Running a Limited Liability Partnership (LLP) in the UK gives you the flexibility of a partnership with the protection of limited liability — but it also comes with some paperwork. One of the big annual tasks is making sure you file your LLP accounts correctly and on time.
This guide breaks down what needs to be submitted, when, and how — in plain English — so you can stay on top of things and avoid any nasty surprises.
What Are LLP Annual Accounts?
LLP accounts are a yearly snapshot of your partnership’s finances. Even if you’re not actively trading, Companies House still expects to see something from you — so it’s not something to ignore.
In most cases, your accounts will include:
- A balance sheet, showing what the business owns and owes at year-end
- A profit and loss statement, setting out your income and costs
- Some notes to the accounts explaining the numbers
- A members’ report, giving a brief overview of what’s gone on in the business during the year
If you run a small LLP, you might be able to file simpler (abridged) accounts with fewer details — but the filing itself is still a must.
When Do You Need to File?
The filing deadlines for LLP accounts depend on how long you’ve been going.
- If you’re filing for the first time, you get 21 months from the date you registered the LLP.
- For every year after that, you’ve got 9 months from the end of your financial year.
So, if your financial year ends on 31 March, the deadline for filing those accounts will be 31 December. Simple.
Just a heads up: Companies House will automatically set your financial year-end to the last day of the month you formed the LLP — unless you change it.
How Do You File It?
You’ve got two main options:
- File online – This is the easiest and quickest way. You can use Companies House’s WebFiling service or approved accounting software. It’s straightforward, you get a receipt straight away, and it reduces the risk of errors.
- Post a paper copy – Still possible, but much slower. If you’re sending accounts by post, make sure you allow plenty of time. If they arrive late, even by a day, you’ll get fined.
Honestly, filing online is the way to go unless there’s a very specific reason you can’t.
What Happens If You’re Late?
Let’s keep it simple: if you don’t file LLP accounts on time, there’s an automatic penalty. And those fines go up the longer you leave it.
Here’s what you’re looking at:
- Up to 1 month late: £150
- 1 to 3 months late: £375
- 3 to 6 months late: £750
- More than 6 months: £1,500
File late two years in a row, and the fine doubles. Plus, if you keep missing deadlines, Companies House could start the process of striking your LLP off the register altogether. Not ideal.
Conclusion
Filing your LLP accounts isn’t the most exciting part of running a business — but it’s one of the most important. Staying on top of it not only keeps Companies House happy, but also helps you keep a clear picture of your finances.
Make it a habit each year to file LLP accounts ahead of the deadline, and you’ll avoid fines, delays, and unnecessary headaches. And if you’re ever unsure, speak to an accountant — it’s worth the peace of mind.
