Benefits and Drawbacks of Self-Employment
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For Employers:
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Advantages:
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No need to pay Employers National Insurance Contributions.
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No obligation for holiday pay, sickness pay, or other benefits.
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Flexibility to hire when needed without commitment to continuous employment.
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Disadvantages:
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The self-employed person may not always be available for work when needed.
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For Self-Employed Individuals:
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Advantages:
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Potentially higher earnings compared to being an employee.
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Delayed tax payments.
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Ability to claim more expenses against income.
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Freedom to seek work from multiple sources.
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Disadvantages:
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No pay when sick or during days off.
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Need for public liability insurance.
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Requirement to maintain detailed records and manage tax returns.
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Some Common Industries for Self-Employment
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Construction Industry
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Information Technology
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Determining Employment Status
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Factors and Legal Considerations:
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Employment status is not solely based on mutual agreement; it is determined by the actual nature of the working relationship.
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HMRC may disregard contractual terms if the practical relationship indicates an employer-employee relationship.
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Several court decisions guide employment status determination, but individual circumstances can vary widely.
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HMRC’s Preference and Compliance Checks
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HMRC generally prefers individuals to be employees due to the streamlined tax and NIC collection under PAYE.
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During tax investigations, particularly PAYE investigations, HMRC scrutinizes whether individuals treated as self-employed should be employees.
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How We Can Help
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Expertise in Employment Status Reviews
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Determining the correct employment status involves evaluating numerous factors without a single decisive criterion.
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Incorrect treatment of self-employed individuals as employees can result in substantial back taxes and NIC liabilities.
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Representation and Negotiation
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Our specialist tax team, experienced in handling HMRC’s Status Inspectors, can:
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Conduct thorough reviews of your business’s employment arrangements.
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Present well-founded counter-arguments where appropriate.
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Negotiate with HMRC to establish the correct employment status of individuals.
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Minimize potential tax liabilities and penalties.
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Proactive and Reactive Support
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If you want to proactively review the employment status of individuals or if HMRC has already raised challenges, here are our Tax offers:
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Free, confidential, no-obligation discussions.
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An initial free-of-charge meeting for prospective clients.
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If HMRC is challenging your treatment of self-employed individuals or you wish to review the employment status of individuals engaged by your business, contact us for expert assistance and representation.