Employee or self employed
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james1935
Posts: 5 Forumite
My wife and I are directors of our own Limited company and do not employ any other staff. In the eyes of the revenue I would consider myself an employee of the company rather than be classed as self-employed is this the correct assumption?? would appreciate any input.
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its complicated as its your working practises that the revenue take into account. but as you are a director of your own ltd company and dont employ any one else i would consider you to be self employed, but your working practises need to back that up.Debt free 3 years early :j
Savings for house deposit - very healthy
Cash back earnt so far £14.570 -
You are an employee of YourCo Limited. You will be paying Class 1 NICs and recieve a payslip and P60 from YourCo.
A Director is an Office Holder which is a position that can be held without remuneration.
If you're asking for a specific reason let me know but it shouldn't have any effect.0 -
Thanks for the replies
Epiphone yes there is reason for asking as i am just completing my tax credit declaration and it asks you to enter your profit if you are sel-employed - i do make very small profits from my Ltd company which i have already paid corpartion tax on.0 -
Self assessment? Do you have an accountant or doing it yourself?0
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I do my own self assessment return but use an accountant for my business0
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You need to declare what you have drawn from the company in the form of salary, the same as for any other employee. The income of the company is not yours, its the company's until it is voted to you.£705,000 raised by client groups in the past 18 mths :beer:0
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Thanks fengirl that’s what I thought as the company is a separate entity to the employee or director and any money in the companies bank account belongs to the company and not to a director unless it is drawn in the form of a dividend or salary - thanks again
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debtfreein4years wrote: »its complicated as its your working practises that the revenue take into account. but as you are a director of your own ltd company and dont employ any one else i would consider you to be self employed, but your working practises need to back that up.
I hate to sound rude but if you're not 100% sure the advice you're giving is correct, refrain from giving it. I know it's nice to help but it's not half confusing for the OP to get replies giving both answers.0
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