Underwriting salary | Vital Football

Underwriting salary

I

ian08040

Vital Squad Member
Help,
Get gist of this,but anyone who can put in simpler terms please.
One son in law is a Tennis Coach,shortly transferring to another location in Kent,his new boss has just text him to say He will be underwriting his salary for a fixed term,
Any advice or assistance would be great fully receive.
cheers guys,
 
I don't know what this means but it sounds like guaranteeing it to me ? As if he is taking on the risk of it not being paid. Get real advice though as I don't know what it means.

Where's WK when you need him.
 
Usually when someone underwrites something then they are offering guarantees. So when the government has recently said they will guarantee business loans then they are promising the banks they will pay if the business defaults and can't pay.

In a usual business sense, it sounds as if the new boss has promised he will definitely get paid for the period suggested. Is your son in law effectively self employed? If so, it could be a way of making sure he hangs around for three months (or whatever period) and not jump ship to a different employer.
 
"An underwriter is any party that evaluates and assumes another party's risk for a fee. The fee is often a commission, premium, spread, or interest. Underwriters are critical to the financial world including the mortgage industry, insurance industry, equity markets, and common types of debt security trading. A lead underwriter is called a book runner. "

The official definition of a underwriter.
 
Baghdad_Rob said:
Usually when someone underwrites something then they are offering guarantees. So when the government has recently said they will guarantee business loans then they are promising the banks they will pay if the business defaults and can't pay.

In a usual business sense, it sounds as if the new boss has promised he will definitely get paid for the period suggested. Is your son in law effectively self employed? If so, it could be a way of making sure he hangs around for three months (or whatever period) and not jump ship to a different employer.
Click to expand...

Yup,self employed,
more or less what I was guessing,not sure how long being underwritten for,seems logical,he runs large Tennis club in Kent at moment,but appears to have been head hunted,to work for smaller club,which appears to have big ambitious plans.
cheers guys.
 
ian08040 said:
Help,
Get gist of this,but anyone who can put in simpler terms please.
One son in law is a Tennis Coach,shortly transferring to another location in Kent,his new boss has just text him to say He will be underwriting his salary for a fixed term,
Any advice or assistance would be great fully receive.
cheers guys,
Click to expand...

Go back and ask his boss what he means. Easy.
 
Ian
If your son is self employed I am guessing he has an accountant.
He should speak to him.
If your son is working exclusively for this tennis club and is having his earnings guaranteed then he just needs to be careful he doesn’t fall foul of IR35 rules.
It’s not difficult to ensure that he doesn’t but there are certain things he should know.
Get him to give his accountant a call.
 
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