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.

Take the next step, we are here to help.

Register a UK LLP company.
Open a UK LLP bank account.

  Resources:

 

The Investigation of a Cyprus Company's Affairs: Application of the Law & Effectiveness

At the request of a Cyprus company’s Shareholder, where it is proven that a more comprehensive investigation is required regarding a company’s activities, the court can issue a declaration of investigation by an inspector appointed by the Cyprus Council of Ministers. The discretion of the court must be applied carefully; as such an order can heavily impact a company and depending on the outcome of the investigation, can be a severe measure that deviates from fundamental principles of Cyprus company law.

UK: The Current Problems with Money Laundering & the Violation of Anti-Money Laundering Regimes

UK: The Current Problems with Money Laundering & the Violation of Anti-Money Laundering Regimes

The fact that money can be transferred from one jurisdiction to another means, that money laundering as a concept involves the entire modern world. Money laundering is a process during which the origin and purpose of payments are hidden and typically has three stages.

Director’s Duties & Liability Insurance in Cyprus

Director’s Duties & Liability Insurance in Cyprus

This article will examine the role of a Director and his duties and liability insurance and D&O insurance liability accordingly with reference to the relevant case law.

 

Q&A: Singapore Small Company Concept for Audit Exemption

The following article will answer some commonly asked questions regarding Singapore small company auditing requirements and exemptions from ACRA.

Exemption from Audit: Singapore Small Company Criteria

Exemption from Audit: Singapore Small Company Criteria

Singapore Audit Requirements: running a company in most countries require auditing as a process to prove that everything is operating legitimately. Listed companies have a legal responsibility to go through audit in Singapore similarly.

EU: Cyprus Competitive Advantage at Risk with Tax Consolidation Reforms

EU: Cyprus Competitive Advantage at Risk with Tax Consolidation Reforms

Cyprus is likely to have repercussions as a result of Jean-Claude Juncker ’s favouring of a relaxation in EU regulation formation and monitoring schemes, reinforced by qualified majorities on matters including the additional synchronisation of blanket taxation rates across Europe.

Singapore Service Providers: How to Comply with the ACRA Reporting Requirements

Singapore Service Providers: How to Comply with the ACRA Reporting Requirements

As a result of the ACRA Amendment Act in 2014, Registered Filing Agents and Corporate Service Providers now have to conduct independent Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) reviews as part of their annual audit reviews.

Beginners Guide to Service Level Agreements: Important Information & Q&A

Beginners Guide to Service Level Agreements: Important Information & Q&A

SLAs are a critical component of any outsourcing and technology vendor contract. Beyond listing expectations of service type and quality, an SLA provides remedies when requirements aren't met.