If you’re running a Limited Liability Partnership (LLP), there’s one annual task you can’t afford to ignore: filing your accounts with Companies House. Whether your LLP is actively trading or has had a quiet year, submitting your accounts on time is essential to stay compliant and avoid penalties.
Here’s what you need to know to keep things on track.
What Are LLP Accounts?
LLP accounts are a set of financial statements that show how your partnership has performed over the year. For most LLPs, this will include:
- A balance sheet
- A profit and loss statement
- Any relevant notes
- A report from the members
Even if your LLP hasn’t traded, you’ll still need to file something—typically dormant accounts. The key point is this: as long as your LLP is on the register, Companies House expects to hear from you once a year.
When Are They Due?
For newly formed LLPs, the first accounts are due within 21 months of incorporation. After that, the deadline is nine months after the end of each financial year.
Miss the deadline, and you’ll face automatic late filing penalties that range from £150 to £1,500, depending on how overdue the accounts are. Repeat offenders can face double the fine.
Planning ahead and giving yourself plenty of time to prepare the accounts will help you avoid these unnecessary costs.
How to File LLP Accounts
Most LLPs now file their accounts online. It’s quicker, more secure, and you get confirmation as soon as the submission goes through. You can use Companies House’s online service or accounting software that’s set up to handle electronic filings.
Paper filing is still possible, but it’s slower and riskier, especially with postal delays and the chance of the form being rejected if something’s wrong.
Whatever method you choose, make sure the accounts are complete and accurate. If your LLP qualifies as a small business, you might be able to file simpler accounts, but they still need to meet the legal requirements.
At some point in the process, you’ll need to sign off the accounts, usually by a designated member. If your LLP doesn’t need an audit, that must be stated clearly in the accounts too.
It’s important to file LLP accounts on time and in the correct format. Companies House doesn’t give much leeway when it comes to missed deadlines.
Conclusion
Filing accounts isn’t the most glamorous part of running an LLP, but it’s one of the most important. Staying organised, knowing your deadlines, and getting the right support can make the whole process far less stressful.
If you’re unsure about anything, it’s worth seeking advice early rather than rushing at the last minute. Getting it right helps keep your LLP in good standing—and keeps you out of Companies House’s bad books.
