The question as to whether someone is employed or self employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but this is not the case. The cost if you get it wrong is enormous. Not only is there the question of employees and employers national insurance, being classified as an employee also gives rise to all sorts of employment rights such as holiday pay, maternity pay, unfair dismissal etc. The decision has to be made by the employer and if you get it wrong it is going to be very hard to recover the back tax, interest, penalties etc from the worker.
We can review your existing arrangements and give you our opinion on whether it will stand up to attack from the Taxman. We can help advise on contracts for services to assist you and advise on how you can maximise your chances. Tailored wealth succession planning enables a smooth transition to the next generation as well as minimising tax liabilities.
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