LLPs combine the flexibility of a partnership with the legal protection of limited liability — but they come with their own accounting and tax rules that generalist accountants often get wrong. Direct Assist Accountants specialises in LLP formation and ongoing accounting, ensuring your members' profit shares, tax filings, and Companies House obligations are handled correctly every year.
Unlike limited companies, LLPs are taxed transparently — each member is personally responsible for tax on their share of profits, similar to a self-employed individual. Many accountants unfamiliar with LLP structures apply standard company or partnership rules incorrectly, leading to wrong profit allocations, missed member self-assessments, or incorrect Companies House filings (yes, LLPs still file with Companies House despite being taxed like partnerships). We handle LLPs regularly and know exactly where these structures trip up other firms.
LLPs are common among professional service firms and multi-partner businesses that want liability protection without full corporate taxation.
Registration with Companies House and drafting guidance for your LLP agreement
Statutory accounts prepared and filed to Companies House deadlines
Accurate calculation and documentation of each member's profit share
Individual tax returns for each LLP member based on their profit share
Annual Companies House confirmation statement handled on your behalf
Full support if your LLP is VAT-registered or employs staff
An LLP itself doesn’t pay Corporation Tax — instead, each member pays tax individually on their share of the profits, similar to self-employment.
Yes, LLPs must file annual accounts and a confirmation statement with Companies House, even though profits are taxed at the member level.
Yes, LLP members can be individuals, limited companies, or a mix of both — each is taxed according to their own status.
Profit share is based on the terms set out in your LLP agreement, which can be equal shares, fixed salaries plus a share, or based on contribution — we apply whatever structure you’ve agreed.
We can guide you on the financial and tax implications of different agreement terms, though the legal drafting itself is best done alongside a solicitor.
Our bookkeeping team is part of Direct Assist Accountants ACCA-regulated practice in Slough
Talk to a Slough-based bookkeeper about getting your records accurate and up to date.
See our full range of accounting services for individuals and businesses.
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