UK LLP Confirmation Statement and Tax Return questions

[worldwideservice]

Hello,

Finally decided to go for UK LLP (2 real partners but from 3rd world country, no nominals, nothing to hide).

Who can share experience of doing all paper work regarding Confirmation Statement and Tax Return? Which forms should be submitted and if it is easy actually to do all accounting job if there are thousands of transactions per year over different EMIs which at the end appear on the bank account?

Please DO NOT advise any tax agent and etc, interested only in doing everything ourselves.


Thank you

 

[Sols]

Who can share experience of doing all paper work regarding Confirmation Statement and Tax Return? Which forms should be submitted and if it is easy actually to do all accounting job if there are thousands of transactions per year over different EMIs which at the end appear on the bank account?

Confirmation statement is easy. It can be done online in most cases.

Superficially, calculating what goes on a tax return is easy. You just take your revenue and remove costs until you have profit. But in reality it usually gets much more complicated when it comes to determining what's what if you're not experienced with it. You'll want to ensure that assets and incoming and outgoing payments are categorised and tracked correctly.

Please DO NOT advise any tax agent and etc, interested only in doing everything ourselves.

Why not? Unless you're an accountant or at least have experience with doing record keeping, reconciliations, and tax filings, you're probably going to do something wrong sooner or later. It's a lot cheaper to hire an accountant than to learn how to do accounting for yourself if you're running a business – sort out an accounting mess because you don't fully understand UK accounting laws and regulations.

Not to mention a good accountant will help you figure out which tax savings you can take advantage of.[/QUOTE][/QUOTE]

 

[worldwideservice]

Once again:
Please tell me exact forms (e.g. SA401) that should be submitted by UK LLP to Companies House and HMRC

Thank you in advance.