Determining your employment status is often more challenging than you might originally anticipate. We are on hand to assist you in determining your employment status.
Employees are taxed under the Pay as You Earn (PAYE) system, whilst the self-employed are taxed under self-assessment. If a worker is an employee, the employer is required to pay Class 1 national insurance contributions (NICs). The employer also assumes responsibility for paying Statutory Sick Pay, Statutory Maternity Pay and Adoption Pay. Self-employed individuals must also pay specific NICs.
SBM & Co can help you to determine your employment status, and minimise your tax liability.
Please get in touch with us for more information.