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Gbooks upgrades support for LLPs ahead of small company tax changes
 
Gbooks, the cloud-based accountancy suite, has upgraded the support offered to accountants with Limited Liability Partnership (LLP) clients.
 
According to Companies House there are approximately 60,000 active LLPs in the UK, a small number compared to over 3 million active limited companies. However, the new company dividend tax, announced in the July 2015 Budget, will significantly increase the tax burden for small businesses operating through limited companies.
 
Matthew Bailey, founder of Gbooks, said: "The new dividend tax means owners of a small company who are higher-rate taxpayers face a marginal rate of tax of up to 46%, while those working through partnerships will pay 42%. Companies may have offered small businesses a tax advantage in the past, but much of that advantage is about to disappear."
 
This will leave some business owners looking for alternatives, and LLPs are one option. They offer the same limited liability protection as companies, but offer greater flexibility and a lower regulatory burden.
 
"In the past LLPs have not been common, and many accountants view them as difficult to form and maintain" said Bailey. "But the landscape is about to change so we need to break down these perceptions."
 
With this in mind, Gbooks subscribers can now produce Full and Abbreviated LLP accounts using Gbooks' easy-to-use online system. The LLP accounts information can be imported into a SA800 partnership tax return, with profits allocations automatically copied across to the personal tax returns of the relevant partners. All tax returns can be filed electronically with HMRC direct from Gbooks.
 
Gbooks subscribers can also incorporate new LLPs direct with Companies House, and receive an electronic copy of the Certificate of Incorporation as soon as the LLP is formed. The new LLP can be easily imported into the subscriber's client list.
 
"Limited companies aren't going anywhere, and Gbooks will continue to offer the full range of services for company compliance and formation. But we want to demystify LLPs and make them a genuine option for accountants and their clients," said Bailey.
 
The services above form part of the Gbooks CloudPractice suite, a fully-online tax, final accounts production and practice management system for accountants. Further details are available at www.gbooks.co.uk.
 
About Gbooks
 
Gbooks CloudPractice Plus is a fully integrated, cloud-based compliance and practice management system. Accountants can use the system to produce final accounts for sole traders, partnerships, LLPs and Limited Companies, and file tax returns for individuals, partnerships (including LLPs) and Limited Companies.
 
The system also offers a company secretarial module and practice management tools including a Time and Fees function. New companies and LLPs can also be incorporated direct with Companies House using the system.
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