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United Kingdom · United KingdomThe salaried members rules are an anti-avoidance measure designed to prevent limited liability partnerships (LLPs) from disguising remuneration paid to members as profit share instead of employment income. If the rules are triggered, the member’s earnings are subject to PAYE and national insurance as though they were an employee. A member of an LLP is deemed to be an employee under these rules if the following three conditions are all met: Condi…Read Article
Salaried members of LLPs
United Kingdom · United KingdomMaking Tax Digital for Income Tax (MTD IT) is fast approaching, with the mandation date for sole traders and landlords with qualifying income of £50,000 and above set firmly at 6 April 2026. In addition to the annual tax return, those mandated to comply with the MTD IT requirements will need to submit cumulative quarterly updates of their income and expenses to HMRC and maintain digital records of their transactions using HMRC-approved software.…Read Article
Multi-agent access for MTD IT
United Kingdom · United KingdomFrom the 2024-25 tax year, self-employed individuals with profits in excess of £6,725 no longer need to pay Class 2 national insurance contributions (NIC). Instead those taxpayers will receive a national insurance credit to secure their access to contributory benefits such as the state pension. Several of the professional bodies have received reports from their members that Class 2 national insurance is being incorrectly included in SA302 tax ca…Read Article
