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set the channel description: accounting programs and services suitable for your purpose

Holla! Looking for some reputable accounting services to run UK LLP remotely. Probably, you guys know something suitable (e.g. with deadline reminders for UK). Or perhaps you know reliable low cost bookkeepers to manage with that. Anyway, I have created this channel not only for my personal needs, but for those who are interested in accounting.

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Hey @soebusiness you still around here? Still need help?

Hi, aka & nice to meet you! I'm always here=). I'm sure that other members appreciate your help aspiration.

Have you heard of crunch accounting?

not yet

Thanks, mate) Got personal experience?

interesting

well, this is the easiest choice if you dont want any hassle or have any knowledge of your finances

they are pricier, then other alternatives, but the other alternatives are basically do it yourself

i did this small analysis and they are worth it, since you will probably be paying about 600-800 a year to use this service, but they kind of keep in touch with you and help you along the way...

the other way is doing it through freeagent

which is kind of self-service way, it reducest the price by half, but you need to do the dirty work at end of the year to submit stuff to hmrc, and other bits...

another possible solution is? setup with free agent for about 30 a month, get an accountant at the end of your fiscal year, through people per hour, who knows free agent, and can run the numbers for you.. get it done for about 200...

rinse and repeat every year

accounting services, and the whole platform are tax deductible so you can get some benefits? of using one way or another

Nice! Thanks for sharing:+1:

this is a good ref also

form a diy perspective

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Hey . Which UK corporate service providers do you recommend / use / think are decent for UK companies? Looking to switch my service provider and want one that can do everything everything - address, secretary, VAT registry, tax comp, accounting. Any suggestions?

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Hello everyone! I have an Amazon Business and am looking for a bookkeeper or accountant to get everything in place. Can you recommend anyone?

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Hi, I made a loan/investment in an informal way in a friends ?start up/venture? which disn?t work. My friend is going to return most of the money. As I need proof of positive cashflow at a bank as I am applying for a mortgage, I thought of telling my friend to give me back the money in monthly installments during 3 years. Does anybody knows how it would be better for me to present this to the bank? Should I put it as a loan repayment or as a service/consultory/advisory I provide to him? Thanks

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hello, does anyone know of an accountant/bookkeeper in Estonia that uses Xero?

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Have you considered this approach with the funds, Mario? https://www.freedomsurfer.com/hacks-passive-income/

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Thanks.

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@simon is the blog article "a detailed look at Hong Kong LTD" ready? It logs me out every time I try to access it (doesnt do it for others). Thanks

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What's everyone using for accounting while we wait for @simon's guide? New UK LLP startup. Plan is to use TransferWise for banking, Stripe/Paypal for payment processing. Don't want to fork out for Xero at the moment so looking at Wave. It's free, has Stripe integration and can probably use Zapier or Integromat for everything it might be missing. We will be selling digital products including software so we have decided to go with Easy Digital Downloads for WP as it has great integrations and a built in licence manager we can use to licence software. What does your setup look like?

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@burrup.lambert i tried Xero but the UX is shit

looking for an alternative too

Shopify store here. Manufacturing our products and selling worldwide. I have around 4000 usd accountancy and 3000 usd audit costs per year for my HK company. I just created a UK LLP to process the payments instead of using the HK LTD (saving about 2% of turnover by doing this). I plan to run most of the accountancy in the LLP, with Xero I think, no accountancy or audit costs. Or is there a better option than Xero to have all automatized for a Shopify store?

@frederic.scheffer - 2% is quite significant.... that's really interesting... Yes, the HK audit/accountancy costs can add up pretty quick....

@frederic.scheffer Retail Stripe HK charges 3.4% whereas Retail Stripe US charges 2.9% (dropped to 2.3% for ?enterprise) and Retail Stripe UK charges 1.4% for EU and 2.9% for ROW so it?s evident that UK has the better payment gateway.

Not to mention that with a Stripe UK account you can link USD, GBP, EUR etc bank accounts (vs only USD with Stripe US and HKD with Stripe HK).

Any recommendations for an accountant in the US who can help me get some corporate filings up to date? I have a C-Corp incorporated in Delaware and need to file the 5472. Quite a few things to get up to date so am looking for some general strategic/financial advice.

