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Accounting and taxation Essay

Category: Finance & Accounting Pages: 4 Type: Essay Level: College
; do they risk their own money; do they provide the main items of equipment they need to do their job, not just the small tools that many employees provide for themselves; do they agree to do a job for a fixed price regardless of how long the job may take; can they decide what work to do, how and when to do the work and where to provide the services; do they regularly work for a number of different people; do they have to correct unsatisfactory work in their own time and at their own expense" (Helen, 2000). As per legal regulations, contract has been regarded as oral and/or implied agreement between minimum two parties. The common elements of valid contract service and contract for services include, "the intention to enter into legal relations; an offer (usually of work) and its acceptance (an agreement); consideration (for example, in return for performing work the worker receives payment)". The establishment of contact is essential, it is also important to settle the terms and conditions of the contract against "case law laid down by the courts over the years" (Greg, 2006).
The legal requirement envisaged by the courts include "basic approach to identify the factors present; weigh those that point to self-employment against those that point the other way; and then stand back and consider the picture that emerges" (Helen, 2000). The contract shall include the discussed features, which shall essentially reflect the nature of employment and will assist in differentiation of employment status. The understanding and interpretation of relationship between the parties is not of significant interest, "it is the reality of the relationship that matters, the intention of the parties has to be taken into account and can be decisive where the relationship is ambiguous