We will prepare the LLP self-assessment tax returns, and the annual partnership statements, together with any supplementary pages required from the information and explanations that the LLP provides to us. In particular, we will allocate the split of profits and other gains between the members on the basis provided to us. After obtaining the written evidence of the approval of the nominated member, we will submit these to HMRC.
We will prepare the LLP business accounts in accordance with FRS 102, FRS 105, generally accepted accounting standards from the books, accounting records and other information and explanations provided to us by you and/or by others on your behalf.
We will complete the writing up of your books and records in so far as they are incomplete when presented to us. These will be from the accounting information and records you supply.
We have a professional duty to compile accounts that conform with generally accepted accounting principles. The accounts of an LLP are required to comply with the disclosure requirements of the Limited Liability Partnership Act 2000, Limited Liability Partnership Regulations 2008, Financial Reporting Standards and Companies Act 2006. Where we identify that the accounts do not conform to accepted accounting principles or standards we will inform you and suggest amendments be put through the accounts before being published. We have a professional responsibility not to allow our name to be associated with accounts that may be misleading. In extreme cases, where this matter cannot be resolved, we will withdraw from the engagement and notify you in writing of the reasons.
Should you instruct us to carry out any alternative report it will be necessary for us to issue a separate letter of engagement.
To ensure that anyone reading the accounts is aware that we have not carried out an audit, we will attach to the accounts a report stating this fact.
We will prepare the income tax and capital gains tax computations based on the LLP’s business accounts for inclusion in the partnership tax return.
Where instructed by you, we will advise you as members of the LLP as to possible tax return-related claims and elections arising from information supplied by the LLP in the form and manner required by HMRC.
If instructed, we will provide each member or their agent with details of the member’s allocations from the LLP return based on the partnership statement, to enable members to fill in their self-assessment tax returns. The split of profits and gains between the members will be allocated on the basis provided to us. We will not provide any other information to individual members unless this is authorised and forms part of a separate engagement.
If any of the individual members require personal tax advice or require us to prepare a personal tax return and/or wish us to make possible tax return-related claims, please let us know as this will be the subject of a separate engagement letter.
Ad hoc queries by way of telephone and email enquiries are not routine compliance and may result in additional fees. As indicated below, where appropriate we will aim to discuss and agree additional fees, but it may not always be possible to agree these in advance and we reserve the right to charge you an additional fee for these queries.
Where instructed by the nominated member we will provide such other taxation ad hoc and advisory services as may be agreed between us from time to time. These services will be subject to the terms of the engagement letter and standard terms and conditions of business unless we decide to issue a separate engagement letter. An additional fee may be charged for these services. Examples of such work include:
If specialist advice in certain areas is required, we may need to seek this from, or refer you to, appropriate specialists. We will only do this when instructed by the nominated member.
We will not accept responsibility if you act on advice given by us on an earlier occasion without first confirming with us that the advice is still valid in the light of any change in the law or public policy and practice or your circumstances.
We will accept no liability for losses arising from changes in the law or public policy and practice that are first published after the date on which the advice is given.
You are required by statute to prepare accounts (financial statements) for each financial year, which give a true and fair view of the state of affairs of the LLP and of its profit or loss for that period. In preparing those accounts you must:
It is your responsibility to keep proper accounting records that disclose with reasonable accuracy at any particular time the financial position of the LLP. It is also your responsibility to safeguard the assets of the LLP and to take reasonable steps for the prevention of and detection of fraud and other irregularities with an appropriate system of internal controls.
You are responsible for determining whether, in respect of the year concerned, the LLP meets the conditions for exemption from an audit set out in the Limited Liability Partnership (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2016.
You are also responsible for making available to us, as and when required, all the LLP’s accounting records and all other relevant records and related information, including minutes of members’ meetings.
Failure to do this may lead to penalties and/or interest.
Taxpayers who approve their returns cannot delegate this legal responsibility to others. The nominated member of the LLP agrees to check that returns and partnership statements we have prepared for the LLP are correct and complete before approving them.
You will keep us informed of material changes in circumstances that could affect the partnership tax returns or the partnership statements including, by way of example, changes in the members in the LLP. If you are unsure whether the change is material or not, please let us know so that we can assess its significance.
Where you wish us to deal with HMRC communications you will forward to us all communications received from HMRC. These must be provided in sufficient time to enable us to deal with them as may be necessary within the statutory time limits. It is essential that you let us have copies of any correspondence received because HMRC is not obliged to send us copies of all communications issued to you.
Our services as detailed above are subject to the limitations on our liability set out in the engagement letter in paragraph 22 of our standard terms and conditions of business. These are important provisions, which you should read and consider carefully.
