Tax set up and registration

A start up hedge fund manager, seeking to operate through a Limited Liability Partnership (LLP), came to Throgmorton for advice. Could we help with the appropriate start up and registration procedures for income tax, VAT and NIC?

Although experienced in the investment banking field, the participants were new to the tax consequence of LLPs, and keen to start their venture on a solid foundation.

In addition to assisting with the usual business start up requirements such as notification of commencement of trade and VAT registration, we were also able to give the LLP members peace of mind in taking them through the tax and NI implications of self employment through a LLP. This included explaining the complexity of taxation of the LLP's trading profits, particularly in the first two years, thus enabling them to understand the timing of future tax payments and to budget appropriately for these.

We also took on the preparation of the annual personal tax returns for each partner, thus relieving them of this extra administrative side effect of being a member of a LLP.

With Throgmorton’s ongoing input, the business is now in its 5th year of successful trading.

Throgmorton: “Moving from employee status to becoming self employed through a LLP does prompt all sorts of tax implications. Our personal tax return service might seem at first like a secondary consideration – but it can take away large amounts of administration from a partner’s workload.”

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