LLP & Salaried Partner

LLP & Salaried Partner

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An individual signed a LLP agreement on 01.02.2006 indicating a share of profits/losses of 33.3333%.

The individual's tax return info. for earlier years includes forms P60 purporting to relate to their 'salaried employment' with the LLP albeit the P60s show the employers name as ??? Ltd.

I had assumed that no salaried employment would exist if a member of an LLP.

Do you think the client is confused or is it me?

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Mark Lee headshot 2023
By Mark Lee
06th Dec 2011 10:24

Probably the client and whoever advised them

Either they are a profit sharing member of the LLP or they are an employee of the LLP and receive payments through the payroll (which is what the existence of a P60 indicates).

BUT the payslips and P60 should show the name of the LLP not of a Limited Company.  NB: Companies House will not allow the registration of an LLP with the same name as a Limited Company. So which business name is on the P60 and payslips?

Mark

 

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