Am I self-employed or employed?

edited 30 November -1 at 1:00AM in Credit File & Ratings
6 replies 971 views
StokeStoke Forumite
3.2K Posts
✭✭✭✭
edited 30 November -1 at 1:00AM in Credit File & Ratings
Hello,

So I have a little, but potentially quite a unique little problem. I am considering applying for finance on a piece of audio equipment. No particular reason other than its interest free. I could pay for it all now, but..... why? They want to know my employment status. Am I employed or self employed?

My employment situation is kind of odd: I am a full-time employee of a company that pay me a salary. Nice and simple. On the side, I also do a specialised form of contracting twice a week, for which I invoice the company.

The complicating thing, is the contracting actually pays significantly more than my full-time job, even though it's just a part-time thing. That's down to circumstances mainly, but it means that my 'little bit on the side' is in reality my primary source of income when all is weighed up.

Am I technically self employed or a permanent employee or another company? I can't really work it out.

And no, I'm not a drug dealer..... why the hell do I keep getting asked that when I explain my situation to people :rotfl:

Replies

  • Go with employed...much easier.
  • TallaghtTallaght Forumite
    1.6K Posts
    Seventh Anniversary 1,000 Posts Combo Breaker
    ✭✭✭
    Are you a DJ ? :)
  • National_DebtlineNational_Debtline Organisation Representatives - Private Messages may not be monitored
    8K Posts
    ✭✭✭✭
    Hi Stoke,


    If you are required to do your own tax return for the contract work, then you are self employed, and work as a full time PAYE. You should ensure that you declare the correct information on the application form, otherwise you could be accused of obtaining the finance fraudulently.


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • StokeStoke Forumite
    3.2K Posts
    ✭✭✭✭
    Tallaght wrote: »
    Are you a DJ ? :)

    Actually no, but incidentally that's a great way to earn good money on the side. I know someone who does it.
    Hi Stoke,


    If you are required to do your own tax return for the contract work, then you are self employed, and work as a full time PAYE. You should ensure that you declare the correct information on the application form, otherwise you could be accused of obtaining the finance fraudulently.


    Laura
    @natdebtline
    There is only Self employed or Full-time. I don't have the two options combined. Obvious if the contracting work ends, i go back to being a standard full-time employee so does that help?
  • sparkey1sparkey1 Forumite
    444 Posts
    ✭✭
    Declare full time income at the correct full time salary, as you can prove that via pay statements.

    If you have an option to record additional income in an additional income box, do that. Explain that is for additional contracting work if it gives you the option to state where it comes from.

    Dont merge the two forms of income.

    If you get refused, so be it. As you have said, you can afford it anyway.
  • StokeStoke Forumite
    3.2K Posts
    ✭✭✭✭
    I ended up just buying it cash in the end. Was too bloody complicated explaining my employment circumstances to them.
This discussion has been closed.
Latest MSE News and Guides

Students - apply for uni funding NOW

If you plan to get a place via 'clearing'

MSE News

A guide to council tax bands

Lower your band & save £1,000s

MSE Guides