Does the presentation and timing of the profit allocations in the accounts have a tax impact?
In short, no.
LLPs are special entities that are accounted for (and have limited liability) like companies but are taxed like partnerships. LLPs are not subject to tax in their own right: any taxable profits are instead divided amongst the LLP’s members and are taxed on the members.
Note that taxable profits are different from the accounting profits. They may be higher or lower as some expenses may be disallowed or some tax deductions such as capital allowances may be made. Members; remuneration as an expense for non-employee members is not deducted when arriving at this taxable profit figure. For example, if my accounting profit after members’ remuneration is £100k, my taxable profits might be £100k + members’ remuneration of £150k + disallowed expenses of £10k = £260k – a very different figure.
In terms of timing, all of the taxable profits of the LLP must be allocated between members and taxed in the year that they arise, regardless of when the accounting profits are allocated in the financial statements or when cash has been paid to the members.
If the LLP has taxable losses, these must be allocated to members for tax, but they do not have to be allocated to members for accounting purposes and can remain in reserves (as long as the LLP agreement allows this).