At the end of last year we reported on an HMRC crackdown on a national insurance-related loophole that could kick off a wave of capital calls across the UK.
Well, those calls have started. As we reveal today, both TLT and Trowers & Hamlins have told their fixed-share partners (FSPs) that they can expext to stump up extra funds. The moves are thought to be aimed at helping the firm fail the Revenue’s test of employee status and consequently, escape paying the NIC on these partners. For more detail on the changes, check out this in-depth investigation.
Chances are Trowers and TLT will be the first of many firms to ask their FSPs to lob in a few more quid, though this week the Revenue is expected to issue yet more guidance on this thorny, and potentially extremely costly, matter.
Partners, particularly FSPs, will be all ears.
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