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.
Have the Many Benefits of Offshore Banking Left the Industry Open to Abuse?
The overseas banking industry is a billion-dollar business. Its no surprise that during the last decade, criminals have discovered ways to circumvent and exploit the system, ultimately giving the offshore world a bad reputation. This article looks at the many benefits associated with overseas banking; and how this has left the industry open to abuse.