@justin187 I have a guy who does this specially

Who has experience with accounting in Estonia? What do you have to spend per year for accounting/auditing?

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@buynps.org can you share details with me please?

@alexjohnfarris yeah, if you want to shoot me your email i can make an intro

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Hi! UK LLP accounting: Do you only keep sales/expenses invoices and bank statements ? Just in case of audit. Or do you as well do the accountancy with an accountant or in a software like Xero by yourself?

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Hi, anyone got some accountant in Portugal to recommend with experience in nomad/lots of travel ?

If you can use Wave with Zapier, why do you need external software? Just put all of the data into a google sheet.

Hi guys, Transferwise now syncs with Quickbooks https://transferwise.com/gb/blog/quickbooks-accounting-sync Has anyone tried yet ? Any feedback ?

Guys, why don?t you try http://QuickFile.co.uk instead? So much cheaper and easy to use, intuitive and you can sync with Stripe and most banks.

Do you use them @fenix5?

Yes, I use it for years in my accounting company. Now we took over another company that uses Sage. After due diligence we decided to switch all customers to QuickFile as well. Much easier in operating even from accountant point of view. And the difference in price if you have more companies is just tremendous .

I'll check it out. Was sort of testing out 'Wave', but QuickFile seems to make thins really easy when it comes to do digital filing.

I'm not sure this is right channel to ask, but here is the question - what types of incoming funds transfers exists for LLC companies (specifically WY US)? I understand there is a type of account receivables - where there are incoming payments from clients backed by invoices, but what are other possible reasons to send incoming payments into LLC types of entities?

@bobriakov.igor An LLC can receive any types of payments, there are no restrictions (except for payments linked to illegal business activities obviously).

@simon lol (illegal biz activities)

anyway, is there some document/howto/instructions list on how to keep simple bookkeeping for UK LLP? Just XLS sheet with incoming and outgoing funds (basicaly bank statement) would do? what are deductible expenses in UK for example? In SK you cannot buy coffee machine and deduct it. in Germany it's quite common...

@gastan Bank statements + payment processing statements (with customer addresses) + receipts for purchases. You can automate everything with Zapier + Curve + cloud storage. As for what business expenses are allowed in the UK, that is pretty much anything essential to your business, that you can justify. For example, a coffee machine would be allowed if it is used in your office (or home office) during business hours. To be able to justify it, however, it should be ?reasonable? meaning a Nespresso type machine would be fine but not a 7000? La Marzocco type machine.

@simon but should there be any kind of supporting documents for transfer, or can I, say, move some funds from personal account to LLC account just because I want to?

@gastan Ever tried http://Quickfile.co.uk ? They have a free tier. I currently use this for my UK LLP.

No, there?s no need for supporting documents. If the transfers are between you and your LLC, however, you need to keep track of the amounts as they will have to be reported on form 5472.

Does anybody know a reliable accountant in *Singapore* that can file things properly for an offshore tax exemption? There was a question about keeping USD in TW (not remitted to SG) so I want to test it and see if it actually works or not in practice.

Hi guys, i have 2 questions regarding UK LLP . Maybe someone can help me : ? Do you have the exact list of the accounting actions to do every year ? ? Do I have to charge the VTA to european private customers ?

I have a lawyer in SG who definitely knows accountants. Let me know if you need the contact.

Hi All, I have UK VAT-related questions. I tried looking online for answers but every source says something slightly different. Would really be great if there are any Ecom sellers that can share their first-hand experience. 1)If I'm dropshipping to UK from China and my revenue is higher than the UK threshold am I obliged to pay VAT? I know that VAT is normally determined based on the place of good at the moment of transaction but I'm wondering if this changes as soon as you pass the threshold at the destination country. Does this depend on whether or not the customer is considered the importer? 2)If I have a VAT entity in the UK and pass the threshold, sell some products from within the EU and some other products are dropshipped directly from China- Do I need to pay VAT for all orders (including those that came directly from China)? Thank you!

