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fixed share partner-how register with HMRC

2 replies

Grinstead · 16/03/2015 10:55

I am fixed share partner in LLP so I receive a fixed amount as my share of profits (really it's a salary), I receive it gross and need to then pay tax and sort out NICs.
I am trying to register with HMRC re tax but not sure if I should register as self-employed sole trader? Anyone else in same situation?

OP posts:
netballcrazy · 29/03/2015 12:26

You need to speak to HMRC as they have closed this loophole to save your "employer" NIC. Likely that you will be classed as employed and your tax should be deducted monthly via PAYE.

There is an online questionnaire that can give you an indicative answer to whether you are truly self-employed or an employee on the HMRC website. Just google "HMRC self-employed or employee" and you should be able to find it.

The rules are tricky and can be a minefield to get right.

TalkinPeace · 30/03/2015 22:14

surely your practice manager will sort this out for you?

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