Company Formation in Great Britain LLP

Taxation of LLP in Great Britain

An LLP which is carrying on a trade or business with a view to profit is treated for specified tax purposes as a partnership.

As a flow-through form, this implies that there is no corporate income tax whatsoever and that members are taxed in Great Britain, given they are residents and are conducting their business in Great Britain.

DTAA signed by Great Britain

Many countries have bilateral conventions to avoid double taxation and prevent fiscal evasion.

Albania, Algeria, Anguilla, Antigua-and-Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Bermuda, Bolivia, Bosnia-and-Herzegovina, Botswana, Brazil, British Virgin Islands, Brunei Sultanate, Bulgaria, Cameroon, Canada, Cayman Islands, Chile, Côte d’Ivoire, China, Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Falklands Islands, Faroe Islands, Fiji, Finland, France, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Grenada, Guernsey, Guyana, Hong Kong, Hungary, Iceland, India, Indonesia, Iran, Ireland, Israel, Isle of Man, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Kosovo, Kuwait, Kyrgyzstan, Latvia, Lebanon, Lesotho, Liberia, Libya, Liechtenstein, Lithuania, Luxembourg, North Macedonia, Malawi, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Moldova, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Myanmar, Namibia, Netherlands, New Zealand, Nigeria, Norway, Oman, Pakistan, Panama, Papua New Guinea, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saint-Kitts-and-Nevis, Saudi Arabia, Senegal, Serbia, Sierra Leone, Singapore, Slovakia, Slovenia, Solomon Islands, South Africa, South-Korea, Spain, Sri Lanka, St Lucia, Sudan, Eswatini, Sweden, Switzerland, Taiwan, Tajikistan, Thailand, Trinidad-and-Tobago, Tunisia, Turkey, Turkmenistan, Turks & Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United States of America, Uruguay, Uzbekistan, Venezuela, Vietnam, Zambia, and Zimbabwe.

Accounting and audit requirements for a LLP in Great Britain

Great Britain LLPs must keep accounting records.

The records must include:

• Entries showing all the money received and spent by the LLP;
• A record of the assets and liabilities of the LLP.

The accounting reference date of an LLP is usually the last day of the month in which its anniversary of incorporation falls but this may be changed with the agreement of the members.

You are required to file your LLP’s accounts at Companies House in accordance with the Companies Act 2006. Accounts must be submitted no longer than 9 months after the period ends.

Economic substance and residency requirements for companies in Great Britain

A Great Britain LLP company requires an address in Great Britain. This address will be publicly available.

• PO boxes are tolerated, but there must be a physical address and postcode after the PO Box number;
• There are no residency requirements. An LLP needs at least two registered members, including a publicly disclosed PSC (person of significant control);
• Nominees are legal and available.

LegalBison offers help with all of the above requirements. We assist and are local on the ground. Speak now for free with one of our consultants to get your business started.