1) The threshold applies only to UK VAT liable sales (sales where the place of supply is the UK). If you do not have any, you are not over the threshold and do not have to register. 2) No, you must only charge VAT on VAT liable sales. This guide answers most VAT-related questions: https://www.gov.uk/government/publications/vat-notice-7001-should-i-be-registered-for-vat/vat-notice-7001-should-i-be-registered-for-vat

> 2.9 If you only supply goods or services abroad > If you?ve got a business establishment in the UK (including a branch or agency) or you usually live in the UK and you only make supplies to customers outside the UK, but those supplies would be taxable if you made them in the UK, you can register for VAT on a voluntary basis. This is as long as you receive taxable supplies from UK VAT registered businesses, or import goods into the UK and you?d be entitled to claim back the VAT on those supplies. > If you think you might be able to register, please phone the https://www.gov.uk/government/organisations/hm-revenue-customs/contact/vat-enquiries for more advice. So in the scenario of running a UK LLP outside the UK itself, and not providing or taking any services/goods from UK customers/companies, you're not obliged to register for VAT. Is that correct?

@mb Correct, although you can also sell to UK customers, as long as the place of supply is not the UK.

So: ? UK LLP (or any type of UK business) ? Sells a product/service to a UK customer (business or consumer) ? Either product is shipped from a location _*outside*_ the UK or service is _*rendered*_ from outside the UK, into the UK.

Thanks Simon. So just to clarify, 1)Even if I have a UK LLP, selling to UK customers above the threshold , but the sales are from China- I don't need to pay VAT?

@mb Correct, such transactions are not VAT-liable in the UK. @yaron.been Sales where the place of supply is not the UK (or EU) are not VAT-liable so you do not need to charge VAT on those.

@simon At the same time, you might still be required to charge/collect VAT when selling to any customers in the EU? Haven't read into it much yet.

Collect VAT when selling to customers in the EU: I think this starts 01jan2021, even if you send from China. Or has it been delayed? Anyone got accurate info?

Thanks @simon

@mb If your place of supply is an EU country, you?ll likely have a VAT liability there (for example, if you ship from a NL warehouse). If your place of supply is outside of the UK / EU, you do not usually have any VAT liability.

And does it matter if you own or operate the warehouse vs. using a 'on demand'/drop ship supplier?

@frederic.scheffer The change only affects marketplace sellers. If you sell through your own site, the current rules will continue applying (broadly).

@mb It matters from an income / corporation tax perspective but not from a VAT perspective.

I have found a great resource by an UK accounting company that clarifes different cases of VAT obligations: *SCENARIO 1* ? UK Company ? Goods sold are stored in the UK ? Ships to UK Consumers This company needs to register for VAT after reaching the VAT threshold of �85,000. This business can voluntarily register for VAT earlier if it wants, however, this it is rare that this would be beneficial to an Ecommerce Businesses. *SCENARIO 2* ? UK company -or- EU -or- overseas (e.g. US�LLC)�company ? Goods sold are stored outside of the EU ? Ships to UK If the business is shipping goods from outside of the EU�*directly*�to consumers based in the UK, then the place of supply rule renders this sale outside of the scope of VAT. There will, however, still be VAT due when the goods are imported into the UK.�In these cases, the VAT is due by the person named as�*the importer on record*. Usually, if you are shipping directly to a consumer, then the consumer will be the importer on record. *IMPORTANT:*�You should confirm with your supplier/shipping provider whose details they are using as the importer on record when sending goods into the UK (or EU) because this person is ultimately liable for the VAT on import. If the consumer is the Importer on record, this means the consumer may not be able to receive their goods until they have paid the duty/VAT due. Instead of receiving their parcel, they may receive a written notice informing that their goods are being held, along with payment instructions. *IMPORTANT:*�An unexpected additional outlay for your customer will likely lead to a negative customer experience. We strongly recommend making clear to clients on your website and on the checkout if additional fees may be due. Are your goods are worth less than �15? If you are shipping goods valued below �15 into the UK then they are below the threshold and they will not have import VAT applied to them. If above, then the importer on record will be charged VAT. *SCENARIO 3* ? UK company ? Storage OVERSEAS ? Ships to OVERSEAS These sales are outside the scope of UK VAT and so you will not need to register for VAT, these sales do not contribute to your VAT thresholds, nor do you charge VAT to your customers. *SCENARIO 4* ? EUROPEAN or OVERSEAS company ? Storage OVERSEAS ? Ships to UK These sales are outside of the scope of VAT based on the place of supply rules. The same outcomes outlined in Scenario 2 apply *SCENARIO 5* ? UK Company ? Storage UK ? Ships to EU The�sales you make are in scope for VAT as in Scenario 1, but the thresholds you need to monitor are the Distance Selling thresholds. Once you breach each country's specific threshold you need to register for VAT�in that country (plus in the UK�if not already registered). Most thresholds are near the ?30,000 mark, some at ?35,000, with Germany a notable exception at ?100,000. The UK's threshold for EU�companies is �70,000.

