Non resident Owner UK LLP and Audit requirement

[troubled soul]

If UK LLP own by Non resident/Foreigner..

this UK LLP do not have any physical office, employee or do not do any business in UK or any UK related income.

Do this UK LLP require audit ?

I read this on official website regarding audit....

In other words it must meet any 2 of the following:
annual turnover must be not more than £10.2 million
the balance sheet total must be not more than £5.1 million
the average number of employees must be not more than 50
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My question is , Do these rules also apply to Non resident UK LLP for audit ?

Like If my balance sheet worth more than £5.1 million...Do I required audit ?
Or I do not need to do audit..
Anybody have experience in this area

 

[Sols]

Audit requirements for UK companies are not in any way based on the residence and nationality of its owners, directors, or members.

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This is the probably the answer to your question.

 

[fshore]

Sols said:
Audit requirements for UK companies are not in any way based on the residence and nationality of its owners, directors, or members.
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However for a non resident LLP only UK source income should be filed to HMRC, so how is the threshold calculated for the audit? All income or just the UK source income?

 

[Sols]

fshore said:
However for a non resident LLP only UK source income should be filed to HMRC, so how is the threshold calculated for the audit? All income or just the UK source income?
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The LLP isn't non-resident. Its members might be. The LLP files financial statements, and AFAIK, that's the basis for the audit requirements.

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This is the probably the answer to your question.

 

[fshore]

Sols said:
The LLP isn't non-resident. Its members might be. The LLP files financial statements, and AFAIK, that's the basis for the audit requirements.
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HMRC says:

4. Partnership consists solely of non-resident partners​

Where all the partners are non-resident, the Partnership Tax Return should show only the profits arising from UK operations. A corporate partner should separately enter on its return any profit arising overseas which relates to the UK permanent establishment.

 

[Sols]

fshore said:
HMRC says:

4. Partnership consists solely of non-resident partners​

Where all the partners are non-resident, the Partnership Tax Return should show only the profits arising from UK operations. A corporate partner should separately enter on its return any profit arising overseas which relates to the UK permanent establishment.
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Maybe I'm missing something, but the audit requirement is based on the company's accounts which are different from tax returns. What's the connection?

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This is the probably the answer to your question.

 

[fshore]

Sols said:
Maybe I'm missing something, but the audit requirement is based on the company's accounts which are different from tax returns. What's the connection?
Click to expand...

I get your point. So it's based on the accounts of the company, that also should be filed with Companies house.