Are you a Company Director or Self-Employed?
Ross Brinsdon (TLA) • April 1, 2020
TLA have received many calls from clients who are confused whether they are classed as being Self-Employed or a Company Director per HMRC; the easy answer is as follows:
• If you operate your business using a limited company you are a
director of an owner managed limited company and therefor you are a company director
and not self-employed
•If you run a sole trade or are a partner in a business you are
classed as self-employed
as
your effectively work for your, per the HMRC guidelines > please visit this
HMRC link for more information https://www.gov.uk/working-for-yourself
Please also note that the term “Freelance” or “Freelancer” is neither of the above, it is the actual business vehicle that you trade under that determines whether you a company director or self-employed.
Now that you've established if your a company director you should also be aware of your duties responsibilities to Companies House & HMRC; the links below will provide more information:
Now that you've established if your a company director you should also be aware of your duties responsibilities to Companies House & HMRC; the links below will provide more information:
If you’re part of a working household that receives tax credits, you may be eligible for a new one-off payment of £500. The new payment is being introduced to provide extra support when the temporary increase in Working Tax Credit ends as planned on 5 April 2021. You may get a one-off, tax-free payment of £500 if, on 2 March 2021, you were getting either: Working Tax Credit Child Tax Credit and were eligible for Working Tax Credit but you did not get a payment because your income is too high to get Working Tax Credit payments You do not need to contact HMRC or apply for the payment. HMRC will contact you by text message or letter in April 2021 to confirm you are eligible. If you are eligible, you should get your payment direct to your bank account by 23 April 2021. HMRC have confirmed that you will not see the payment on the online tax credit service. The payment is non-taxable and will not affect your benefits. You do not need to declare it as income for Self-Assessment tax returns or for tax credit claims and renewals.
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