Engagement Letter Template for LLP Annual Accounts & Tax Return

• Select suitable accounting policies and then apply them consistently.
• Make judgements and estimates that are reasonable and prudent.
• Prepare the accounts on the going concern basis unless it is not appropriate to presume that the LLP will continue in business.

LLP tax return and iXBRL tags

• ensuring that the LLP tax return (including tax computation, any other attached or enclosed information, XBRL tags and iXBRL file) is correct and complete; and
• filing any returns by the due date; and
• paying tax on time.

• that all returns are to be made on the basis of full disclosure of all sources of income, charges, allowances and capital transactions;
• to provide all information necessary for dealing with the LLP’s affairs. In particular, you are responsible for advising in writing, via the nominated member, on the members’ allocation of profits, losses, other income and allowances; we will rely on the information and documents being true, correct and complete and will not audit the information or those documents.
• to authorise us to approach such third parties as may be appropriate for information that we consider necessary to deal with the LLP’s affairs.
• to provide full details of all UK residential property disposals including associated costs/valuations prior to disposal.  Where you consider that an LLP member will be non-UK resident in the tax year of disposal, full details of all UK property disposals (residential and non-residential) and disposals of shares in UK property rich companies or UK property rich collective investment vehicles, or such other entities must be advised prior to exchange of contracts or agreement to transfer shares or units.   If information is received after this date, we cannot guarantee that we can provide advice on the amount of capital gains tax due or submit an in-year return within 30 days after the completion date of the disposal.
• to provide us with information in sufficient time for the LLP tax return to be completed and submitted by the due date following the end of the tax year. In order that we can do this we need to receive all relevant information by at least three months before the due date. Where feasible, we may agree to complete your return within a shorter period but may charge an additional fee for so doing.

Our responsibilities

Unaudited LLP Accounts

LLP tax return and iXBRL tags

Form of the accountants’ report

Ad hoc and advisory work

• advising on the in-year Capital Gains Tax (CGT) reporting requirements on disposals of property, and preparing the in-year return and calculating the CGT due where required note this work will always result in additional fees.  We will require you to provide information as early as possible in advance of exchange of contracts in order to provide advice on the tax implications, reporting requirements and to quantify the tax bill;
• advising on ad hoc transactions and queries (including telephone conversations), preparing and submitting information in the relevant format to HMRC and calculating any related tax liabilities;
• advising on double tax relief if appropriate;
• dealing with any enquiry opened into the LLP’s tax return or tax affairs by HMRC; and
• preparing any amended returns that may be required and corresponding with HMRC as necessary.

Changes in the law, in practice or in public policy

Limitation of liability