Can Sharefishermen Trade under Limited Company?

Transfer from Sole Trader to Limited Company

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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.

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DougScott
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.

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