Unemployment On The Horizon

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Corpulent Tosser

Original Poster:

5,459 posts

245 months

Tuesday 22nd November 2016
quotequote all
DoubleTime said:
Whatever you do CT, please don't happen to mention you were an 'expat' during your career at any stage. Eric will have a stroke...
I will keep that to myself biggrin

Eric Mc

121,939 posts

265 months

Tuesday 22nd November 2016
quotequote all
miniman said:
He's an exceptionally insightful and helpful financial services professional, with an amusing penchant for weapons grade pedantry hehe
And the weapon is -


Eric Mc

121,939 posts

265 months

Tuesday 22nd November 2016
quotequote all
DoubleTime said:
Whatever you do CT, please don't happen to mention you were an 'expat' during your career at any stage. Eric will have a stroke...
I'm an ex-pat myself.

condor

8,837 posts

248 months

Tuesday 22nd November 2016
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Eric Mc said:
Nothing wrong with that. People in business cease trading all the time.
And when people cease trading they stop being self-employed and become unemployed. Or are you suggesting that doesn't happen Eric?
Peoples' businesses might have gone bust or person might have a serious injury that prevents them from working for themselves - what happens then?

I was under the impression that as long as you have paid your Self employed National Insurance contributions for a minimum of 2 years that you were then entitled to claim certain benefits based on your contributions.

Eric Mc

121,939 posts

265 months

Tuesday 22nd November 2016
quotequote all
The term "self-employed" is a misnomer. The correct terminology is "trading on one's own account".

HMRC created the term "self employment" in an effort to simplify matters at the time "Self Assessment" came in around the early 1990s. In particular, they decided to call what should have been the "Sole Trader Supplementary Pages" on the tax return the "Self Employed Supplementary Pages".

Before then, the expression most commonly used was "sole trader". And, indeed, all the underlying tax legislation regarding "sole traders" refers to "trading" rather than "self employment". The test that needs to be applied to an individual to ascertain whether they are "in employment" or "trading on their own account" is often referred to as "The Badges of Trade Test".

The expression "Self Employment" is even used, incorrectly, to describe directors of limited companies.

And, even if you want to label me as pedantic, these expressions have clear and distinct meaning sin both general law and tax law - and if an individual gets muddled as to their correct status regarding their work, it can prove very costly.

Eric Mc

121,939 posts

265 months

Tuesday 22nd November 2016
quotequote all
condor said:
I was under the impression that as long as you have paid your Self employed National Insurance contributions for a minimum of 2 years that you were then entitled to claim certain benefits based on your contributions.
ONLY in respect of your Class 2 payments. The class 4 NI you pay under Self Assessment gives you no benefits whatsoever - even though it is usually a far higher amount.

Terminator X

15,029 posts

204 months

Tuesday 22nd November 2016
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JFDI you've probably paid plenty in over the years.

TX.

Corpulent Tosser

Original Poster:

5,459 posts

245 months

Tuesday 22nd November 2016
quotequote all
Eric Mc said:
The expression "Self Employment" is even used, incorrectly, to describe directors of limited companies.

And, even if you want to label me as pedantic, these expressions have clear and distinct meaning sin both general law and tax law - and if an individual gets muddled as to their correct status regarding their work, it can prove very costly.
Those I know who are director of a limited company, including myself, describe themselves as an employee of that company.

I know you can be a director without being an employee, but most I know are employed by their company.

Eric Mc

121,939 posts

265 months

Tuesday 22nd November 2016
quotequote all
Corpulent Tosser said:
Those I know who are director of a limited company, including myself, describe themselves as an employee of that company.

I know you can be a director without being an employee, but most I know are employed by their company.
They'd better not run around saying that either or they will find themselves on the wrong side of the Auto-Enrolment legislation.

I tell you, it's a minefield out there.