I met this potential client last week who owns three properties.
He needs to file LLP Accounts (which are due next week) and Tax Return
I know tax "normally" follows legal ownership but this client has been collecting rent from the properties (and paying costs) in the LLP and transferring it to the Limited company when the properties and mortgages are in his and ex-wife name. There are no agreements in place transferring the beneficial interest.
Will all the transactions just go to the Partners current account and nil partnership tax return filed ? We would just file self assessment tax return for the those three rental properties.