Being self-employed means you’re your own boss. You’ll do everything on your terms, working wherever you want and whenever you want. It’s certainly not easy, but being self-employed can be immensely rewarding – not to mention profitable. This is a short guide to becoming self-employed. We’ll show you what sort of work you can do…
Going self-employed for the first time can be nerve-wracking. There are many benefits to being your own boss. But when you’re your own boss, you have to take care of everything. So if you’re new to the world of self-employed work, how can you be sure that you’re doing everything right? This is your essential…
If you run a business, then you need insurance. You’re legally required to get certain types of business insurance. But even beyond your legal obligations, you should view business insurance as an essential safety net. Insurance guarantees that you’ll be able to bounce back from any crisis, no matter how severe or unexpected. If you…
Any contract is a legal agreement between two parties whether they are corporate or freelance contracts. They essentially make it clear just what’s expected from both parties and ensure that no party can back out of the agreement without incurring a penalty. Contracts are commonplace in most, if not all, business arrangements. But if you’re…
According to a 2019 report by the Federation of Small Businesses, small businesses fall victim to around 10,000 cyber-attacks every day. Cybercrime is estimated to cost small businesses a staggering £4.5 billion each year, with the average cost of a single attack at £1,300. The latest 2020 Cyber Breach Survey from the government, reported that…
A director’s loan account (DLA) allows directors, or their family members, to take money out of their company. To qualify as a “director’s loan”, this money must not be a salary, a dividend, or an expense repayment. Also, it must not be money you’ve previously paid into or loaned to the company. How Does A…
If you’re thinking about setting up your own business, you’re no doubt aware of the many administrative responsibilities you’ll have to take on. One thing many wonder about is: Do I need a business bank account? Or am I OK to continue using my own personal account? Unfortunately, there’s no short answer to this question….
If you run a business, whether you’re a freelancer, a self-employed contractor, or the managing director of a limited company or partnership, you need to keep detailed records for tax purposes. These records might include all sales and incomes, all your business expenses, and if you’re self-employed, records of your personal income. If you employ…
If you’re a freelancer, a contractor or a sole trader, you might be wondering when it’s the right time to register for VAT. You probably already know that the annual turnover threshold for registering for VAT is £90,000. But do you know the rules beyond this? For example, do you need to register after you’ve…
If you’re new to the self-employed world, you might have some questions about the sort of National Insurance you need to pay. This is your essential guide to your National Insurance obligations as a self-employed freelancer or contractor. We’ll take a look at the difference between Class 2 and Class 4 National Insurance, which should…