Self Employed - Too big a risk?

masonsmum

My partner is a carpenter/joiner and has worked with the same firm for 9 years. Over the past couple of years things have been quite grim with lack of work and basically he is unhappy with the company he works for. he had a lot of unpaid time off earlier in the year and although there were a few contracts over the summer it has dried up again.

My brother in law has started up his own firm last year and it seems to be going from strength to strength - they have been awarded a good few contracts with a lot of work on the go and he has asked my partner to come on board but on a self employed basis.

My partner seems quite keen but I am very very apprehensive about him walking away from a books in PAYE paid position to self employed.

Can anyone offer any advice - good or bad?

Thanks in advance.

notanewuser

masonsmum wrote: »

My partner is a carpenter/joiner and has worked with the same firm for 9 years. Over the past couple of years things have been quite grim with lack of work and basically he is unhappy with the company he works for. he had a lot of unpaid time off earlier in the year and although there were a few contracts over the summer it has dried up again.

My brother in law has started up his own firm last year and it seems to be going from strength to strength - they have been awarded a good few contracts with a lot of work on the go and he has asked my partner to come on board but on a self employed basis.

My partner seems quite keen but I am very very apprehensive about him walking away from a books in PAYE paid position to self employed.

Can anyone offer any advice - good or bad?

Thanks in advance.

It's not up to your BIL or your partner whether he's self employed - that's up to HMRC and it depends entirely on the arrangements. Would your partner be supplying his own tools? Would he be free to turn work down?

masonsmum

He already supplies his own tools even though he is employed through a company. Im not entirely sure how self employed works so thats why I was looking for more information??

notanewuser

masonsmum wrote: »

He already supplies his own tools even though he is employed through a company. Im not entirely sure how self employed works so thats why I was looking for more information??

http://www.hmrc.gov.uk/calcs/esi.htm