Let’s start with the good news.The private sector continues to create over 590,000 extra jobs over the last year and growth in the normal economy (excluding Oil, London Bankers, and the public sector) is relatively healthy. However.. those three sectors are rather large!
The Oil industry and City of London pay a high percentage of our taxes, so the government is still borrowing more money than is prudent; it’s trying to stimulate growth with novel and unconventional policies, nervous times!
Limited Liability Partnerships
Limited liability partnerships are very fashionable in accountancy circles. They are really good because they give loads of flexibility in allocating profits between partners, for commercial reasons….and on occasion for tax planning reasons. The Revenue have noticed that they’re increasingly being used to help people avoid national insurance through what they describe as ‘disguised remuneration’. They announced in the budget that they will review this. So what do we do? We’ll keep ourselves, and our clients, up to date on the latest, but I’d have thought that as long as there are good commercial reasons behind your arrangements you’re unlikely to be disadvantaged.
The answers will determine if you get a formal visit. We have taken out insurance to ensure you don’t suffer extra cost as a result of this work.
An Uncertain Time
Our advice remains consistent, keep your investments balanced and keep an eye on rising inflation.
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