Reeves considering tax hike for lawyers and accountants

Chancellor Rachel Reeves is considering introducing a tax hike for lawyers, accountants, and doctors who use limited liability partnerships, aiming to make the tax system fairer. Reeves is expected to announce tax changes in the upcoming Budget following challenging economic forecasts and welfare cut reversals. The proposal to extend employers' National Insurance to partnerships, including LLPs, could impact high earners and generate an estimated £2bn annually, but may also face challenges in enforcement and potential tax evasion.