Limited Liability Partnership (LLP) Accountants in Burgess Hill

A limited liability partnership (LLP) is a business structure where two or more members come together to run a business. These members can be either individuals or companies (corporate members). Each partner is not personally liable for the debts or obligations of the business, so the partners' personal assets are protected if the business faces financial difficulty.

Each member pays tax on their share of the profits, similar to an ordinary partnership. The LLP's name must end with "LLP" or "Limited Liability Partnership" and cannot be the same as another registered company. The LLP must have a registered address, at least two designated members (responsible for filing annual accounts and legal documents), an LLP agreement setting out how it is run, and must be registered with Companies House. In short, an LLP combines the flexibility of a general partnership with the limited liability protection of a company.

The LLP must produce accounts and file an LLP tax return with HMRC, including appropriate extracts from the annual accounts. The LLP itself does not pay tax; instead the profits are distributed to the members. The partnership agreement determines each member's share, or they receive equal shares if there is no agreement.

Each member files a self-assessment tax return detailing all their earnings, including LLP profits, on which they pay income tax and National Insurance Contributions as self-employed persons. LLPs with sales above the VAT threshold must also register for VAT. Corporate members pay corporation tax on their share. Members must make payments on account, and returns must be filed online by 31 January following the end of the tax year.

No. LLPs are not required to engage a professional accountant to generate their financial statements. Until your partnership is large enough to undergo an audit, there is no legal requirement to have your accounts produced by an accountant.

However, many partnerships find that — instead of trying to get to grips with free bookkeeping software or simply winging it come tax season — it's far better to have an expert with accounting experience who can keep bookkeeping records and submit taxes on their behalf. If your financial duties are stopping you from running a successful business, investing in an online accounting service makes sense.

To form an LLP it must have at least two members, who can be persons or businesses, and it must be registered with Companies House. For tax purposes it must also be registered with HMRC. An LLP can own assets, hire workers and enter into transactions as a separate legal entity.

Unlike a limited company, an LLP does not need a memorandum or articles of organisation, directors or shareholders, and it cannot issue shares. It's a good idea to write a limited liability partnership agreement, which outlines how the LLP will be operated and how earnings are distributed, who can agree contracts, the procedure for members leaving or joining, and how losses are shared. If no agreement is reached, the Limited Liability Partnerships Act 2000 applies.

If you're looking for the convenience of an accountant in your pocket, you'll love us. We pair you with your dedicated accountant, who will manage your bookkeeping behind the scenes, freeing up your time to focus on other aspects of your business.

We know partners lead very busy lifestyles, and we aim to be more flexible and low-hassle than traditional accountancy firms. We offer a range of tailored solutions, so there's something for every budget. You're not obliged to opt in for services you may not need, and you won't need to learn how to use our accounting software as our customer.

When you sign up for our LLP service, our accountants will ask for the following details:

• Your full name and ID (driver's licence or passport)
• Your date of birth
• Your current address and proof you live there
• Your mobile and/or home phone number
• Your National Insurance (NI) number
• Your company name and number
• Your Unique Tax Reference (UTR) number
• Your VAT registration number
• Documentation of your previous tax return

Some of the above may not apply to you. In every case, we will let you know exactly what we need when we contact you.

As much as you ask us to! We speak to HMRC on our clients' behalf and submit all their digital returns. If we receive any vital information you need to know, you can rely on us to keep you updated. We'll also send you regular deadline reminders to notify you when your tax payments are due.

An LLP has a higher administrative burden than a general partnership since it must file several documents with Companies House. To form an LLP, the members must first apply to Companies House. Each time a new member joins or leaves, the Registrar of Companies must be notified within 14 days.

Each year an annual report must be filed including the LLP's contact information and a list of its members. If the LLP is large enough it must also file annual accounts, which may be audited; smaller LLPs that qualify for an exemption can file short financial statements. If members fail to file an annual return and accounts, the Registrar may believe the business has ceased and strike the LLP off the register.

Yes. The fixed monthly price includes all your year-end statutory requirements and tax return, as well as your monthly bookkeeping, management accounts, payroll, VAT and other services you have selected in your quote. This will all be outlined in the terms and conditions we send you when you start with Oval Accountants.

No. We complete tax returns on behalf of the partners in an LLP who use our service. This includes inputting your information into HMRC and dealing with any responses or queries should they arise. We'll ensure your income and business expenses are accurately detailed online and let you know how much tax you owe. On top of this, we can provide regular tax-efficiency reviews throughout the year to help you save money when paying your taxes.