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HMRC: Firms should be ready to apply LLP rules from April

Accountancy Age

PROFESSIONAL SERVICES FIRMS operating as partnerships ought to be ready to comply with proposed taxation rules from 6 April despite concerns over their impact on business, HM Revenue & Customs has told the House of Lords Economic Affairs Committee. HMRC and the Treasury are concerned that limited liability partnership structures allow “disguised employment” to take place, whereby people who are ostensibly partners in fact have a guaranteed income and little decision-making power. The…

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