Can Sharefishermen Trade under Limited Company?

Transfer from Sole Trader to Limited Company

Didn't find your answer?

Recently a client has approached me confirming that the contractor (owner of the vessel), he has confirmed that at current a self-employed share fisherman can transfer into a limited company with no issue, as long as a new "Work Agreement" is in place under the limited company name.

Traditionally share fishermen have always been classed as self-employed so I'm a little cautious on setting anything up without further research.

Does anyone else have any further thoughts or considerations I should be taking in account before passing advise onto my client? I did find an older thread on AW from 2016 but wanted to bring this up to speed incase other accountants are thinking similar from the recent news. 

P.S - I did think to write for clearance to HMRC but who knows how long that will take.

Replies (1)

Please login or register to join the discussion.

By Dougscott
23rd May 2024 15:07

Do not write to HMRC is my advice - even if they did reply they would just refer you to legislation! It's down to you to determine what makes most sense for the client - limited company or sole trader.

Thanks (2)