A key feature of UK employment law is that all employees must be paid at least the National Minimum Wage (NMW), or where relevant, the National Living Wage (NLW). See our National minimum wage 鈥� overview guidance note for more. Employers must pay people who do work for them at least the NMW / NLW if they are a 鈥榳orker鈥� for NMW / NLW purposes and a specific exemption does not apply to them. Workers are those essentially engaged under a contract of service rather than a contract of apprenticeship or director鈥檚 service agreement (although, it is possible for a director to have a contract of employment and a service agreement running in parallel meaning they are covered by the NMW / NLW).
Failure to comply with the NMW / NLW can not only lead to enforcement orders to compensate the workers for the wage they should have been paid but also penalties and even criminal sanctions including fines to the employer.
Further guidance on who is and is not covered
Taxation of loan relationshipsThe vast majority of companies will have loan relationships and so will need to consider how they are taxed under the loan relationship rules. There are also specific provisions dealing with relevant non-lending relationships and other deemed loan relationships.
Corporate interest restriction 鈥� administrative aspectsThe corporate interest restriction (CIR) regime has some specific administrative rules in addition to the general administrative requirements for corporation tax returns. This guidance note does not include commentary on provisions that are
VAT registration 鈥� change of VAT registration detailsVAT registered persons must keep their VAT registration details up to date and notify HMRC of any changes. Failure to notify HMRC by the relevant time could result in a penalty. For guidance regarding penalties for failure to notify please see the