Sleeping and inactive limited partners...

[LisaContractorUmbrella]

....will now be liable to pay NIC's http://www.hmrc.gov.uk/news/sps-lps-announce.pdf

[Maslins]

Sounds a little bit April foolsy to me...

Bottom of page 1, does this mean the company is exempt until it reaches 16 years old?

I know a lot of Ltd Co owners already get confused, thinking they're self employed when legally they're not. Looks like this add even more confusion (albeit that most contractors it won't impact at all).

[LisaContractorUmbrella]

April fool's joke assumes a sense of humour and this has come direct from HMR&C so highly unlikely

[SueEllen]

How does this effect limited companies which most of us run on this board?

Few of us run partnerships simply because agencies don't except them, you pay more tax and you need a trusted partner.

[Maslins]

How does this effect limited companies which most of us run on this board?

It doesn't impact you (or any other "normal" Ltd Co contractors) at all.

[northernladuk]

How does this effect limited companies which most of us run on this board?

Few of us run partnerships simply because agencies don't except them, you pay more tax and you need a trusted partner.

If you have sleeping/inactive partners it does, if you don't, it doesn't...

Who says I am never helpful.