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

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.

 

[fshore]

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

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]

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?

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.

 

[fshore]

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.

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]

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.

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?

 

[fshore]

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?

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