The ‘gig economy’ has been very much in the news in recent months. While much of the political attention has been focused on the employment effects of this phenomenon, the implications for UK tax are wide-ranging and hugely significant.
What is the gig economy?
The name refers to the general trend of workers using an online platform to source small on-demand pieces of work (gigs) for which they are paid on a self-employed basis, rather than working for a typical employer. A related development is the sharing economy (generating income by the sharing of assets such as through Airbnb).