Do LLPs Need an Audit? UK Rules and 2026/27 Thresholds

4 min read

Table of Contents

Small LLP audit exemption thresholds
When an audit may still be required
Members can require an audit
Dormant LLPs
What must appear in unaudited accounts?
Audit exemption does not remove filing duties
Audit versus other assurance
Practical annual checklist
Example
Frequently asked questions

Updated for accounting periods in 2026/27. Not every UK limited liability partnership (LLP) needs a statutory audit. Many small LLPs can claim audit exemption, but eligibility depends on size, group status, the nature of the entity and whether members request an audit.

Small LLP audit exemption thresholds

For financial years beginning on or after 6 April 2025, an LLP is generally small if it meets at least two of these three conditions:

Annual turnover of no more than £15 million
Balance-sheet total of no more than £7.5 million
No more than 50 employees on average

Thresholds differ for earlier accounting periods. The test can also involve the previous year and transitional rules, so use the limits applying to the period being filed rather than assuming the current figures apply retrospectively.

When an audit may still be required

An LLP may need an audit if it exceeds the size criteria, is part of an ineligible or non-small group, carries on certain regulated activities, or falls within another statutory exclusion. Group calculations can require figures to be aggregated and may use net or gross thresholds. Regulated LLPs should check the rules of their regulator as well as Companies House requirements.

Members can require an audit

Even where the LLP qualifies for exemption, members holding at least 10% of the membership rights can require the accounts to be audited. The request must be made correctly and in time—generally at least one month before the end of the financial year to which it relates. The LLP agreement may also impose stricter audit or assurance requirements.

Dormant LLPs

A dormant LLP may be exempt from audit if it has been dormant since formation or throughout the relevant financial year and meets the statutory conditions. Dormant accounts still have to be prepared and delivered by the filing deadline. A transaction that seems minor may affect dormancy, so check the accounting definition rather than relying on whether the LLP traded.

What must appear in unaudited accounts?

If the LLP takes an audit exemption, its balance sheet must contain the required statements confirming entitlement to the exemption and acknowledging the members’ responsibilities for proper accounting records and compliant accounts. The accounts still need to give a true and fair view and comply with the applicable accounting framework.

Audit exemption does not remove filing duties

An exempt LLP must still:

Keep adequate accounting records
Prepare annual accounts
File the required accounts at Companies House
Submit the partnership tax return and support members’ tax reporting
Meet confirmation statement, VAT, PAYE and other obligations where applicable

Private LLP accounts are normally due at Companies House nine months after the accounting reference date, although the first-account rules and any officially granted extension can change the deadline. Late filing triggers an automatic penalty and repeated lateness can increase it.

Audit versus other assurance

An audit provides a statutory opinion under auditing standards. An accountant’s preparation of accounts is not an audit, and neither is an independent review unless a separate assurance engagement has been agreed. Lenders, investors, grant providers or an LLP agreement may request assurance even when the law permits exemption.

Practical annual checklist

Confirm the financial year start date and the applicable thresholds.
Test turnover, balance-sheet total and average employee numbers.
Review group membership and statutory exclusions.
Check the LLP agreement, finance documents and regulator requirements.
Ask whether qualifying members have requested an audit.
Document the conclusion and include the correct balance-sheet statements.
Plan the Companies House filing well before the deadline.

Example

An independent LLP with £9 million turnover, a £6 million balance-sheet total and 58 average employees meets two of the three small-company conditions—turnover and balance-sheet total—so it may qualify as small. It must still confirm that no exclusion, group rule, member request or other requirement removes the exemption.

Check the official Companies House guidance on small and dormant accounts and the Limited Liability Partnerships (Accounts and Audit) regulations. You may also wish to read our guide to registering an LLP.