Ask a Law Question, Get an Answer ASAP!
Hello, I'm an adviser with JA and I will try to help you.
Please note the following:
Can you please clarify about you circumstances?
Is the UK company you currently own dormant? Did you file with Companies House accounts for a dormant company?
Or does this company trade in other countries, but not in the UK?
By LP do you mean a private company limited by shares (in short, LTD)?
Yes, I am aware of that.
As you mentioned "company tax", I thought you had a company in the UK.
The main point is that also an LLP does not have personality, which means that - unlike for a Limited Company - there is no Corporation Tax and non Company Tax Return to submit for an LLP, which is not taxable as an entity, while the members are.
As the LLP, as I said, is not taxable as an entity, makes it important to understand what is the position of the members, who are taxable instead.
Unfortunately, as the LLP is not a legal entity separate from its members, the answer to this question is not straightforward and does require legal advice, for which this service is not intended.
Both the LP and the LLP lack "personality", therefore the attention is on whether the members have incomes that might be taxable in the UK, which depend on specific circumstances that should be assessed by a solicitor or a tax accountant.
You are welcome.
Please do not hesitate to contact JA again if you need help and you may ask to speak with me directly if you wish.