HMRC’s proposed changes to the tax rules of LLPs would make it harder for smaller firms to finance themselves and may drive many to transfer to operate exclusively through a company, according to BDO.
The top 10 firm recently surveyed 100 individuals from partnerships and LLPs from a range of sectors, with 80% of respondents saying the administrative burden of such changes would outweigh the tax benefits.
The Revenue closed their consultation on changing the tax rules of LLPs and partnerships, Partnerships: A review of two aspects of the tax rules on 9 August. (via AccountingWeb)
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