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The advantages of a self-employed person joining an employee-owned business.
My client is self-employed and her main customer is a company that is worth about £7m. Sadly that company’s director and sole shareholder has recently been diagnosed with a terminal illness and he wishes to transfer the business to an employee ownership trust on his death. In fact as I understand it the transfer may be made during his lifetime but I am uncertain. I also understand that currently the company has eight employees.
The company director has asked my client to become an employee of his company so that she will also be able to join the employee ownership trust.
I appreciate that this is only the ‘bare bones’ of the situation but I should be grateful if Taxation readers could provide some advice or guidance on whether this would be a beneficial move for my client. Although the company and its director are...
