Contractor under Ltd company: self employed or full time?

[CryingSheep]

Not sure if this was answer in other threads, but couldn't find a clear answer:

When working as a contractor under a ltd company where we are the director and only employee, are we self employed or a full time employee of our own company?

I can think of good arguments to defend both. Does anyone ever thought on this and have a final clear answer?

[northernladuk]

You are not an employee of your LTD. You do not have a contract of employment. If you were you would have to adhere to certain legislation, most notably National Minimum wage so would have to up the pay to yourself to meet it.

Not sure why you can't find a clear answer. 10 seconds on google finds plenty of threads discussing it and giving an answer. Maybe it's not very inneresting or connection is a little dodgy in Wales.Ones like..

Employment status: Self-employed and contractor - GOV.UK

HTH
Crying Northern bloke.

[CryingSheep]

You are not an employee of your LTD. You do not have a contract of employment. If you were you would have to adhere to certain legislation, most notably National Minimum wage so would have to up the pay to yourself to meet it.

HTH
Crying Northern bloke.

Who told you I'm paying less than National Minimum Wage?

But makes sense... thanks!

[wattaj]

You are not an employee of your LTD. You do not have a contract of employment. If you were you would have to adhere to certain legislation, most notably National Minimum wage so would have to up the pay to yourself to meet it.

Isn't it more correct to say that directors are officers of the company and that they can have employment contracts, but they are not required to do so?

As you say, a director is not subject to NMW unless they have an employment contract.

[northernladuk]

Isn't it more correct to say that directors are officers of the company and that they can have employment contracts, but they are not required to do so?

As you say, a director is not subject to NMW unless they have an employment contract.

That is absolutely correct but I was answering the OPs direct question and the fact he doesn't know means he's never had or needed a contract of employment. It's a fairly standard question we get on here from people that don't understand their business.

Your post goes further and explains the theory so yes, deffo worth mentioning.