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NI requirement
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RichardW



Joined: 24 Aug 2006
Posts: 8433
Location: Llyn Peninsular North Wales
PostPosted: Mon Jun 02, 14 1:20 pm    Post subject:  Reply with quote    

How will doing this affect his finances & possible educational costs?

Nick



Joined: 02 Nov 2004
Posts: 34027
Location: Hereford
PostPosted: Mon Jun 02, 14 1:43 pm    Post subject: Reply with quote    

RichardW wrote:
How will doing this affect his finances & possible educational costs?


He currently has no finances really. And I pay his school fees.

What sort of thing do you mean?

Nick



Joined: 02 Nov 2004
Posts: 34027
Location: Hereford
PostPosted: Mon Jun 02, 14 1:46 pm    Post subject: Reply with quote    

john of wessex wrote:
My brother employs his wife in his business.

Its the sort of arrangement that HMRC look at very hard

So I'd say be very careful

You could transfer the property to a trust so your son can have the income but not access to the capital.

I would be inclined to make it a discretionary trust in case he needs to claim a means tested benefit


They can look, but, tbh we are talking about less than five grand a year. If all he did was cut the grass and cleaned between tenants he would be under paid.

Chez



Joined: 13 Aug 2006
Posts: 35907
Location: The Hive of the Uberbee, Quantock Hills, Somerset
PostPosted: Mon Jun 02, 14 2:12 pm    Post subject: Reply with quote    

Nick wrote:
We don't have an accountant. My life is very simple. Mostly I'm paye plus rental income an the tax return is simple. Just wondered if I'm missing a trick and it appears I am.

We did have an accountant once. He charged £500 to fill in the form for me but I had to provide all the figures. He offered no advice. More of a robbing bastard, than an accountant, tbh.


I will PM you. If you have a good accountant, he should cover his own costs.

vegplot



Joined: 19 Apr 2007
Posts: 21298
Location: Ynys Môn
PostPosted: Mon Jun 02, 14 2:42 pm    Post subject: Reply with quote    

As a student he won't need to pay tax (under the PA of £10k and looks like he won't need to pay NI (£153 a week per week).

As an employer you may need to pay NI but there's a current exemption up to the first £2k so you should be clear of that was well.

I've forgotten the original question so hope this helps.

Cathryn



Joined: 16 Jul 2005
Posts: 19830
Location: Ceredigion
PostPosted: Mon Jun 02, 14 2:46 pm    Post subject: Reply with quote    

If Chez et al haven't answered your question I will ask Jack as he has employed his son and my daughter on the farm at times.

Rob R



Joined: 28 Oct 2004
Posts: 31902
Location: York
PostPosted: Mon Jun 02, 14 8:13 pm    Post subject: Reply with quote    

If ever you have another similar vacancy I'm happy to undercut. I also have no school fees & pay my own NI...

Nick



Joined: 02 Nov 2004
Posts: 34027
Location: Hereford
PostPosted: Mon Jun 02, 14 10:04 pm    Post subject: Reply with quote    

You can't undercut, unless the money I pay you then goes to pay his school fees, insure his car or replace my beer.

Rob R



Joined: 28 Oct 2004
Posts: 31902
Location: York
PostPosted: Mon Jun 02, 14 10:37 pm    Post subject: Reply with quote    

Is it a zero-hours contract, too?

Nick



Joined: 02 Nov 2004
Posts: 34027
Location: Hereford
PostPosted: Mon Jun 02, 14 10:51 pm    Post subject: Reply with quote    

Well, yes, but as I'm the worlds greatest employer, I pay the five grand, even if you do zero hours.

Rob R



Joined: 28 Oct 2004
Posts: 31902
Location: York
PostPosted: Mon Jun 02, 14 10:56 pm    Post subject: Reply with quote    

I'll have to think about it.

john of wessex



Joined: 18 Jun 2007
Posts: 2130

PostPosted: Tue Jun 03, 14 8:38 am    Post subject: Reply with quote    

Can I apply for the job then...............

Nick



Joined: 02 Nov 2004
Posts: 34027
Location: Hereford
PostPosted: Tue Jun 03, 14 9:19 am    Post subject: Reply with quote    

Are you sure? The pay is only notional and you'd have to put up with an untidy bedroom populated by an Inbetweener.

john of wessex



Joined: 18 Jun 2007
Posts: 2130

PostPosted: Tue Jun 03, 14 11:30 am    Post subject: Reply with quote    

Um................

I suggest that HMRC may not look kindly

Pilsbury



Joined: 13 Dec 2004
Posts: 5645
Location: East london/Essex
PostPosted: Tue Jun 03, 14 4:05 pm    Post subject: Reply with quote    

Doesnt really matter if they dont look kindly so long as its within the rules and law....

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