LLPs
LLPs are useful business structures for many, but they can be complicated. Avoid confusion and accounting headaches with our help.
Get StartedWhy do LLPs need an accountant?
Limited liability partnerships (LLPs) are a platform for a partner structure where each party will only be liable for the amount of investment they put into a business. This means each individual can benefit from the profits without the risk of losing more than they invested. In terms of accountancy with an LLP, each business partner is required to submit a self-assessment and register as self-employed with HMRC.
Accounting for an LLP can quickly become complex, especially if the partners involved have limited experience in accounts. As professional accountants, we can take care of all your business accounting needs and become your long-term financial partner, throughout your company’s lifetime. Having a dedicated accountant for a limited liability partnership can be invaluable to the success of your business and to the stability of all the partners involved.
How can our accounting services help you?
Jan McDermott Chartered Accountants have years of knowledge and experience in helping to manage accounting for limited liability partnerships. We offer a wide range of accountancy services that can be extremely beneficial to LLPs, giving them the peace of mind that their finances are all correct and being precisely managed. Also, it frees up a significant amount of time for the partners to focus on the day to day running and the direction they are taking their business. See how some of our services can help you below.
VAT
If your business has a taxable turnover of over £85,000 you are required to register for VAT. In some cases, it can be beneficial to become a VAT-registered business even if your turnover is below £85,000 to potentially recover costs. Our specialist accountants can help your LLP with all aspects of VAT.
Corporation tax
A frequently asked question around LLPs is do limited liability partnerships pay corporation tax? Given that the partners are taxed individually, the same way as sole traders, LLPs do not pay corporation tax. It’s essential for LLPs to understand their tax requirements to avoid penalties for inaccurate returns.
Payroll
Your payroll is a full list of your employees and how much they should be paid. It is also used to describe wages and record how much an employee has made over time. Organised payroll management is extremely important to businesses as it ensures employees are consistently paid and taxed correctly. This can become more complex for LLPs as the business grows and adds more staff, which is why using a professional accountant is so important.
How We Can Help
Unlimited professional advice
Your dedicated LLP accountant from our team will be on hand whenever you need them to answer questions and offer advice to support your business growth.
The personal touch
When you’re one of our clients we will get to know your business in detail to understand your challenges and help you overcome them with a warm and friendly approach.
Real-time data anytime you need it
Our financial capabilities mean you can have access to real-time financial data and key figures so you can confidently take your business to the next level.
Alan Robson
They provide us with a fully outsourced finance function so that our own team can focus on our business. They implemented Xero software from day one of the company meaning that we have real-time visibility of our business at all times, The monthly management accounts meetings we have with Jan really add value to decision-making and strategic planning and we wouldn’t be without them.
Peter Broxton
Their professionalism, expertise and client care are outstanding and they have supported our growing business no end. They look after everything from our bookkeeping, VAT, annual accounts, as well as claiming Research & Development tax relief, preparing budgets and forecasts and assisting with grant claims. The whole team are always responsive, friendly and reliable and we wouldn’t hesitate to recommend them to anyone looking for a trustworthy and efficient firm to look after their business finance requirements.
Scott Hackett
I moved my accounts over to Jan at the beginning of the year and have been extremely impressed with her attention to detail and precision. She’s made it easy for me to understand and manage all the key aspects of my accountancy, as well as offering useful suggestions of ways to improve and make things work more efficiently for me and my business. I’d highly recommend Jan and her team to anyone looking for professional, friendly, and reliable accountants that truly get to know you and offer a tailored service.”
Alistair Evans
Jan McDermott & Co have been our accountants for over 15 years and have not only ensured our accounting records are accurate and legal, but also provided us with first class advice to help us grow. They recommended our move to Xero accounting software which has revolutionised our business, allowing us to create predictable income through the use of Go Cardless Direct Debits, and streamlining our day to day accounting operations. Jan and her team are friendly, easy to work with and take time to understand a particular problem or situation. I wouldn’t hesitate to recommend them to any business that wants an accountancy firm they can grow with and depend on.