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LLP Accounts in Taxfiler

What am I doing wrong?

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Be gentle with me...I'm sure I'm doing something incredibly obvious wrong here, but starting to doubt my own sanity...

2nd year of preparing accounts for LLP client using Taxfiler.  Year 1 was profit of £24,203, Drawings of £22,500, Capital Accounts of £1,703 to carry forward - all filed fine.  Year 2 is profit of £19,746, Drawings of £17,000, Capital Accounts £4,449.  P&L and top half of Balance Sheet all entered fine in Taxfiler. 

For 'bottom half' I've entered Profits due to Members B/F of £(1,707) and Drawings of £17,000 in the Profits Due To Members section within Taxfiler.  Balance Sheet balances, no errors, all good...until I come to 'Check and File' which says ERROR: Profits due to members carried forward from comparative year is £22,500 but figure brought forward to current year is £(1,703).

I've tried every combination of these seemingly simple figures in various Taxfiler boxes in the TB but they either throw out the Balance Sheet or result in a Check & File error. Any Taxfiler gurus know what I'm doing wrong (Taxfiler help wasn't much, er, help)?  Many thanks in advance

 

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By ospevack
27th Apr 2021 17:11

I cant really help with the problem you are having because I gave up with LLP accounts in Taxfiler, chasing similar problems.

From memory issue was down to not being able to handle the division of profits after the balance sheet date. It seemed that it could not account for the idea of carrying forward profits (i.e. distribution in the following year). My issue came when preparing the second year as well.

I spent a while with Taxfiler support trying to get an answer - just never happened. your best bet is to email their support - they have an LLP accounts team.

The template, from what I gathered, was a work in progress and only fitted a limited number of scenarios, specifically the automatic distribution of profits at the year end (it looks like its based more on the partnership accounts than the Ltd co accounts) - I ended up doing the accounts outside of tax filer - I couldn't rely on the software to get it right.

Its probably not you, its probably a limitation of the software. I hope that helps a little.

O

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Replying to ospevack:
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By peteohara
28th Apr 2021 07:31

Thanks ospevack...it's good to know that, at least, it's not just me. I've only got 1 LLP client so I think your proposed workaround will be the way to go. Thanks again.

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Image is of a pin up style woman in a red dress with some of her skirt caught in the filing cabinet. She looks surprised.
By Monsoon
15th Jun 2021 17:00

You're doing better than me. I can't get the members allocations to make any sense at all!

Did you persevere with Taxfiler? I'm trying to finish a set of LLP accounts at the moment and I'm awaiting a support email...

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Replying to Monsoon:
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By peteohara
15th Jun 2021 17:33

Hi Monsoon...I did eventually get a response and Taxfiler's advice was to choose 'Partnership' as the Type of Accounts rather than 'LLP'. This obviously didn't seem ideal but sorted the issue for that particular client as, luckily, all they had was the profit share and drawings and nothing else complex (though I do fret that all the relevant disclosures surely can't be right)

I see now that it's possible to choose 'Partnership', 'LLP' or 'LLP (Old UK GAAP)' but haven't yet investigated what difference selecting each makes...

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