New LLP tax rules
On 21 February 2014, HMRC published updated guidance on the new ‘salaried member’ rules — the rules that will treat members of an LLP as an employee for tax purposes in certain circumstances. The guidance confirmed that the rules come into force on 6 April 2014.
If treated as a salaried member, an employer’s national insurance contributions will be due in respect of remuneration paid to the member (at 13.8 per cent), the LLP will be required to operate the PAYE regime and the employment-related securities and disguised remuneration rules will also apply to that member.
To be a ‘salaried member’, an individual needs to meet all of three conditions A to C set out in the legislation. If any of the conditions are failed, that individual will be treated as self-employed for tax purposes in the same way as they currently are…
Click on the link below to read the rest of the Macfarlanes briefing.
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