Why is Professional Indemnity Insurance an Essential Part of the Freelancer’s Armoury?
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Why is Professional Indemnity Insurance an Essential Part of the Freelancer’s Armoury?

ByMichael

Being your own boss today is easier that it’s ever been before. More of us are becoming immersed in the world of freelancing, whether that’s in search of freedom, flexibility, work-life balance or simply to tap into additional income. Side gigs, market places or sharing platforms are making this possible. What Business Tools Does a…

producing a first invoice
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Self Employed Invoice Template for UK Businesses

ByMichael

If you’ve never had to send an invoice before, you might be wondering what to include, and what to expect. So we put together this essential guide to invoices for UK businesses, to help you get your invoice right first time. What Does a Freelance Invoice Need to Include? There are some things that you…

What’s The Difference Between a Psychologist and a Psychiatrist?
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What’s The Difference Between a Psychologist and a Psychiatrist?

ByMichael

It’s common for people to confuse psychologists with psychiatrists, and vice versa. Both roles involve studying how certain factors can influence or affect an individual’s mental functioning. But there are key differences between the roles, which means that each role involves a different set of qualifications. In this post we’ll discuss the main differences between…

business worker planning a new company

A Guide to Record Keeping for the Self Employed

ByMichael

If you’re a self-employed freelancer or contractor, you have a legal obligation to keep certain records. These laws apply whether you’re a sole trader, or you’re in a partnership. These records are mainly for your own use, so you can effectively work out your profit or loss when submitting your self-assessment tax return. There’s no…

Tax Return: Can I Use Bank Statements Instead of Receipts?
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Tax Return: Can I Use Bank Statements Instead of Receipts?

ByMichael

You can claim certain business expenses as part of your tax return. Only some expenses are allowable. You can read our complete guide to allowable expenses for self-employed workers. This is why it’s a good idea to keep the receipts for any purchase you make for your business. With receipts to hand, you’ll have a…

man working out hourly rates for work
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How to Work Out Your Hourly Rate for Contracting and More

ByMichael

When working out your hourly rate for contracting, what you’re really trying to work out is this: How much is your time, your energy, and your talent worth? These are difficult questions for anyone to answer. So instead, when working out your hourly rate, think in more grounded terms. Think about how many hours you…

female at a desk looking at a computer having set up her business
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Going Self-Employed for the First Time: Step-by-Step

ByMichael

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…

How Long Should You Keep Tax Records?
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How Long Should You Keep Tax Records?

ByMichael

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…

How Much is Class 2 National Insurance for Self-Employed?
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How Much is Class 2 National Insurance for Self-Employed?

ByMichael

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…