This table is also helpful: https://ec.europa.eu/taxation_customs/sites/taxation/files/resources/documents/taxation/vat/traders/vat_community/vat_in_ec_annexi.pdf

thx @mb I will look into that. I dont need nothing fancy, just to be compliant...

anyone have experience with quickbooks bookkeeping service? any good?

@buynps.org I?ve tried it. I gave up after few weeks, a lot of glitches

@redareda9 interesting.. any solutions you found?

@buynps.org we are using Freshbooks

@bobriakov.igor how?s it?

Depending on your location Xero worked really well for me. Used it in many countries around the world and always did a good job

I have used Xero for years, and am quite happy with it

@buynps.org it serves our purposes quite well (small B2B startup, not many clients, UX is quite OK, helps to keep everything on track)

Hi, I created an Estonian company and incorporate my brokerage account into it. In my understanding an accountant is someone you hire to make you pay the less taxes as possible within the law, but with my Estonian accountant I feel I dealing with a treasury agent from the Estonian IRS. Maybe it?s like this over there or I may need to change accountant. He wants me to upload every month the statements of all my brokerage and company account statements, he says I cannot pay myself a daily allowence when traveling, he only accepts to deduce 50% of hotel/Airbnb/accommodation, he says that if I get my salary while being in Estonia I should pay 33% social tax plus the 20% income tax even if I?m just passing by as a tourist.... He also wants me to scan every receipt.....Shouldn?t my statement from for example with the payments made in Revolut be enough? Any thoughts on this will be highly appreciated

For example here in Revolut it says how much was paid, the company, the date..... Why the need to be collecting papers, scanning them, labelling and tag them?...

Sounds quite cumbersome. Perhaps @simon can share his experience on dealing with this? To me it sounds like a very conservative accountant when saying you should pay taxes while being a tourist in Estonia.

I had the same experience, with LeapIN (now XOLO). I now handle everything myself, it?s easy and saves me the trouble of having to send in receipts etc.

A little trick for business expenses is to use Curve + Zapier. Activate the ?Send Email Receipts? feature in Curve for all your business cards, change your Curve email to a Email by Zapier address then configure a Zap to save all emails as PDF in Dropbox or similar (In order: Email by Zapier -> Google Cloud Print -> Dropbox or similar). The file name can be customised to make it easy to locate specific receipts (for example: DATE - MERCHANT - AMOUNT.pdf).

Make sure not to activate the ?Send Email Receipts? for your personal cards, however, so as to not save non-business receipts.

If you use Airtable / Excel for your bookkeeping, you can use the same Zap to record the transactions in your base there (and even attach the PDF receipts). This also works with Quickbooks, Xero etc.

Thanks a lot.

Thanks for sharing Simon.

I have question regarding an UK LLP, is annual filing or audit required?

@joe A number of filings must be completed every year (for both the LLP and its partners) but no audit is required.

ok @simon thank you

Where and how did you incorporate in Estonia then?

I used LeapIN (XOLO) to setup the company years ago but have been handling everything myself since 2017. It?s easy to do, all filings are submitted electronically to the gov.

How often does a Wyoming LLC (non us owners) have to file?

annually

There is a state filing and a tax return that need to be filed usually

@johncitizen Tax return, declaring it being a pass through entity as a non-resident?

You have to file a US tax return only if you have ECI (US connected income). Otherwise it?s only form 5472 + annual state report.

Hi All, Can someone elaborate what is the deal with Facebook/ Google ads and VAT. If you're a UK LLP using Facebook ads, do you need to pay VAT? Thank you!

@yaron.been You can avoid VAT by registering for a UK VAT account (services providers will not charge you VAT if you have a VAT ID).

