Construction Industry Scheme Consultation

HMRC is consulting on changes to the Construction Industry Scheme, by looking at ways of administering the scheme more efficiently. The following changes have been proposed: Introducing a mandatory monthly online filing requirement; Improving the online verification process, allowing contractors to search for previous verifications and more than one subcontractor at a time; Simplifying the […]

Further Blow for Corporate Partners and LLPs

Not only is the Finance Bill 2014 bringing in harsh tax measures for mixed partnerships and LLPs, but the BIS Transparency and Trust discussion paper on UK company ownership is now proposing that LLPs should be prohibited from having corporate members. The discussion paper is on UK company ownership and proposes a default prohibition of […]

Salaried Partners July Deadline

The Finance Bill has introduced new provisions for members of LLPs from April 2014 which could see certain salaried partners being reclassified as employees for tax purposes.  Unless certain conditions are met, salaried partners will be taxed as employees, suffering PAYE and class 1 national insurance costs, as well as being taxed on benefits in […]