How to File LLP Accounts With Companies House | UK Accounts

What is a Limited Liability Partnership?

Before delving into “how to file LLP accounts with Companies House”, let's first establish a foundation for understanding what LLP accounting is. In the UK, there are different types of business structures, the main 4 of which are sole trader, partnership, limited company (LTD) and limited liability partnership (LLP). 

The LLP is the type of business structure that offers limited liability protection along with the advantages of a typical partnership. An LLP is required to keep accurate financial records, which include a balance sheet, profit/loss statement and a cash flow statement since a limited liability partnership is a separate legal entity. Businesses that offer professional services, like law firms, accounting firms, or consulting firms, frequently use limited liability partnerships (LLPs).

Compliance requirements for LLP accounts

According to Companies House, there are specific deadlines and requirements for filing LLP accounts in the UK, and as mentioned above, failing to be compliant can result in penalties. Thus, for successful LLP accounting, compliance is the cornerstone for it. As LLPs who want to stay compliant, you must adhere to the following key points:

• Annual filing deadline: There is a 9-month time of the financial year-end to file your annual accounts as an LLP in the UK; timely submission is very important to avoid financial penalties. 
• Accounting standards: LLPs are required to prepare their accounts under Generally Accepted Accounting Practice in the UK (UK GAAP) or any other UK accounting standards; to ensure your financial reporting is consistent and comparable. 
• Audit requirements: Some LLPs might not be required to do an annual audit, and others might. It is essential to comprehend the audit threshold and if an LLP is eligible for audit exemption.

Step-by-step guide to filing LLP accounts

Here is a step-by-step guide to filing LLP accounts with Companies House:

1. Create an account: To get started, you will need to create an account on the Companies House website.
2. Compile financial statements: After making an account, start preparing detailed financial statements, which will include the balance sheet, profit & loss statement and a cash flow statement. Make sure your financial reporting is accurate and consistent throughout. 
3. Choose the right accounting period: LLPs have the option to choose their accounting reference date. Select a date according to your preference which conforms to your business operations and helps in effective financial planning.
4. Complete Companies House forms: There are specific forms provided to you by the Companies House for LLP accounts filing. Fill out and complete these forms by providing correct and updated information about your LLP’s financial position.
5. Recheck the provided information: For accuracy, recheck the information you have provided to avoid mistakes. Once your LLP account has been filed, no changes can be made after, so it is better to be safe than sorry.
6. Submit accounts electronically: You can submit your LLP accounts electronically as Companies House offer an online filing service, making the submission process easier and reducing the risk of mistakes and errors.

If all of this process seems daunting, and you would like an expert to manage your filing; look for a reliable and affordable accountancy firm that provides LLP accounts services for an effortless experience. 

Expert tips for the best LLP accounting experience

Here are some expert tips for you to have the best LLP accounting experience. 

• Accounting software: Invest in reliable accounting software and utilise it to make your financial record-keeping easier and facilitate the preparation of accurate accounts.
• Professional engagement: It can be hard and puzzling to navigate through the complexities of LLP accounting. Consider seeking expert assistance by getting in touch with accountants with expertise in LLP accounting.
• Stay informed about regulatory changes: To make sure your LLP accounts remain compliant, it is important to stay informed about any changes

If you are running an LLP in the UK, it is important to understand how to file LLP accounts with Companies House. By following the above step-by-step guide, you can efficiently file LLP accounts on time and with accuracy. 

Visit our LLP Accounts service page and check out our packages for the best and easiest way to file your LLP accounts with Companies House.