Limited Liability Partnerships

Taxblogger is seeing Limited Liability Partnerships (LLPs) becoming more and more popular. Some notable tax advantages over Limited Companies exist:

- no company car tax bills;
- no employers national insurance payable;
- less tax to pay when you buy into one;
- you still benefit from limited liability (as for companies).

We think LLPs are only going to become more popular given that from April 2006 the nil rate band for companies (first £10,000 of profit) is being abolished thus taking away another tax benefit of limited companies.

For the official low down on LLPs see the Companies House website.