What is statement of account and solvency?

Every LLP is required to file ‘Statement of Accounts & Solvency’ in prescribed LLP Form 8 which contains a declaration on the state of solvency of the LLP by the designated partners and also information related to statement of assets and liabilities and statement of income and expenditure of the LLP.

What happens if Form 11 is not filed?

If LLP Form 11 Annual Return is not filed on or before the due date of 31st May, then a penalty of Rs. 100 per day until the non-compliance continues will be applicable. As there is no cap on the penalty, the amount would increase over time. Hence, it is important to file the on time to avoid heavy penalty.

Can Form 11 be revised?

No. There is no such option to revise Form 11 once filed. Hence, utmost care must be taken while filing the form.

How much penalty is prescribed for non filing of Statement of account and solvency?

Failing to file, the statement of accounts & solvency report within the specified due date will lead to a fine of Rs. 100 per day.

When should we file Form 8 of LLP?

30th October
The due date for filing LLP Form 8 is 30th October of each financial year. Failure to file LLP Form 8 can incur a penalty of Rs. 100 per day. In addition to filing LLP Form 8, all LLPs must all file LLP Form 11 before 30th May of each financial year.

Who has to file a Form 11?

Form 11. If you are a chargeable person, you must make your income tax return and self-assess your tax liability. You can: File your Form 11 using the Revenue Online Service (ROS).

What happens if you dont file company accounts?

You’ll have to pay penalties if you do not file your accounts with Companies House by the deadline. You’ll automatically receive a penalty notice if your accounts are filed after the deadline. The penalty is doubled if your accounts are late 2 years in a row.