Self Employed. implications ?

[EternalOptimist]

My son has been told he will be moving from employed to self employed status.
(he is in the temporary structure erection business)

what are the implications ? tax, benefits , liabilities, benefits ?


sensible answers only please

tia

[eek]

My son has been told he will be moving from employed to self employed status.
(he is in the temporary structure erection business)

what are the implications ? tax, benefits , liabilities, benefits ?


sensible answers only please

tia

He's going to be worse off unless he is very careful... It may be worth PM'ing Lisa (ContractingUmbrella) and asking her advice...

[MicrosoftBob]

Read up on CIS certificates, they'll probably end up wanting to use an accountant

[mudskipper]

ms#3 keeps saying he wants to go self employed. Given that I struggle to get £40 a week housekeeping off him, I don't have a great deal of confidence in his ability to manage his finances. Really depends on the person - do they have the discipline to set aside the tax etc. A bit like running a limited, but probably with a lot less money than we're used to enjoying.

[Platypus]

Agree with MS - watch the tax set-aside.

But minimal NI to pay 😀

[DaveB]

My son has been told he will be moving from employed to self employed status.
(he is in the temporary structure erection business)

what are the implications ? tax, benefits , liabilities, benefits ?


sensible answers only please

tia

He'll loose all his employment benefits such as sick pay, holiday pay etc. Tax will become solely his responsibility and his liability. He could end up losing his NI contributions which will affect his pension down the line ( Yes, I know, It's all conjecture as far as state pensions go but as of now that is the case).

If he can get some free advice on employment law it's probably worth it as it may be that his current employers are trying to pull a fast one and can't actually force him down that route. If they want to give him a P45 on Friday and then turn up to do the same job on Monday as self employed then they are sailing very close to the wind if not actually breaking the law.

[tarbera]

(he is in the temporary structure erection business)

benefits ?


sensible answers only please

tia

There are many benefits to being a porn star

[Halo Jones]

(he is in the temporary structure erection business)

Please tell me you are not talking scaffolding?

[EternalOptimist]

Please tell me you are not talking scaffolding?

lol, no, multi storey marquees that look like office blocks