A potential client of mine has always traded through a limited company as a wealth manager. He is personally appointed by the Wealth Managemt firm and personally registered with the FCA. In his role the following has been sent to him:
‘Where the flow of income does not match the contractual position, there is a potential transfer of income streams’
Clearly true and the upshot is he is considered self employed and may well have been transferring income for some time.
Now the fees that are generated as a result of the delivery of regulated advice consume about 30% of my client’s time. The balance of his time being spent generating the clients to advise and administering the client bank.
So, to the question. Is it possible for the close Limited Company to invoice the self employed individual for marketing and support services to account for the remaining 2/3rds of his time or is this still shifting income?