This discussion addresses whether a tax audit is required for a Limited Liability Partnership (LLP) that has incurred a loss. The specific scenario involves an LLP with a turnover of £57 lakh and a loss of £52 lakh. The consensus is that a tax audit is not applicable in this situation, even with a significant loss, provided the turnover remains below the threshold.
20 June 2024
Dear All, I have a query regarding applicability of tax audit in case of LLP. 1.Turnover is 57 lacs 2.Loss is 52 lacs whether tax audit will be applicable or not in case of loss making LLP? Thanks