Can I have my son run my portfolio for me?

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    Can I have my son run my portfolio for me?

    I want to ask my son to run my small portfolio of properties (4) which I have always managed myself uo until now.Would it be best if I employ him or if he were to become self employed? He is about to become redundant.

    #2
    If you employ him, you'll have a load of things you have to do.
    Best if he's self employed for you.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      HMRC's view is that you cannot choose whether you are employed or self employed. That basically depends on the nature of what you do. Generally, with self employment, you take the risk, including the risk of finding someone else to stand in when you are ill, but there is a longish list of factors that are used in deciding whether you have a contract of service (employed) or contract for services (self-employed).

      Whether you have to operate PAYE is a consequence of the nature of the contract, not the defining characteristic.

      Comment


        #4
        This link to hmrc test may help you :

        https://www.gov.uk/guidance/check-em...status-for-tax

        Comment


          #5
          And his experience in running rental properties are .............. ?
          If you engage him, then he has to know all the rules and regulations.

          Send him on a course before you engage him.

          Comment


            #6
            Thank you all for the advice.My son has over the years helped me manage the properties and is willing to undergo training/gaining information as he goes. I agree that the self employed route is the best choice.

            Comment

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            • Reply to How is a mortgage overpayment accounted for?
              by nick_noal
              jpkeates,

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