Limited Liability Partnership (LLP) – registers in United Kingdom is established by 2 or more members on the basic of Limited Liability Partnership Act in 2000, Limited Liability Partnership Regulations in 2001 and Companies Act in 1985.
LLP is not object of taxation in UK, in the event where the company has foreign member and the company does not operate in UK, each member must perform their own taxation responsibility by themselves in registration country. If the member is offshore company, it is naturally exempted from tax if all business operation out of the registration territory. According to law of UK, in such company, owner of the company and manager do not take legal responsibility for debt as well as other responsibility. Thus, there is an exempt company for “UK”, besides UK is not in any black list launched by financial institution.
LLP Company like other normal limited liability company, must pay three types of tax statements.
1. Annual Return. Contains information about legal address, members. The statements are presented every 12 months since the establishment date. Presentation duration is 28 days.
2. Annual Accounts. Contain financial information of the company. The first statement should be presented within 10 months since the ending date of report period. By default, the statement period is specified as end time of the 13th month since the establishment date. Overdue shall be hard fined.
3. Tax settlement. Because LLP member is offshore company so that we submit statement that show member and company not perform business operation in UK. Tax balance is based on report of account owner upon available forms.
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