The white-collar tax revolt: ‘Reeves will take more than we keep’

Joanne McIvor was featured in The Times on Saturday, speaking about being a Partner, in light of the Chancellor’s plans to add national insurance to the tax bills of limited liability partnerships in November’s Budget.

From the moment Joanne McIvor become a partner at Edwin Coe, she felt a sense of duty towards the 110-year-old law firm. “You feel you’re a custodian of something, which is quite a responsibility,” she said.

For ambitious white-collar professionals across Britain, being made a partner — whether in law, accounting or consulting — is still seen as the benchmark of success. Getting there is no small feat. In some cases, especially in larger businesses, it can require waging a draining, Machiavellian campaign with no guarantee of victory…

…LLPs are in the line of fire even though they were not specifically designed for tax purposes, but to try to take some of the risk out of going into business. Their members are in effect sole traders who have clubbed together. Those who understand how they operate argue that they cannot be compared to companies as their members have paid up to join the LLP, often by borrowing money to participate. “Our capital is at risk at the end of the day and we are reinvesting it into the business,” said McIvor at Edwin Coe…

You can read the full article on The Times’ website (subscription required)