@simon got it. Thank you.

Hi @adrienlestang, did you get any reply about *a list of the accounting actions to do every year*. I would be interested as I?m little bit lost myself. Regarding the VAT, we can?t reply like that, it will depend of your business.

@fmarguerite.contact A confirmation statement and annual accounts are filed with Companies House every year. A partnership return and self assessment returns for the partners are filed with HMRC. I handle all of those filing (and as long as you have no UK operations / resident partner, they are nil filings so no financial information is reported).

Thanks @simon I?m pretty confident with what you handle. But a lot less confident with what I should handle. :sweat_smile: I don?t need to provide financial information, but I guess I still have to have it on hand, right? So, for example, for e-commerce, do I need to keep track of each individual sale/expense? Do I need to keep all receipts? Do you recommend an application to do this myself or do I have to hire an accountant?

Do you use services like Stripe and PayPal to receive your payments? If so, you can save the data directly from those services (or sync it into an Airtable / Excel spreadsheet via Zapier). You should also save your bank statements and all receipts / invoices for you business expenses.

@simon so the revenue is not visible on the HMRC registry of companies in this case?

Only UK income is reported in the UK. If you have no UK income, nothing is reported.

@simon thanks. How is it counted as UK income? Sales to UK customers? Or any sales from a UK warehouse to european customers? Thanks

UK income is income from work performed in the UK. If you have no physical operations there / UK-based staff / work while in the UK, you have no UK income.

Oh wow, so on hmrc company registry it will show 0? No documents showing revenue will be public in that case ? Sorry just making sure

That?s correct, all filings are nil filings (they show 0 income). https://www.gov.uk/government/publications/partnerships-foreign-aspects-hs380-self-assessment-helpsheet/hs380-partnerships-that-operate-partly-overseas-2020#partnership-consists-solely-of-non-resident-partners

Thanks

Hello guys, I?m trying to automate my new UK LLP accounting (I have Transferwise + Curve + Stripe + Paypal). So, from what I gathered here to automate my accounting : :money_with_wings: *Earnings* : Zap that triggers from Paypal / Stripe that adds the information to an Airtable / Gsheet ?Earning? tab with all relevant info :credit_card: *Spending* : have the bills be paid through Curve with the automatic email, that then gets to Zapier and PDF?d + parsed to be added to a Airtable / Gsheets ?Spending? tabs with all relevant info Did I miss anything @simon ? Ps : Tried to look at Transferwise unofficial Zapier integration but it only has actions vs. triggers. PPS : This Zapier integration could be useful to automate fixed interval ?salary? payouts to my personal Transferwise account + paying Freelancers the same amount each month

@ambroise.debret You can use TransferWise?s webhooks + https://zapier.com/apps/webhook/integrations to capture all your TransferWise events (transfers, deposits, balance updates etc).

Ouh sweet, didn't see those !

hey guys

does anyone here use xero with paypal?

and make payments using paypal sometimes using a debit card as the funding source?

@simon not sure what is the best way to reconcile these types of transfers

@alex720 using QBO right now with paypal, they can link paypal natively

You can use Zapier with PayPal too, this allows you to link to pretty much every accounting / data services

@alex720 Can you add PayPal as a separate ?bank account?? We did that with our Stripe account in Xero

Had a quick check, you can get PayPal direct feeds in Xero and then reconcile them as you would do with your regular bank account

and if you send a payment from PayPal to your regular bank account/transferwise you can simply book a transfer in Xero

Yeah that's what I did. Thanks

Does anyone here use a transferwise debit card with paypal? i have a transaction where transferwise converted from two balances

and it's messing up my xero

For a UK LLP, for ecommerce: Xero or Quickbooks? Which did you like best? Thanks!

Xero

By far

I use Xero as well. Although, never used QuickBooks so I can't compare

@simon automated accountancy article please :pray: :pray: :pray: :pray: :pray:

does anyone know if the non-resident uk llp will be audited or not. Also is compliance check possible for non-resident uk llps ?

Hey there, ! Just opened a LLP and I want to shut down my SAS in France, I think i need an accountant to close it. Do you know anyone to do that ?

