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Accounting and taxation - Essay Example

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Finance & Accounting
Pages 4 (1004 words)

Summary

The employment status of an employee has been categorized as employed or self-employed.This categorization is based upon the terms and conditions of the relevant association.It is important to mention that such classification is important as separate rules have been promulgated which are applicable to specific conditions of employment in special circumstances…

Extract of sample
Accounting and taxation

The employment status of an employee has been categorized as employed or self-employed.This categorization is based upon the terms and conditions of the relevant association.It is important to mention that such classification is important as separate rules have been promulgated which are applicable to specific conditions of employment in special circumstances. It is important for an employee to realise that he/she should be aware of her job description along with lists of the designated authorities to whom he/she is responsible. It is significant to evaluate the capacity of your designation, which shall be verified against the standard classification of employed or self-employed, "it is important to know whether you are working for that person in an employed capacity or in a self-employed capacity as an independent contractor". This classification is significant in terms of imposition of tax bracket, the employment status is crucial to determine "the charge to tax on income from that employment or self-employment, and determines the class of NICs, which are to be paid" (Helen, 2000).The differentiation between the self-employed and employed is possible after evaluation of "contract of service or under a contract for services". It is important with reference to tax and NIC that "there is no statutory definition of a contract of service or of a contract for services", it is indeed the relationship towards the institution which is significant in assessment. The application of common law principles is critical for the determination of the nature of a contact. ...
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