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Business is Busy-Ness

Andrew Loan considers HMRC v Salaried Persons Personal Loans Ltd
The question of whether a person is 'carrying on a business' can have significant tax implications. For example a limited liability partnership will be transparent for the purposes of tax on income and capital gains while it carries on a business;1 an individual will be liable to pay Class 2 and Class 4 National Insurance contributions on income from a 'gainful employment' other than as an employee which will almost certainly be the case if the individual is carrying on a business;2 whether goods or services are supplied in the course or furtherance of a business has a direct bearing on a person's obligation to...

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