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SFS News

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LLP Filing Requirements

llp filing

Throughout the life of a Limited Liability Partnership there are several statutory filing requirements to consider. The filing requirements with Companies House are comparatively similar to those of a Limited by Shares Company as both the Confirmation Statement and the annual accounts will need to be filed each year. In addition to the reporting requirements with Companies House, LLP members are also required to prepare and submit a Self-Assessment Tax return with HMRC. Furthermore, designated members are responsible for maintaining accurate company records and ensuring Companies House are notified of any changes to the registered details of the LLP.

Confirmation Statement


Each year an LLP is obligated to deliver a confirmation Statement to Companies House which has replaced the annual return. This can be done either online or by post and it gives a general overview of the structure of the LLP. The Confirmation Statement will detail information on the registered name, number and office address; as well as information on the current LLP members and Persons of Significant Control (PSC). It is important to note that Companies House should be notified of any changes to the registered details of the LLP as and when they are made as the Confirmation Statement will not allow you to amend the details.

Annual accounts


Designated members of the LLP are required to file a set of accounts by post each year. In general, they should include a profit and loss account and a balance sheet signed by a designated member of the LLP. For ‘Small LLPs’ it is possible to file a set of abbreviated trading accounts. To be considered as a ‘Small LLP’ at least two of the following conditions need to be met:

A small LLP must meet at least two of the following conditions:
  • The annual turnover must be less than £6.5 million
  • The balance sheet total must be less than £3.26 million
  • The average number of employees must be less than 50

Self-Assessment


Individual partners pay income tax on their share of the profits of the LLP. Because of this, partners are obligated to complete a yearly self-assessment with HMRC. It is essential that you keep accurate accounting records throughout the financial year to prevent any unexpected tax bills.

It is paramount that designated members are aware of their statutory filing duties and they are legally accountable for ensuring any relevant documentation is filed on time.

Author Mike Harris
Mike has been assisting customers with LLP formations for over 15 years through the company Small Firms Services Ltd. You can follow SFS and Mike on Google+ and also twitter