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you may think it can be done but hmrc are very very tight on it! depends how long you are employing them and how you are employing them as to whats best. personally I prefer employed staff as I have full control on all aspects of them and it makes planning a lot simpler, despite all the responsibilities
+1 for all those reasons and more :) accepting that occasionally "subbing out" may suit a short term need...
If you're SE and you have more than either 1/4 or 1/3 of your income from one source (i.e. subbying to one company) then you're not self employed in HMRC's eyes you're employed. When HMRC find that out they'll come looking for the employer to claim back all the NI owed plus assocciated costs.
Also be careful in how you use sub-contractors! Often, people will assume they don't need employers' liability for their subbies, but if they're labour-only (under your instruction, using your tools and materials etc) then the HMRC will still consider them employees.
If you use bona-fide sub-contractors (external firm who send any one of their employees, using their own tools, under their own company name etc) then you won't need employers' liability.
Hope that helps, and good luck with whatever you decide to do :)
Can of worms! There are plenty who just don't worry about it, but I can't be dealing with the worry of getting a tug from the HMRC, who could go back 6 years and it can be VERY expensive. We have full timers and very occasionally will sub out work.