I would very strongly advise anyone (who has the option of PAYE employment) of not going down the Brookfield/self employed route. It is not the universal panacea and is fraught with potential danger from the tax man.
It is relevant to me because I am a self employed freelance corporate pilot providing (or rather did provide!!) services to several companies.
The construction industry (where self employed contractors were the norm) were brought to heel sharply a few years ago to the great discomfort of many.
The revenue have far reaching powers and if they look at a situation that is in reality a scam and the individuals are exclusively working for one employer then they should be remunerated under schedule E. End of story.
A major review with the spot light being turned on all participants for the last few years is in my opinion overdue. That could result in substantial back tax assessments being raised.
The attractions of self employed status are over stated and often misunderstood.
Apart from the obvious attraction of getting a large gross sum, only expenses that truly are incidental to your business can be deducted.
This does not mean running your car against tax (only limited mileage is claimable between places of employment, NOT journeys from home to work....and the rates are pathetic anyway let alone the cost of buying a flash car). Forget clothing, restaurant bills and your daily living expenses. these are NOT deductable.
You have the massive hit on your bank account twice a year when you pay your tax (unless you are stupid enough to think you can get away without doing so) and you have virtualy no employment rights (the right not to be unfairly dimissed for example)
Add to the absence of job security, no pension contribution from the company or any other perks and all of a sudden it is not all rosey.
The issue of getting your type rating deducted is not written in tablets of stone if you go down this route either.
I have chosen to operate from a limited company for the almost exclusive reason that as a self employed freelancer I cannot get professional indemnity insurance on any reasonable basis (Balpa useless....as ever). If I bend Sheikh Farkmad's jet because I screw up, all he will get out of me is £100...otherwise my personal ruin is a distinct possibility.
I am still arguing the toss about my type rating costs on one particular aircraft after two years.
You have been warned!!