HM Revenue & Customs (HMRC) has embarked on consultations on two different, but allied points, concerning partnership taxation. Taken together, these potentially have huge implications for law firms. The first point concerns the proposal to remove the presumption of self-employment for all members of an LLP. The background to this is the widespread use of LLPs – not only by professional service firms, but also by some businesses where groups of low-skilled workers who would normally be regarded as employees are taken on as members with the apparent intention of avoiding the impact of employer's class 1 national insurance contributions (NIC).
September 12, 2013 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Proposals on self-employment could increase partner costs by 14% at leading firms, writes Richard Mannion
HM Revenue & Customs (HMRC) has embarked on consultations on two different, but allied points, concerning partnership taxation. Taken together, these potentially have huge implications for law firms.
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