Dear Sir,
There is a question from past exam papers (TX UK Mar Jun 21 sample) number 1 from section C about Paul who is a managing director and 100% shareholder in the company and he is deciding whether to cease trading and start his own business. I do not understand why the examiner in the solution of the question when calculation income tax payable does not apply personal allowance. Could you please help me with this question?
Thank You
Ana