
Please Note: your LLP could receive a late filing penalty and the designated members could incur a fine for the same set of accounts if you do not file the accounts within the filing deadline.
If you deliver your accounts late and the auditor's report (if any) on those accounts, Companies House will automatically issue an invoice to the LLP's registered office address. The penalty notice gives details of the penalty/penalties imposed on the LLP. It shows the last date for filing, the date of filing of the accounts and the level of the penalty imposed. If you do not pay the penalty, Companies House will ask their debt collectors to take action. Ultimately the matter will be decided in the County Court or Sheriff Court. You may wish to consider seeking professional advice because Companies House may seek to recover their legal costs if the court finds in favour of the registrar.
UK LLP Registration & Incorporation: Live Help
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Money and Payment Policy
Coddan accepts all major currencies; we accept Visa, Visa Electron, Visa Purchasing, JCB, MasterCard, Maestro, Solo, and Delta, we also accept cheques (may be held 10 days to clear) or cash deposit, and bank transfers from anywhere to our bank accounts. After you place an order, details about the banking transfer will be e-mailed to you on the second e-mail notification. If you missed that e-mail, please call our phone number that is given on the order confirmation. The customer is responsible for the reimbursement of any bank wire transfer payments.
Our credit card payment processing is by WorldPay - an important part of The Royal Bank of Scotland Group, the 5th biggest banking group in the world. We do not charge surcharges for the debit and credit card transactions. Credit or debit card payment is now authorised online in real time. You will be informed immediately if your credit or debit card is declined. If declined, you may check the accuracy of the card number and expiration date, or choose a different card to try.
We need to receive a payment before we can proceed with a new company formation. For regular or corporate clients, we can open a professional credit account. However, this benefit cannot be provided to a new customer, who never placed orders with us.
If you do not feel comfortable transmitting your credit card details on the Internet, we suggest you place an order online, choose the option "Credit Card via the Phone" as the payment method, and then phone in to give us your credit card number over the phone. We will charge your credit card manually. We can also accept credit or debit card payments by fax, to do so, we will e-mail you a credit or debit card authorisation form, and you will need to print out the form, complete the details by hand and send it to us by fax to: + 44 (0) 207.504.3531.
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A limited liability partnership (LLP) is similar to a normal partnership, but it also offers reduced personal responsibility for business debts. Unlike sole traders and partners of ordinary partnerships, the LLP itself - not the individual members - is responsible for any debts that it runs up, unless individual members have personally guaranteed a loan to the business. LLPs are more complicated to set up and run than ordinary partnerships, as they have to meet many of the same requirements as limited companies. LLPs are designed to be used by profit-making businesses. Non-profit making organisations should not use this business structure. If you are unsure about any aspect of forming an LLP, seek professional advice from your solicitor, accountant or from Coddan formation agent. 
Where a pension fund, the pension business of a life insurance company or the tax exempt business of a friendly society receives income or gains in their capacity as a member of a property investment LLP the normal taxation exemptions in respect of that income or gains are disapplied. A property investment LLP is a LLP whose business consists wholly or mainly in the making of investments in land and the principal part of whose income is derived therefrom. 
Where a LLP is treated as a "partnership" for the purposes of the Tax Acts then the TMA provisions relating to partnerships and to partners apply equally to the LLP and to the members of the LLP. Examples of such provisions include TMA70/S12AA (issue of partnership returns), TMA70/S12AC (enquiries into partnership return), TMA70/S19A (power to call for documents), TMA70/S28B (closure of enquiries), TMA70/S30B (discovery and partnerships) and TMA70/S93A and TMA70/S95A (penalties). 
A limited liability partnership (LLP) is dormant if it has had no 'significant' accounting transactions during a financial year. A significant accounting transaction is one which the LLP should enter in its accounting records. Some dormant LLPs can't take advantage of audit exemptions. They include regulated financial companies and insurance market businesses. If your LLP is dormant, you can generally claim an exemption from sending in audited accounts and need only prepare and deliver an abbreviated balance sheet and notes to Companies House. 
An LLP must keep and maintain a register of members. If the LLP issues debentures it must keep a register of debenture holders and if it enters into a charge it must keep a register of charges together with the instrument creating the charge. All these registers must also be kept available for inspection. Additionally an LLP must maintain a register of members' residential addresses but this is not available for public inspection. 
Parliament introduced late filing penalties in 1992 to encourage the filing of accounts and reports on time, because this information is required for the public record. All LLPs, whether trading or not, must send their accounts and the auditor's report on those accounts (unless exempt from audit), to Companies House by the filing deadline. If the designated members submit the LLP's accounts late the law imposes an automatic penalty. 