Whats my status ?

P

pahadia

Registered User
Messages
35
I am a proprietary director of Management Company. I have setup myself as employee of this company and paying monthly.

Am I self employed or just employee?

Reason for asking: For mortgage approval bank asked me to produce accountant report while my accountant thinks as an employee I don't require it.

Any suggestion?

Thanks in advance.

 
Are you set up as self employed for your prsi?

I would assume self employed - interested to hear what others have to say!

I know the directors where I work are on payroll like everyone else and pay prsi as self employed and a P60 issues for them with everyone else's.

I think a P60 should suffice the bank's requirements.
 
If you are a director and employee of your company - you are definitely an employee - agree with your accountant.
However, ask your accountant if it would be advisable to also give the company accounts, as this may show further income available to you if paid out of the company.
 
I'll be issuing P60 to myself and thought of keeping company and house matter separate. However I am the only employee of the company and will be using address as home office. What is advisable in this scenario? As an employee only or self employed?
 
You are an employee of your own company - you are not self employed.
You have no choice in the matter - you are just an employee.

If you were self-employed you would not be using a Ltd company, and you would be paying income tax yourself on any profits made by the business.

Your Ltd company is paying Corporation Tax on the company profits.

Your accountant is right -
 
Simple way out: get your accountant to do a letter to your mortgage provider explaining your status as proprietary director and confirming directors salaries, company profits etc. Include copy company accounts and your own P60s if these assist your case.
 
From a Social Welfare/PRSI point of view, you, as the only employee of your own company, would be treated as self-employed for PRSI adn pension purposes.
 
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