I have one LLP client. Two partners (husband and wife). It has been trading for about 5 years (charters a boat which is its only asset, which the partners introduced into the partnership at MV when it started trading). Very small annual profits (circa £10K) which have always been covered by the Capital Allowances on the boat (restricted claims each year). The partners have had enough and so have ceased trading and are looking at informally winding the company up and withdrawing the boat back to personal ownership.
I know that once trading has ceased or the LLP has gone into liquidation then it will be treated as a corporate body for tax purposes, except where it is being informally wound up and it is not for tax avoidance, etc., and the winding up does not take long (which will seem to apply here).
Am assuming it's the usual straightforward procedure to informally strike off?
For Capital Allowances, am assuming the usual rules apply insofar as the boat will be taken out at MV and so there will be a balancing allowance/charge according to the tax WDV brought forward. Is this correct, (i.e. are there any different rules for LLPs)?
From a compliance point of view, the LLP will be struck off before the end of the tax year. How will it submit its 2021/22 Tax Return if it no longer exists?
Thanks for any pointers.