How many staff will you need to employ
in your first 6 months/ year?
The price of people.
If you are considering employing staff on a Pay As You Earn
basis (PAYE) bear in mind that you will be taking on a whole
host of responsibilities. Generally, as a rule, you can estimate
the cost of employing a member of staff by taking their salary
and doubling it! This accounts for holiday pay, sick pay, Bank
Holidays, Christmas, National Insurance Contributions, accountancy
Stakeholder pensions where introduced 06/01/2001. At present
these new regulations only affect businesses which employ 5
members of staff or more.
Further info : [ click
Employers Liability Insurance.
Once one employee is taken on it is required
by law that the company takes out Employers
Liability Insurance. The prescribed legal minimum
is currently  £10m of cover against bodily
injury, illness or disease sustained in the
course of employment.
This class of insurance is often packaged with
Public Liability Insurance.
All the big insurance companies can offer this cover.
Further Business Insurance info : [ click
This is one way to alleviate most of the responsibilities
of an employer, but there are still some legal responsibilities
to be aware of.
IR35 legislation has recently caused an impact
on this area of employment / self- employment.
Whether you are a contractor or if you are starting
a Personal Service Company (PSC), it is wise
to find out how it could affect you. Click
here for more info!