Capital allowances are a way of obtaining tax relief on some types of capital expenditure. What is capital expenditure? Expenses you incur in your business can either be capital or revenue [...]
Limited Liability Partnerships (LLP)
A Limited Liability Partnership is a cross between a partnership and a Limited Company.
The business profits are shared between the partners and they are then taxed on the profits each tax year.
An LLP is a separate legal entity so the partners are not personally liable for any losses and their liability is restricted to the amount of money that they invest in the business.
Partners’ responsibilities and share of the profits are set out in an LLP agreement. ‘Designated members’ have extra responsibilities.
We will prepare the accounts for the business.
We will explain your accounts to you in plain English.
We will ensure that you meet any mandatory reporting requirements and produce financial statements to file at Companies House.
Self-assessment tax returns
Completing even a simple tax return can be complicated, especially given the ever-changing rules and regulations.
We will prepare your tax return and that of the partnership and submit them to HMRC.
We will make sure that we claim all the tax allowances that are available.
If needed, we can register the business and the partners with HMRC.
We can liaise with HMRC on your behalf and deal with any correspondence from them so that you do not have to.
We will notify you of the tax liability and give you a reminder to ensure that the tax is paid on time.
We can ensure that your LLP complies with obligations under Company law, allowing you to focus on the running of your business.
We can maintain your statutory books and file the annual confirmation statement (formerly annual return).
We can incorporate a new Company or Limited Liability Partnership (LLP) on your behalf.
If you are VAT registered, we can prepare VAT returns and submit them to HMRC.
See our Frequently Asked Questions for when you need to register for VAT.
We can recommend the best VAT scheme for your business and register it for VAT.
We will prepare your monthly payroll, provide payslips to your employees and also complete all relevant month and year end reporting requirements on your behalf.
By 2018 all employers will be required to automatically enrol all eligible employees into a pension scheme and to make contributions to that scheme. It will depend on your staging date when your auto-enrolment duties come into effect.
We can advise you on when your staging date is and let you know which employees will be eligible. We can help you set up a pension scheme and process the monthly submissions.
P11Ds are used to notify HMRC of any benefits in kind that have been made to employees.
If relevant, we can prepare P11Ds for your business and submit them to HMRC.
We will provide monthly or quarterly management accounts to enable you to make the right decisions for your business using up to date financial information.
Preparing management accounts can save you money by helping to identify tax planning opportunities, showing how profitable certain areas of your business are and indicating where particular attention needs to be given.
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