Your guide to the key measures from the Budget, provided by Lexis®PSL Tax and Lexis®PSL Private Client.
The government is to press ahead with its plans to bring in its limited liability partnership (LLP) tax reforms on 6 April 2014 in spite of the House of Lords Finance Bill Sub-Committee (FBSC) calling last week for a delay, following critical evidence from the Law Society about the impact on soli
Helen Lethaby reviews recent developments affecting the City
Proposed changes to the taxation of limited liability partnerships (LLPs), due to come into force from April, should be delayed until 2015 to allow business to adapt to the changes, the House of Lords Economic Affairs Committee's Finance Bill Sub-Committee (FBSC) has recommended in its
HMRC has issued revised guidance notes for taxing LLP members. George Bull and Malcolm Cook consider whether the taxman listened to the profession’s concerns
Mark Baldwin considers the revised guidance on the new ‘salaried member’ rules, released last week by HMRC, that will treat members of an LLP as an employee for tax purposes in certain circumstances
The guidance concerns the salaried partner rules, which are due to come into effect on 6 April 2014. It explains that the purpose of the new rules is to ensure that LLP members, who are in effect providing services on terms similar to employment, are treated as ‘employees’ for tax purposes.
The City of London Law Society Revenue Law Committee and the ICAEW Tax Faculty have both called for a delay in the implementation of the proposed ‘salaried member’ partnership measures which are due to be included in Finance Bill 2014.
Gary Richards, chair of the Law Society’s tax law committee, has told the Finance Bill Sub-committee of the House of Lords that the proposed partnership measures (due to come into effect in April) will harm professional firms that operate as LLPs for genuine business reasons.
John Whiting explains why partnerships matter and sets out some quick wins on their taxation, as identified by the Office of Tax Simplification