Firms structured as LLPs have taken action to comply with tax reforms due to come into effect in April. HM Revenue & Customs is expected to publish final guidance on the measures, designed to tackle tax avoidance by ‘disguised employees’ today.
The Law Society said the change will put UK LLPs at a disadvantage. National firm TLT revealed that it is consulting with its 60 fixed-share partners. Managing partner David Pester said that the consultation is ongoing and no final decision has been made, ‘not least because we are still waiting for final guidance from HMRC’.