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♥The♥ Bearded Cheerleader | Should i be self employed or an employed? |
My boss has offered me to go self employed. I thought hell yeah! I get £300 aweek for 2 days work as i sort out his kitchen. What would the difference in pay be?
If i was self employed would i have more money after deductions or would i make just the same as being employed and have less paperwork. I could really do with extra money at the moment as i have lots of expenses. I really want to do it all properly and be legit and not get into any trouble with the Tax office. If you have any links where i could tell me how to calculate or you could calculate for me. I make £300 a week. Everyweek. Thanks for your help and interest in my question. Its just i can find lots of information about my topic i just can get the answer. |
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failte1950
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Please consult an accountant before you make any decision.
You have a lot of overheads when self employed, you have to pay you National Insurance stamp every week, put money away for the Tax Man, etc, its to big an issue to decide without getting good advice from one who knows. Seek Legal Advice, and whatever the outcome I wish you luck |
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suerye
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Your boss cannot 'offer you to go self employed'!
You are either his employee or not. If you are working at his premises at times dictated by him and at a rate of pay set by him, can make a loss and cannot send anyone else to do the work, then you are probably not self employed. Many employers try and make people self employed to avoid paying employers NIC and having insurance cover.
I would explore the legitimacy of this situation before you go further. Contact HMRC. |
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squigglekit
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It might be worthwhile to go self employed if you currently have overheads that can be claimed as allowable business expenses. http://www.hmrc.gov.uk/helpsheets/ir222.pdf
It might be worthwhile talking to an accountant.
Then again your employment contract with your boss would end and you wouldn't have employee rights. What kind of contract would you have if he contracted your services? |
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Julia H
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The Tax Office is just the place to go. Phone up and book appointment. They are very helpful and will give you booklets etc. You aren't obliged to go self employed, even after speaking to them. |
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Col. Hannibal Smith
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If you are concernced, contact HM Revenue & Customs first to seek advice. Ultimately however, the decision as to which status you are engaged under is decided by the 'engager' as they are referred to.
If your boss says he will take you on but only in a self employed capacity, it's his call. Long term, if an investigation is carried out into the business and it transpires he was incorrect to take you on self employed, HE is the one liable to pay arrears of tax and NI, not you. The downside though, is that self employment could result in lower NI payments which is to the detriment of your state pension, and you may not have sufficient NI stamps to claim benefits, such as Jobseekers Allowance should you ever need to. Always bear this in mind before blindly accepting self employed status. |
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Paul S
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yeah if you were self employed you would have a lot more money, as you would only pay £8.80 national insurance a month instead of £95 for a start so thats £86 more in ya pocket.
only prob tho is you would have to register as self employed by printing and filling out a CWF1 form on the www.hmrc.gov.uk website (just put "CWF1" in their search bar.) and then setup a direct debit to pay the national insurance over. then you need to work out your gross income and deduct any expenses to get to a taxable profit figure for tax purposes.
however, you would end up with more money in your pocket as your tax bill will be lower because you can offset all the expenses that relate to you doing your job their such as travel too and from place of work, so if you use a car, you can have a business use percentage of all fuel, car tax, insurance and repairs, you could also claim for any clothing you have to buy in order to do the job. and anything else in relation to the work you do.
you cant really work out an exact figure but im sure it could be in the region of £120 a month better off at least but it all depends on your expenses. normaly you would pay £168 a month tax and £95 NI but you save £86 from the drop in NI and then would save 22% of any expense you claim for.
the only problem i can foresee is whether in the eyes of the the tax man you would be classed as self employed or employed. now as you say you are sorting out his kitchen, it seems to me you are in there on a consultancy basis, now if you were to class yourself as a kitchen consultant or something similar and draw up a contract to that effect and state the days you will work and the amount you are to be paid, i dont think the tax man will have a leg to stand one. but the contract has to come from you and your boss has to agree to it. this way it gives you the control over when and how long your work in anyone week.
the only other problem is if you work over 6 months in one place with out any other consultancy work, this may go against you in the eyes of the tax man. so would be best to get another job for 1 or 2 of the other 3 days left in a working week. just to cover yourself. |
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nicolabuddah
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why talk to an accountant when someone in the tax office will advise you for free ? go to your nearest enquiry centre |
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Onestep downfrom God
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Well, Nicolabu, here's why you don't talk to HMRC.
The first question you must ask is not, will I be better off, but CAN I be self employed. It's not up to your "boss" as to whether or not you qualify as a self employed person. In many cases, it's up to the attitude of HMRC.
Are you genuinely self employed or are you going to work for the same firm all the time, taking instructions from your boss? Will you seek out new customers, advertise, take a financial risk in running the business.
If the former, then HMRC will not accept that you are self employed and can reclassify you as an employee, with tax consequences for you and your employer.
Talk to an accountant before you take this step. |
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