There are a number of tax and legal differences to be aware of when your employment status changes from employee to Partner. For tax purposes, as a Partner within a partnership, you are seen as a self-employed individual in the eyes of HMRC, this can have a significant impact on how you are taxed and when you are taxed, alongside future potential cash flow implications.
What you need to know - download guide here.
How A&M Taxand can help?
Our Private Client Services team provides clients with an integrated solution to deliver proactive advice on all planning, cash flow and compliance issues, saving time and allowing partners to make informed choices. The team is also US/UK dual tax-qualified, so can also assist with taxpayers who have a US connection to their taxes and layer on US tax advice or compliance. A&M Taxand has extensive expertise in all UK, US and international tax through the global firm, and the Taxand network, which covers many other jurisdictions.
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