Read eBook Tax Planning With LLP's: 2014/2015 By Mr L Hadnum – Schematicwiringdiagram.co

Limited liability partnerships LLP were introduced inand offer a cross between a partnership and company structure An LLP is simply a partnership, which provides the partners with the benefits of limited liability thus ring fencing their personal assets from any potential business creditors Although in general law a LLP is regarded as a body corporate and is like a company, for tax purposes a LLP is normally treated as a partnership Therefore an LLP will normally be regarded as transparent for tax purposes and each member partner will be assessed to tax on their share of the LLP s income or gains as if they were members of a normal partnership If a LLP carries on a trade each registered partner is taxable on the income they derive from the LLP as trading income This is a crucial difference from being a shareholder in a company A company shareholder is regarded as a separate entity for both legal and tax purposes An LLP however is a separate legal entity purely in legal terms What is in this bookIn this book we look atwhat an LLP is and how it is taxed how you can take advantage of this to reduce your UK taxes what you need to know about LLP s ten reasons why you should trade via a UK LLP how to use a corporate partner to reduce tax how LLP s can be used to reduce corporation tax trading in the UK with a UK company LLP and how to minimise tax using an LLP to maximise Entrepreneurs Relief and reduce capital gains taxchanges to the tax treatment of LLP s


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