Rachel Reeves plotting huge £2bn tax raid on people working in these jobs – check yours

Chancellor Rachel Reeves is planning a significant tax increase on professionals working through limited liability partnerships (LLPs). This move aims to raise approximately £2 billion by closing a loophole in National Insurance contributions (NICs). Currently, many LLP partners are treated as self-employed, meaning their firms do not pay employer NICs on their behalf. The government views this as a tax inequity compared to traditional employees. This proposed change is expected to impact over 190,000 professionals, particularly in sectors like law, accounting, and some medical practices. For instance, a senior solicitor earning around £316,000 annually through an LLP could face an additional tax bill of roughly £23,000. The measure is part of efforts to address a substantial fiscal gap, with public borrowing currently at high levels. Reeves has stated that those with the greatest means should contribute more to public finances. Critics warn that this tax raid could n... download the app to read more