Tax and Accounting Regulations
A LLP offers a flexible tax structure and governance arrangements. A LLP is not subject to corporation tax as the members are taxed individually on their share of the partnerships income. Also if members of the LLP are offshore companies then no tax is payable in the UK.
A Tax Residency Certificate can be obtained but only if the LLP has local (UK based) members. The process however can take up to 2 months. A VAT certificate can also be obtained although the company requires a UK bank account and is required to show trade within the UK.
A LLP is required to file an Annual Return and Annual Accounts with Companies House. Even if the members are not UK based and therefore no tax is payable Annual Returns are still required to be filed. It is important to comply in order to avoid any future problems. An annual audit is also required.
Contrary to the Bearish Trend: How Tether Gained a Place in the CoinMarketCap Top 10
Tether Ltd, the issuer of Stablecoin, a type of cryptocurrency under the ticker USDT, has been hotly debated for the past year. Many representatives within the crypto-community suspect the issuer of the "tokenised dollar" regarding the insufficient supply of the currency, as well as the regular "quantitative easing" of the market during periods of recession.
Current Information on the Payment of Cyprus Income Tax
An individual is considered to be tax resident in Cyprus by spending a total (consecutive or otherwise) of 183 days or more in any one calendar year in Cyprus. Anyone earning an income in Cyprus falls into two categories:
UK Company Law: The Doctrine of Lifting the Corporate Veil
One of the main advantages of forming a legal entity is to limit the liability of the members of the company. However, in some circumstances, legal entities can be disregarded. This process is known as piercing the corporate veil and is the most common method for shareholders to take responsibility for the actions of the corporation.
How to Spot Professional Money Laundering Activities: A Guide for Companies
A sound client due diligence (CDD) policy is crucial for any providers offering banking, incorporation, legal or accounting services to any extent or otherwise. Compliance must play a huge role around all company decisions to accept and work with new clients, with an explicit set of rules for knowing and identifying different risk categories.
Creating Physical Presence & Capital Requirements for Cyprus Shell Company Crackdown
Recently, the Cyprus Central Bank issued guidance to banks & credit institutions, advising them of the new mandatory refusal to take on new clients or to continue servicing existing accounts with so-called shell or letter-box companies.
How the UK is Combating Offshore Culture & How it Could be Doing More
Typical tax haven destinations such as BVI, Jersey and Switzerland have always been in the spotlight from profiting off of helping clients circumvent legislation in their jurisdiction of residence for decades.
Nevis: The Offshore Tax Haven Nation of the World
In the world of offshore, Nevis specialises in letting its clients create corporations with greater anonymity than almost anywhere else on earth. Since 2012, the island’s financial services sector has grown exponentially, as those wishing to retain anonymity relocated to a place that promises just that. However, with ever-expanding counter legislation cropping up globally, how can Nevis continue to host such controversial services?
Expert Opinion on Cyprus’ New Borrower Incentives to Reduce the Islands NPLs
The Cyprus Ministry of Finance has released a statement regarding the IMF (the International Monetary Fund) & the European Commission is recommending Bills regarding the islands longstanding issue with Non-Performing Loans.