Valuable tax breaks are available for fixtures in commercial properties but the way you need to handle property transactions will be very different when the rules change in April. If you are involved with buying, selling or refurbishing commercial properties you can make substantial tax savings through capital allowances.
The Government is pressing ahead with changes which will see some members being treated as if they were employees for tax purposes and their rewards subject to PAYE. The most significant impact will be the imposition of employer’s Class 1 NICs at 13.8%. All LLPs and their members need to assess how these new rules will affect their position before their introduction on 6 April 2014 and take action where possible to improve their position.