New tax rules will impact Lancashire's professional firms

Professional firms in Lancashire are being urged to review the way they reward their staff after the government announced new rules aimed at reducing lost tax revenue.

The rules will have an impact on professional firms, such as law, architecture and other property consulting businesses as many are set up as LLPs and use such management structures.

“This leads to a loss of tax for HMRC as the LLP and salaried member do not need to account for employer and employee national insurance contributions on the reward package.”