I have foreign owned UK LLP and i have some expenses in the UK, so only expenses, no income from UK. Will that be any problem? I am trying to pay 0 taxes in the UK

@wice90 That won?t be a problem. Even UK sales aren?t a problem, as long as you do not live / work in the UK.

Wow , i didn't know that. I thought that only foreign earned income is not taxable . Thanks

From a tax perspective, the source of the income is where you work, not where your clients are. As such, any work performed outside of the UK will be deemed foreign sourced.

Guys, since our e-commerce UK LLP is generating the most revenue (few M per year), I am thinking about a finding a good bookkeeper for this. Recommendations for one with experience in e-commerce/drop shipping? Or having it automated with Xero should be fine as well?

Having it automated with Xero is fine. E-commerce transactions are usually fairly straightforward

Finding someone on Fiverr/Upwork to set this all up should be allright? :smile:

I guess. You can also do it yourself, using Zapier to connect all the services you use

@wice90 May I ask how much do you pay per year of accounting?

0$ Mike. As Simon expalined me, a foreign owned UK LLP with foreigh income, shouldnt bother with accounting

@wice90 wow! Even the annual HRMC report or something similar is not needed (or you do yourself)?

@arthurmarie1991 I?m in Paris France. Can introduce u to my accountant.. I?m also moving my company Out of France.. to ANDORRA

What do you guys think of Andorra? Is it worth operating a business from there?

You should ask @jase. He might know a thing or two about Andorra :smile:

@nsh unless there's a very strategic reason for it, I'd avoid trading out of an entity here. What sort of business is it @nsh?

Simon will take care of the annual HRMC. It's included in the package that I've subscribed to

Finally I decided to go for BC LLP with Simon, looking forward to get it running (the registration is slower than the UK LLP)

I think that BC LLP is better option, good choice. I wanted to go for it also, but at that moment Simon wasn't offering such an option

Hey Simon ! About this part, how did you get it to print the actual email and not just the plain body which is just text ? :slightly_smiling_face:

Hol� @simon, it works but are you able to get the sender?s name ?

To get more information about transactions, you can add a step in your zap that calls on TransferWise?s API

Hi, I want to close/liquidate a Estonian company. As my experience with the Estonian accountant ?was not the best?, can anyone recommend one? Is XOLO good? Did some research and it seems it takes between 6 and 11 months to do this and cost between 200 and 500 Euros. Thanks

I am liquidating a company with Xolo. So far, so good, but have just started the process a few weeks ago. They charged me ?325+VAT, plus a ?25 government fee. I was already a customer; don?t know about those who aren?t customers already.

Thanks :pray:

Still haven?t been able to get this part right :slightly_smiling_face:

Hi, Is there's any way to file SA401 online for the first time? I'm not resident in UK and have no idea how I can submit it

No, unfortunately none as far as I know. Furthermore, the SA401 needs to be filed only once if you?re a partner in only 1 LLP.

A curious question: I'm using an online service and I'm paying the full price using my company (WY LLC), however we are splitting the costs with a friend, who doesn't have a company. The service allows up to 3 users to share the account. How can I account the 50% of the cost, i.e the reimbursement, that I receive from my friend? ? Is this going to be considered an income or ? I should get reimbursed as a natural person?

Any US tax attorney recommendations?

Solid guy. Have used his services on multiple occasions. Make sure you have a tight list of questions.

hey @simon I was wondering when your guide for Portugal foreign income will be ready. I would love to know if dividend from my LLP also is exempt or if I need to go through my LTD so I only pay the 19% flat rate corporate tax but no tax in Portugal on dividend. Thank you

@nico.verresen LLPs do not pay dividends, they distribute profits. Such distributions will usually be liable to tax in Portugal, unless routed through a corporation (such as a LTD) or when the foreign source is documented.

@simon Thank you for the speedy response. In my case, what do you advice me to do if I would like to stay in Portugal?

If you work from Portugal, it?ll be easiest to simply pay the 20% NHR tax (and that will keep you compliant).

The NHR tax is on a wage that I pay myself, or what do you mean exactly? Sorry, not my specialty

?

On your share of the LLP profits

hi guys, question -- I have a foreign owned UK LLP and whenever I pay something in the UK (i.e. my godaddy domain), they are charging me 20% VAT. Is there any chance to avoid it or apply for a refund?

