Most frequently asked questions about Limited Partnerships in Scotland (Scottish LP)
About filing accounts
Company’s act 1907 does not indicate among others requirement to file accounts with Companies House for the Scottish Limited Partnership.
There is no information about reporting to Companies House in the act as there is no such requirement. Normally, in the acts are statements about what is required (what is not required, is not mentioned).
But, it is mentioned in the GOV. website: “You don’t have to send accounts to Companies House unless the general partner is a limited company.” (https://www.gov.uk/set-up-and-run-limited-partnership/partners-responsibilities)
In this context a Limited Company means UK Limited Company.
We need to note that Scottish LLP (Limited Liability Partnership) must file the accounts as opposed to Scottish LP (Limited Partnership).
About taxation we read in the Act:
2.26 As with an ordinary partnership a limited partnership is “tax transparent” (45). This
is one of the main attractions for its use in the venture capital industry, and in
property investment (46).
Limited Partnerships are tax transparent because each Partner/ Member is liable for taxes and the Partnership itself. As soon as the Partners of the Scottish LP are tax haven companies (in our case Seychelles IBCs) they are not taxed on income in their offshore zones.
About Tax Return
Scottish LPs are tax transparent and do not file accounts only if they do not trade on the UK territory. For such Partnerships you are to file NIL tax return to the UK Tax Services (HMRC). This service is included to the Annual Renewal package.
Information about NIL Tax Return for Scottish LP we can read on HMRC site: http://www.hmrc.gov.uk/manuals/llmanual/LLM6070.htm
VAT & EORI Registration
Scottish Limited Partnerships composed of 2 offshore companies more likely will not get VAT number. Such structure s not meant for VAT trading.
However, if EORI number is required for customs services, this number can be easily applied for.