Partnerships & LLP business structures differ widely when it comes to fulfilling your accounting duties.It is a particularly complex area of tax law, for both new and established businesses. It can be difficult to understand the scope of your responsibilities in complying with the necessary regulations, and to complete your partnership accounting accurately and thoroughly.
At Muhit & Co, our highly qualified, expert team of Chartered Certified Accountants have extensive experience in handling complex accounts for partnerships and LLPs. We can take the stress from you by preparing your partnership and personal tax returns, ensuring that you are fully compliant and, as importantly, making sure that you only pay the tax that is due. We will deal with HMRC on your behalf, allowing you to focus purely on your business.
As a leading accounting firm for Partnerships & LLPs in London, we provide a full tax review on an annual basis to ensure you are fully compliant and that you only pay the tax that is due. We aim to become a trusted partner, who you can turn to for strategic business advice and insights into how to grow your business.
Our accountancy service for Partnerships and LLPs include but are not limited to:
We aim to keep everything simple. We provide an all-inclusive service which helps you to get set up, maximise profits and be more tax efficient, giving you greater peace of mind and letting you concentrate on growing your business.
We take a proactive approach in accounting and finance. Anticipating regulation changes we are always prepared for what’s to come and with the right set of advise for you to save you both money and time.
Our accountants are hand-picked to manage your accounts, to ensure you receive the best financial support possible. Your accountant will keep you in line with the demanding tax laws and monitor your finances on a regular basis.
As a body corporate an LLP may own assets in the same way a company owns assets.
Tax legislation treats an LLP as a partnership carried on by the individual members. However, a corporate member of the LLP would be subject to corporation tax on its share of the profits. Where appropriate an LLP must register for VAT in the same way as a company.
A partnership is a number of individuals carrying on business with a view to a profit. A partnership has no separate legal identity and each partner, usually, has unlimited liability. An LLP has a separate legal identity and the members (or partners) generally have limited liability.
The Limited Liability Partnership Act 2000 generally allows two or more persons associated (for example individuals, limited companies, LLPs, corporations etc) for the purpose of carrying on a lawful business with a view to profit to form a limited liability partnership.
Limited Liability Partnerships are an alternative corporate business vehicle that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership.
