HMRC updates on salaried member rules for LLPs

The salaried member rules for limited liability partnerships (LLPs) have been in place since 2014. 10 years on, in February this year, HMRC updated its guidance in this area ā€“ without explaining what had prompted the changes.

In this episode, Jamie Lane is joined by Mike Hodges, a tax partner based in our Manchester office.

Jamie and Mike provide an overview of the current situation and the rules surrounding members of LLPs, before examining these changes and what they mean for members moving forward.

For further insight from Mike, read his article on this topic: HMRCā€™s changes to salaried member rules for LLPs

Please note, we are waiting on further clarification from HMRC on some of the elements of its guidance.