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WHAT’S MISSING? By: Caroline

I carried out an interesting Finance Function Assessment recently and decided to focus the report on what was not there.

The report found seven key controls were missing which included a lack of documentation around dividends. Many business owners extract profit using dividends as part of their tax planning, and I’ll be writing a series of posts on this topic, but don’t realise they lead themselves open to attack.  If the revenue investigate you and find that the peperwork is incomplete they can seek to reclassify divdends and salary.

The impact for this business on just one weakness would be the best part of a quarter of millions pounds of tax plus interest and penalties.

Are you sure all your paperwork is in place to resist a challenge?

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