I have been looking at the further guidance from HMRC and also directly at the legislation, and there is a scenario that I cannot find an answer to - any assistance the group can offer would me much appreciated.
If a director/main shareholder of a company also has a separate sole trade, or is a partner in a partnership, can both the company and the sole trade/partnership claim the allowance?
I have a couple of clients who fall into this situation, but I would illustrate the more complicated one as follows:-
COMPANY has directors A, B and C who all own shares in equal number
PARTNERSHIP 1 is owned equally by A and B
PARTNERSHIP 2 is owned equally by A and C
Can all 3 claim the £2,000? The 3 entities carry on similar trades and all have PAYE schemes. The entities are well-established, so it's not as though we've manipulated the structure at all hoping to get in an extra £2k.