Thanks Simon. Also, where can I find my VAT because I need it for my NIF application

Provide your VAT number when you pay for it.

I dont have one. Should i apply for it?

You can if you like. https://www.gov.uk/vat-registration/when-to-register

@nico.verresen You aren?t VAT registered. If you need a UK VAT ID, you can register for one using the link shared by Burrup in the thread above.

@simon Are you having any problems filing online annual accounts for LLPs?

It seems like it cannot be done for LLPs anymore

And we have to send it by Post to Companies House

Not ideal as I have to file before May 7th

@redareda9 LLP accounts have to be mailed and it usually takes a few weeks for CH to process them

Wow, so prehistorical

Do you file Full Accounts or Abridged usually ?

Abridged usually

Thanks

@simon in this article, you say that an UK LLP with 2 non residents partners doesn?t have to report financial data. But then you say: ��in any cases, annual accounts must be prepared and submitted��

Can you clarify it please?

A non-resident LLP doesn?t have to report data to HMRC (the tax authority) but still has to comply with requirements at the registry (Companies House).

Following up on @redareda9?s question, for someone not very versed in accounting, how can one comply with the registry requirements? Any suggestions @simon?

@mohd i think just submitting accounts with 0s everywhere

Thanks again @simon

From what I understood, there is no submission anywhere, just that you have to keep the records organised in a certain way (something like L&P etc.) @redareda9

@mohd They say that you have to submit annual accounts every year + confirmation statement

The confirmation statement is quite easy just saying that nothing changed (address, members)

Annual accounts, you have to file it in a certain format respecting accounting standards

But from my understanding, non residents don?t have to share the exact numbers in the annual accounts

This is for HMRC or Companies House?

@mohd companies house

Thanks, I believe @simon manages this for us if we incorporated through him, right?

@mohd Correct, I file the accounts every year.

Just to clarify, HMRC and Companies House are two separate entities. Companies House is the company registry, not a tax agency (filings there are not tax returns).

Thanks @simon, so other than what you file, what are we supposed to keep and how should it be organised? Just a list of transactions and invoices? And why are these being kept? for HMRC or Companies House?

@mohd Bank statements, payment processing statements, invoices etc. They are being kept in case of an audit / if HMRC or another tax authority requests them.

Makes sense, thanks

@simon how much do you charge for every subsequent year to file accounts ?

@redareda9 It?s included as part of my renewal fee, I do not charge separately to file accounts

@simon how much is the renewal fee?

247?, it includes a UK address, all filings and government fees

Hey Guys, i have many Uk LTD companies +1 year now , im not a UK resident i need to know more about taxes and how to pay them ! any suggestion

@hamid Are the companies tax resident in the UK?

For a residency process, I had to ask my bank for a letter confirming more than $1,250 of income per month. However, my bank can only state it in GBP, and my lawyer states that I?ll need another document accrediting the conversion rate. The documents will need to be apostilled afterwards, and I?m not sure the best way to obtain such a document - is an accountant/lawyer the best option? If so, can anyone recommend a good USD/UK accountant or lawyer who may have experience here?

Can anyone recommend an accountant or accountant service for a UK LLP?

@burrup.lambert ?LLP: here is the email for my accountant.?

@burrup.lambert I trust very much the man who pass me this accountant

Thank you friend!

I asked another friend, and he asks ?Do you just need an account to setup the company and manage it? Do they want a cheap no thrills setup and management??

He says ?this guys tends to be good? https://www.taxassist.co.uk/

Does anyone have an American accountant that is used to working with ex-pats? I'm looking to get an income certification signed for the Precaria visa in Argentina.

@simon You sent me the contact info for a tax attorney previously, who was very helpful. this is for something different.

Is it mandatory to submit yearly income report for UK LLP with no UK income ? Do we need accountant for this ?

@kareem.elharony No financials have to be reported in the UK if there is no UK income / partners.

@simon Thanks Simon, So No need to have bookkeeping,

@simon Don't I need to create a tax declaration for my UK LLP (No UK income) LTD (No income on LTD) and for my LTD (no income)

@nico.verresen Yes, forms have to be sent but no financials are reported (the forms show 0 income).

