A Limited Liability Partnership (LLP) is a business structure that combines the flexibility of a traditional partnership with the limited liability protection of a limited company. This means each partner shares in the profits of the business but isn’t personally responsible for the company’s debts beyond their agreed contribution.

An LLP must be registered with Companies House and file annual accounts and confirmation statements. It’s often chosen by professionals — such as consultants, accountants, and lawyers — who want to work together while protecting their personal assets.

A Limited Liability Partnership (LLP) is taxed differently from a limited company. The LLP itself doesn’t pay Corporation Tax — instead, each partner is taxed individually on their share of the profits.

This means every partner must file a Self Assessment tax return and pay Income Tax and National Insurance on their earnings from the LLP. However, the partnership must still submit an annual partnership tax return to HMRC to report the overall profits and how they’re divided among the members.

In short, the LLP is a transparent tax structure — profits “flow through” to the partners, who pay tax personally rather than at the company level.

Yes, OneTeam Accountants can manage all your LLP tax filings online. We handle everything — from preparing and submitting your annual partnership tax return to filing each partner’s individual Self Assessment with HMRC.

Our cloud-based systems make the entire process secure, paperless, and hassle-free. You can share documents, review reports, and track progress from anywhere. We also ensure that your filings meet all HMRC compliance and Companies House requirements, keeping your LLP fully up to date and penalty-free.

Yes, OneTeam Accountants can help you register your Limited Liability Partnership (LLP) from start to finish. We’ll handle the entire setup process — including registering your LLP with Companies House, preparing the LLP agreement, and guiding you through the necessary HMRC registrations for tax and VAT (if applicable).

Our goal is to make the registration process simple, accurate, and compliant, so you can focus on launching and running your business with confidence.

Your LLP must keep accurate and up-to-date accounting records to comply with HMRC and Companies House regulations. These records should clearly show all your business’s financial transactions and must include:

• Details of all income and expenses

• Records of assets and liabilities

• Invoices, receipts, and bank statements

• Payroll records (if you employ staff)

• Details of money taken out or invested by each partner

LLPs are also required to prepare annual accounts and submit them to Companies House, along with a partnership tax return to HMRC. Keeping clear and organised records helps avoid penalties and ensures your financial reporting is accurate.

Yes, absolutely. OneTeam Accountants can help you resolve late or missing LLP tax returns quickly and efficiently. Our team will review your financial records, prepare any outstanding partnership and individual partner tax returns, and submit them to HMRC and Companies House on your behalf.

We also communicate directly with HMRC to minimise potential penalties or interest charges and make sure your LLP’s accounts are brought fully up to date. Once everything is settled, we’ll help you set up a clear system to stay compliant and avoid future delays.

At OneTeam Accountants, our LLP accounting fees are transparent and tailored to your business needs. The cost depends on the size of your partnership, the number of partners, and the level of services required — such as bookkeeping, tax returns, payroll, or VAT management.

We offer fixed monthly or annual packages, so you always know what you’re paying for with no hidden charges. During your initial consultation, we’ll discuss your requirements and provide a personalised quote that fits your budget and compliance needs.

At OneTeam Accountants, we go beyond traditional accounting — we focus on building long-term partnerships that support your business growth. What sets us apart is our personalised service, transparent pricing, and modern, cloud-based approach to managing accounts and taxes.

We take time to understand your goals and challenges, offering clear, jargon-free advice and proactive guidance all year round — not just at tax time. Whether you’re a freelancer, sole trader, LLP, or limited company, you’ll always have a dedicated team that values accuracy, trust, and real results.

Yes, you can switch your LLP accounting to OneTeam Accountants at any time during the year. Our team ensures a smooth and stress-free transition by contacting your previous accountant, collecting all necessary financial records, and reviewing your accounts for accuracy.

We’ll handle the full handover process without disrupting your business operations or compliance deadlines. Once the transfer is complete, we’ll optimise your accounting setup and ensure your LLP’s books, tax filings, and reports continue seamlessly.

Getting started with OneTeam Accountants is quick and simple. Just contact us through our website, email, or phone to schedule a free consultation. We’ll discuss your business type, accounting needs, and goals to understand how we can best support you.

Once we have your details, we’ll set up your account, outline the next steps, and guide you through any necessary transfers or registrations. From there, our team will handle everything — so you can focus on running your business while we take care of your accounts.