How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Mo Tax Expert Your Own Question
Mo Tax Expert
Mo Tax Expert, Accountant
Category: Tax
Satisfied Customers: 548
Experience:  Accounting and Tax Expert
115058980
Type Your Tax Question Here...
Mo Tax Expert is online now

I'm contacting you as I'm having a question, I've been

Customer Question

Hi, I'm contacting you as I'm having a question, I've been suggested to open an LLP company in UK myself not being UK citizen nor living in the UK, being said that any income coming from outside UK (and all the related benefits) wouldn't been taxed (0%) I'll have to pay however my taxes in my tax resident country. Before confirming the opening process I'd like to have a second confirmation as I know it can become tricky when dealing with taxes and the last thing I want is having issues with my UK company accounting or having last minute taxes which weren't anticipated. Many Thanks
JA: Which tax year is this for?
Customer: Hi, next year I'd say since the company is not yet incorporated, It'll be within the next month
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: No that's all the details I'll have right now
Submitted: 17 days ago.
Category: Tax
Expert:  Mo Tax Expert replied 17 days ago.

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

Expert:  Mo Tax Expert replied 16 days ago.

Thank you for your patience.

LLP are usually not taxable.

The distribution of funds is taxable by each member through their personal tax return.

Customer: replied 16 days ago.
Hello thanks for feedback. Ok so this means that when not living in UK I will not as a shareholder be taxed in UK, I'll be taxed in my tax residence country if I have well understood, correct ?
Expert:  Mo Tax Expert replied 16 days ago.

With LLP you are not a shareholder as such, but a member.

Any income received you may need to pay withholding tax as a non-resident.

Customer: replied 16 days ago.
I'll need to pay non resident tax in UK as well as my incoming revenue tax in the country in which I'm resident ?
Customer: replied 16 days ago.
Being understood that I'll have no incoming / outgoing transaction with UK companies
Expert:  Mo Tax Expert replied 16 days ago.

Yes, you would, you are receiving income from a company within the UK.

Expert:  Mo Tax Expert replied 15 days ago.

Hi,

I haven't heard back from you.

I have explained about the LLP and the tax obligation if you extract funds from the LLP as a non-resident.

I hope this was helpful.