AMID CONCERNS that the profession may have to go cap-in-hand to partners for extra capital, that succession planning may be impeded and capital reserves could be “decimated”, government guidance on the direction of travel on the taxation of LLPs has been eagerly anticipated.
The date of 17 February was widely mooted as the day such guidance would arrive, and yet here we are on 18 February none the wiser.
One theory doing the rounds is the loud shrieking from professional services has been shrill enough to genuinely affect the consultation – something many had taken to be lip service – while others suggest the government had simply meant the guidance would arrive sometime this week.
Either way, it’s not gone unnoticed, and with the changes due to take effect from April, it can’t be published soon enough.
Companies must report on their complex financial structures including offshore accounts and notify HMRC
An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans
The mornings after the night that was the British Accountancy Awards; and Andrew Tyrie's latest thoughts on Making Tax Digital timing
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018