LLP?

[craig1]

Don't most accountants and lawyers operate through LLPs? Surely they must be able to get a mortgage.

The Halifax explained this to me a few years ago when we were thinking about moving and applied for a mortgage in principle. They approved us because we could point to more than three years of full business accounts where they could see the P&L figure, also the members' list of the LLP was just us, the two mortgage applicants, meaning that all of the profit was attributable to only us. They were far sharper at working out genuine self-employed status against tax avoidance mechanisms than HMRC at their most efficient!

The alternative they said was us providing at least the last three years of tax returns to prove declared income.

[TheFaQQer]

And hope you don't need a mortgage - research this as a priority because many mortgage providers will only touch normal umbrellas and Ltds.

Don't most accountants and lawyers operate through LLPs? Surely they must be able to get a mortgage.

[cojak]

And hope you don't need a mortgage - research this as a priority because many mortgage providers will only touch normal umbrellas and Ltds.

[craig1]

Sorry for the delayed response to this thread, I was off on a 3 week holiday enjoying myself before my next contract starts

Here's a response I did last year to a very similar question. In a nutshell, laugh at anyone suggesting you join them in a LLP unless you can absolutely trust them with your entire financial future.

[bobspud]

Oh ok - probably explains why HMRC came up with HMRC proposes new tax rules for LLPs | AccountingWEB

Picking on the prefered Tax vehicle for most of the Large Corporate Law firms and Accountancy houses?



Nope nothing is going to go wrong with that at all... do HMRC pick their car crashes on purpose or is it mostly asleep at the wheel?

[LisaContractorUmbrella]

Can't recall exactly but it was something like a combination of a pre paid expenses card and drawings as a member of a partnership. Seemed complicated at the time and didn't really understand it properly.

....and your NI was Class 2 and or 4

Oh ok - probably explains why HMRC came up with HMRC proposes new tax rules for LLPs | AccountingWEB

[Sausage Surprise]

How did they reckon that they could net you 80%+ take home if you don't mind me asking?

Can't recall exactly but it was something like a combination of a pre paid expenses card and drawings as a member of a partnership. Seemed complicated at the time and didn't really understand it properly.

....and your NI was Class 2 and or 4

[LisaContractorUmbrella]

Rousseau International? I was tempted about 4 months ago but decided to stay limited. Seems legit (for the time being) though.

How did they reckon that they could net you 80%+ take home if you don't mind me asking?

[eek]

I have spoken to a company recently and they have advised joining an LLP. Does anyone have any backgroupd to LLP's?

Pros & cons etc

Read http://forums.contractoruk.com/accou...ml#post1355468

[northernladuk]

Some interesting reading on LLP

Contractors' Questions: Which LLP users will be deemed as employees? :: Contractor UK

Another thread about LLP and Rousseau. There are quite a few so try searching further.

http://forums.contractoruk.com/accou...rella-llp.html

More Rousseau and LLP..

LLP and IT Contractors - MoneySavingExpert.com Forums

[Sausage Surprise]

Rousseau International? I was tempted about 4 months ago but decided to stay limited. Seems legit (for the time being) though.

[Contract]

I have spoken to a company recently and they have advised joining an LLP. Does anyone have any backgroupd to LLP's?

Pros & cons etc