@simon do you do this?

Yes, I handle all filings in the UK for LLPs I register

ok perfect, thank you

@simon I realize I am paying taxes through my UK Stripe company as every month Stripe automatically takes out taxes. With my HK Stripe the fees are slightly higher, but no taxes are deducted. Have you calculated which is cheaper if you do not pay taxes in HK?

@daoway I guess that?s because of an Irish address? Stripe only charges VAT to businesses located in Ireland. https://support.stripe.com/questions/value-added-tax-vat-for-european-businesses-excluding-ireland

@simon Can the country in which you're a tax resident ask for seeing data (invoices, expanses etc). I'm asking since it kind of feels like a grey area (which I don't mind) but wondering what prevents a UK LLP owner from adding some 'semi-"business" expanses' to his bottom line?

Sure, most countries can ask to see the company books if you operate locally / are a tax resident. You may also have to file local returns, in some cases.

@simon Thank you

@simon There is no Irish address associated with this account.

Here is Stripe's answer

So what are the taxes they are charging you?

They call it a ?tax invoice? but it?s what they withhold from the payments you receive as their remuneration (the 2.9% + 30p per transaction)

@simon Yes, I finally clarified, this is their fee as Kaloyan stated. I told them they should not call it a tax invoice.

hi, was reading about the ON LP and BC LLP. In case of a WY LLC being partner of LLP would it be possible to open Wise Borderless account or better use ON LP instead? Also if sales are made on the ON LP and transfered to the WY LLC will there be any taxes to be paid in home country or it counts as no profit and nothing to declare?

@digimkt There?s no difference between the two when it comes to banking. Wise is easy to setup and it?s also possible to open a traditional bank account if you can travel to Canada. Do note that the WY LLC cannot be the general partner in the ON LP as that would trigger additional requirements / compliance in Ontario. As for taxes, there will be none in Canada / US if you generate no local income but obviously you?ll likely have a liability where you live and work.

@simon so the WY LLC can be the limited partner of the ON LP right? Scenario: General parter 1% and WY LLC limited partner 99% ON LP SaaS sells to US clients and transfers 99% to WY LLC Will there be any corporate tax? Will there be any personal tax for General partner if there is no profit made for the ON LP?

Also will Wise approve business account for ON LP that has a WY LLC as partner?

also what happens if the general partner who is non resident dies?

Hi! Should I do invoices to justify the transfers from a UK LLP to its 100% partner which is a HK LTD? (The HK LTD is one of the 2 partners of the UK LLP, hk ltd at 100% and myself at 0%).

I am transferring often to avoid having too much money in Wise, and spreading between the UK LLP and the HK LTD

Does someone have a proper accountant / boekhouder in the Netherlands?

I know one, depending on what you need.

A newbie question: A UK Ltd, non resident. I do occasional freelance and consulting projects, among other stuff. I have a Stripe biz account connected to Transferwise biz. In the past I used to work without a company and received payments directly, via different channels. The price on freelance and consulting projects always varies, therefore there's no product or package with a clear tag price on it -- if this matters. Namely, it's generated individually. Now, when a new customer comes, and who most of the time is an individual himself, not a company, on freelance/consultiing, and makes a payment via Stripe or directly to Transwerwise, how would I handle that in regards to documents? Will I have to a) ask him for b) or issue some documents myself? Or both? And what kind of documents?

hello everyone, I have sent the assessment SA401 few month ago, How can i know it's already arrived and what's the next step for annual filing for UK LLP with non-resident partners ?

They will send you a letter in response with your UTR (Unique Taxpayer Reference - that?s basically your UK tax ID). Then with that UTR you can file the rest of the documents. You can expect that letter to arrive to the address you filled in SA401.

Thanks Kaloyan, They will send to partnership address or my residential address ?

Residential address

I've sent SA401 by mail from 2nd June 2021 and i didn't receive any mail yet, Is that normal ?

What if their UTR didn't arrive to my residential address for any reason ?

@kareem.elharony It can take up to 3-4 months for the UTR to arrive. If it doesn?t arrive, filings can be completed without it.

Thanks @simon

#cyprus Can someone recommend a reliable and not that expensive accountant in Cyprus who can help in doing taxes for a really small LTD?