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Becoming self employed

self-employed

Becoming self employed is one of the best decisions you can make, there are five million self-employed people in the UK right now, contributing £305 billion to the national economy.

There are plenty of reasons to go self-employed. You get to ‘be your own boss’ and work more flexibly. And depending on your industry, you may be able to command a much higher rate than the salary you’d be able to achieve as an employee.

However, there are often many questions:

  • How do I do my tax?
  • What about national insurance?
  • Can I find enough work?

I think one of the biggest concerns I had was, what if I can’t work at all because I am ill or injured?

That is where income protection is a must, Income protection pays out a percentage of your salary if you’re signed off work through illness or injury (usually 50-70%, depending on the amount you choose when you buy it, but some policies do pay out 100%). It’s one of the least bought types of protection in the UK, despite being a perfect choice for literally anyone earning – whether they’re self employed or work for someone else, have a family or live alone.

self-employment

I did lots of research when searching for income protection and found Life Search, they work with almost every well known insurance group and offer free impartial advice and they cut through the jargon so you know what you are buying and most importantly why you need it.

Almost 1 million people a year in the UK become unable to work through illness and injury and when you are self employed you need to be able to pay your bills even if you are not working. Life Search are able to find a policy even if you have a pre-existing medical condition and ensure that the policy fits what you can afford.

There is lots of help available for those who are thinking of biting the bullet and going self employed, you can search on Facebook to find groups that fit your specific niche and talk to people in similar situations.

If you need help with setting up your company, tax help or advice on running a business or selling goods or services then you should check out gov.uk– it is full of helpful advice on every aspect of becoming self employed and ensuring you do things correctly.

You might find it overwhelming to start with, but one of the main benefits of becoming self employed is the ease with which you can start up and run your new business! you can even become a sole trader (another term for self-employed) whilst working as an employee for someone else, so you can test the water and see whether working for yourself suits you.

Top 5 reasons to be self employed:

  • your work can be more varied, as you may be working on several different projects for different clients at any one time.
  • you have more flexibility and control, so it may be easier to fit your work around other commitments and responsibilities, including childcare.
  • you can explore your creative and entrepreneurial side as you build your own business.
  • you may have the potential to earn more money, as day rates for self-employed consultants and freelancers tend to be much higher than salaries.
  • you should be able to ditch your commute, as you’re likely to work from home, or from your own business premises.

self-employment

*Picture sources Pixabay*

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Posted by: Sarah Dixon | Posted on: January 4, 2021 | Posted in: MAMA

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