Mr K is 57 years old and owns a financial services company (N Ltd) which employs four other people. 50% of the shares are owned by him and 50% by his wife, the company secretary. Mr K is also a partner in a professional services firm from which he derives most of his taxable income and where he spends most of his working time. As this income has been sufficient, he had not drawn any salary from N Ltd until recently. For the last two years he has been drawing a salary of about £5,000 p.a.
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