Partnerships and LLPs

Partnerships

If you are starting a partnership, both the partnership and each partner will need to be registered for business taxes. You will need to register online to send in a Partnership Tax Return. Each partner will also need to complete self assessment tax returns, but this can set up online too, at the same time.

If your partnership is employing other people, HMRC will use your partnership information to set up the partnership as an employer.

You will need to make sure that you keep your records throughout the year so that when it is time to file the partnership tax return, your accountant can prepare a set of accounts for you. Many partnerships have a nominated partner who is responsible for the administrative work.

If you are unsure about setting up a partnership, give one of our advisers a call on 0800 112 3667 and they’ll be more than happy to discuss it with you.

Limited Liability Partnerships

A LLP (Limited Liability Partnership) is a business structure that allows the members to organise their internal structure as a traditional partnership with an added benefit of giving the members limited liability. The LLP is a separate legal entity and will be liable for its assets but the liability of the members will be limited.
Any two or more people can incorporate as an LLP.
Designated members (who would normally have the responsibilities as a company director or secretary for a limited company) would have carry out duties such as:

• Signing the annual accounts
• Filing the annual accounts at Companies House
• Filing the annual returns at Companies House

For more information about LLPs or if you wish to incorporate one, call us on 0800 112 3667 or email us on info@accrida.com.