The Self Employed pay lower National Insurance contributions, which results in substantial lost revenue. This loss will increase as the ‘gig economy’ increases the number of Self Employed workers. Low earners would be protected by existing minimum earning thresholds.
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By aligning contributions, you remove a potential tax loop hole and increase National Insurance revenue.
To compensate for the change, increase the Self Employed's eligibility & level of state pension to align with that of Employees. However, the Self Employed would not have access to holiday/sick pay etc. like employees, as these are arguably covered by Employers’ National Insurance contributions.