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ATTENTION - all businesses with turnover above the VAT threshold
The question of how to pay family members is perennially important. This area can be the subject of scrutiny by HMRC, and our article covers a recent tax case where the taxpayer made a number of critical errors jeopardising his claim for tax relief on payments made to his son. That the son had worked in the business was not in dispute. He had, in fact, been paid less than a market rate for his services. But the arrangements had not been rigorous in terms of record-keeping and this produced a negative result which could have been avoided.
Elsewhere in the newsletter, we consider a highly topical issue: Brexit. The UK’s departure from the EU on 29 March 2019 may usher in an era of change for business of a magnitude not experienced for some generations. Although there is much still to be determined at the negotiating table, it is important to consider now what impact Brexit will have on your business.
We also draw attention to the new and highly demanding data protection regime which takes effect from 25 May. The General Data Protection Regulation is a key piece of legislation which will have consequences for the vast majority of UK businesses.
In our other articles, we examine:
We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome your feedback.
06 Feb 2024
Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.
Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.
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