A Limited Liability Partnership is a hybrid entity. It has elements of Limited Company and of a Partnership.
Traditionally, this was used by professional trades such as accountants and solicitors that were unable to set up Limited Companies due to their governing bodies.
An LLP is taxed as a partnership but has the Limited liability coverage of a Limited Company.
This is a very useful entity for some clients.
The officers of the LLP are members.
We would review your circumstances and advise whether this was the correct entity for you.
We would prepare and submit the accounts to HMRC on the Partnership tax return and submit the annual accounts to Companies House.
Members profits filter into their individual tax returns. We would prepare the individual tax returns that would incorporate the LLP profits and any other income. We would advise you of any tax liabilities and when they are due.Contact Spirare Today