Over the past six months, much of the emphasis in UK firms operating as limited liability partnerships (LLPs), particularly those with fixed-share partners, has been on looking to ‘fail’ condition C of the new Finance Act 2014 in terms of maintaining the self-employed status of their partners for tax purposes and ensuring those partners have sufficient capital at risk in the business. This has been due to most advisers considering condition C as the surest route to establishing with HMRC agreed self-employed status and hence maintaining the National Insurance Contribution (NIC) levels of both LLPs and their members.
The importance of maintaining this tax ...
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