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LLP wholly owning overseas company

LLP wholly owning overseas company

UK LLP wholly owns a Swiss company - this was a necessary structure to have a business representative in Switzerland.
LLP pays monthly invoices which cover the company outgoings including the representatives salary, expenses and office rental, and will break even.There won't be any dividends paid, so I would have thought that nothing needs reporting in the UK. Am I correct?
And is there any need for consolidated accounts?


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By Hansa
14th May 2012 18:28

From what you say, no.

On a minor detail, I think it would be better to show the "Swiss office" costs on their own line in the accounts and to ensure you have a proper expenses listing to (on average) match the invoices paid.  From my experience (many moons ago) the Inspector could ask for justification of the amounts paid.

Having said that, no I don't think you need do anything else in terms of reporting.

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