Many accounting firms are likely to see their profits decline and some may even go bust when new tax rules for limited liability partnerships (LLPs) start in April, an expert has predicted.
The warning comes after HMRC published final guidelines for the legislation after a review. The new rules are intended to stop partners pretending that they are self employed to avoid tax.
Some avoidance schemes that were closed down in recent years involved misuse of partnership rules, HMRC has said.
After lobbying from accountants...
Please Login or Register to read the full article
The full article is available to registered AccountingWEB.co.uk members only. To read the rest of this article you’ll need to login or register. Registration is FREE and allows you to view all content, ask questions, comment and much more.