Limited liability partnership

A limited liability partnership is legally similar to a company. It is administered like a company in all aspects except its taxation where it is treated like a partnership. The higher level requirements for limited liability partnerships are as follows:

  • The LLP must be registered at Companies House
  • Annual accounts must be filed at Companies House
  • An Annual Return must be completed each year to update Companies House with basic details relating to the company, and there will be a small annual fee.
  • HMRC must be informed if the LLP has any profits or taxable income in a Company year.
  • The LLP must complete an annual HMRC self assessment tax return
  • The LLP does not pay tax instead partners pay tax NIC on their share of profits under self assessment rules
  • Anyone employed by the company must pay income tax and national insurance on their income.

LLPs have the limited liability, administrative and statutory obligations of a company but not the taxation and national insurance flexibility. This structure is most suitable for medium and large-sized partnerships.

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About Us

We are qualified and experienced medic accountants and business advisors who have been in general practice for over 20 years having helped medic & dentist clients in meeting their aims of maximizing profits and both retaining and building on the rewards of their hard work.

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Medic Accountants
Cromer Business & Innovation Centre
North London Business Park
Oakleigh Road South
London N11 1GN
Ph: + 44 (0) 207 183 0034
Fx: + 44 (0) 207 100 1082
Registered in Companies House England & Wales
Medic Accountants (UK) LLP
Registration No:  OC356493

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