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set the channel description: god save the queen...

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Hey there @harvie

sup

with so much talk about british ltd and llp i thought there would be more people around here

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Hello brian

and other people

if you have questions regarding uk let me know

im london based and have been using freedom surfer advice for a while, but also figuring it out on my own with all the accounting/finance bits that come up

Well seriously it's not that much to understand

Since you are not a tax resident

HMRC will never ask you to file for taxes here

Because it's down to the partners level

The thing is. You need to have at least two people in an llp

And all the tax burdens and enquiries will be personalized to those people

I think Simon did explain this in a previous guide

LLP members pay Income Tax, National Insurance and CGT on all taxable income. The LLP itself has no tax liability.

Since you are not resident in the uk. No income tax, since your income is also not passing through UK. Unless you want it to

Does anyone knows is it possible to obtain VAT number for just registered LLP or LTD For non-residents? VAT is needed to invoice partners (B2B) in Europe with no connection to UK.

@soebusiness

Cheers, mate!

:smiley:

also, call your accountant, and if you dont want a fixed accountant find someone on people per hour

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Hey phil_g

Hello! Joined this channel as I am thinking of opening a UK LLP or a Scottich LP :wink:

open it

its a good structure for you.. non residents

which one? UK LLP or Scottish LP? Also I am planning to have offshore entities owning it

i am only familiar with uk llp

but just after a quick research i think scottish makes more sense from an outsider perspective

i wish @simon could pitch in on this

but probably uk llp being more popular and easier to access? makes it more convenient for any outsider to register it and manage it quicker

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@aka I didn't even knew this channel existed until Slack bot told me I was mentioned :smile:

Regarding Scotland, the problem is liability (the general partner has very limited liability protection). Quite similar to the Ontario LP actually.

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anyone in here who already on this? http://freetrade.io?kid=EBEAJ

i suspect they crowdbuy it or something before

and then make it availible on the platform

still buying virtual shares? probably

or part of a larger fund? but just divided to that share

basically take your money and call it we will invest it for you

altough im not sure

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nothing exciting in uk

only brexit

im interested in doing the UK LLP thing, as I am resident in Bulgaria, so the income gained through the LLP would just be personal income tax in Bulgaria right? I have no social taxes or anything else in the UK?

and I would need vat registration if selling music online?

@aka have you setup an LLP already?

i have a ltd

ohk do you have to pay corporate tax?

though? LLP there is no corporate tax right?

yes thats correct

i do pay corporate tax but only on profits

so if i have no profits.. it makes it quite a easy tax

but what you are describing is very sensible and easy to do

you just need a partner for your llp

i know you are looking for prices and stuff @mattbellme, but you can easily do it yourself with hmrc website

you might want to have a virtual office or some address here to receive most of the correspondance though

and for VAT I would need to register because I will be selling online? what about doing business with say Australia - no vat?

if its business to business outside EU I don't charge vat?

yes if its business to business you can claim back vat

im not sure about doing business to australia though

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When you open a UK Bank account for your UK LLP, I suppose UK banks (major banks or fintech) ask for ultimate beneficiary name & residency? In other words, even if UK LLP owned by 2 foreign entities, UK LLP is not interesting if you are a UK resident (owning the 2 foreign entities)? I am not but was thinking of becoming...

you can open a bank online

yes uk llp is not interesting for me, and im uk resident, everything else applies

ultimate beneficiary name & residency ... this part no one cares, company opens it, company has its own legal name, number and adress...

does anyone know a really good accountant that knows about UK setups? need help.

@aka Which one you'd recommend (online banking)? Currently thinking rather of going to UK and opening an account for LLP in person, or doing the same online. Need online banking for stripe and paypall. Have you had an experience of opening an account for non-residential LLP in person? Does it look similar to "Who Wants to Be a Millionaire?" tv show? :smile:

online banking is all the same

and its all crap

do it online, all the way

you can do it with TIDE on your phone

cheers mate :wink:

:slightly_smiling_face:

also revolut business should be good?

no?

i never used them but

Currently choosing between fire and tide, fire's advantage is iban

Hi, Thank you for your interest in a Fire Business Account. We review and send beta invites during business hours. Kind regards, Fire Team

Proceeding application process with Fire... Will report a result

going to create a UK LTD soon (UK citizen)

I assume I can do it online pretty easy, no need to get someone to do it for me, anything I should be careful of?

just do it

if you want help i can ping my accountant

otherwise its 14gbp or so, do it yourself

and dot forget to pay taxes every once a year

@harvie

@aka thanks.

What bank do you use, I want to make the business account online

Tide

It's great

I heard of them, did you not want to use a UK bank? Are you from the UK (I am)

Yes

They are a UK bank under Barclay's i believe

thanks @aka

@aka can you give me your accountant detials, would like to give him a call, thanks

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@simon archived the channel