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Miss I know it all. | What are the advantages and disadvantages of being self employed? |
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R R
 |
you get to choose your own lunch hours,
work hours, salary.
the burden is on you, you can lose money forms to fill out legal action. |
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Paul S
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well advantages are, no one tells you what to do. you are in total control and you can decide when to work and when not too.
there are tax advantages too if you compare it to the same job being employed as you can claim all related expenses such as travel (motor costs) to reduce your tax bill, so in theory you can pay less tax and national insurance.
class 2 NI is only £2.20 a week at the moment which is alot less than what you would pay if you were employed. you also pay class 4 NI on taxable profits over £5225 but this is at 8%. class 1 on employment is 10% so the more money you make, the more NI you save.
disadvantages are you have to find the work, do quotes, your own bookkeeping unless you pay someone to do it for you. pay and accountant to do you accounts each year along with your tax return. you only earn as much as you work, ie the more work you put in, the more you should be paid. you dont get paid holidays, depending on what sefl emp work you do, you made need some savings to get you going through the first few months until work picks up. you gotta advertise, network etc... and you could end up working very long hours. |
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coffee
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The main advantage of being self employed is that any money you make is yours (except what the tax man takes). You can work as much or as little as you want to. Although most self employed people are driven by a will to be successful. The disadvantages are that you don't make any money if you are sick or if nobody wants your services for a while.You have to submit your own tax returns and organise your own pension. Basically your income is not guaranteed whereas if you work for a company you may make less money but your income is fairly secure. I would suggest that if you are thinking about being self employed you speak to some local self employed workers and find out their take on it. Good luck whatever you do!!! |
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stitched up
 |
The money you make is not yours, you should set yourself a wage, stick to it and bank the rest, you will have tax, national insurance, phone bills, insurances, rent, vehicle, equipment, advertising, long hours (even a shop open 9 - 5) you have all the paperwork to keep on top of, if you provide a service you can be in demand any time of the day or night, you cannot have time off when you please, you have time off to suit your clients, no sick or holiday pay, and despite popular opinion, you most likely will still have people telling you what to do. I would reccomend having at least 3 months pay set aside for emergencies, personell cover in case you are ill, a good relationship with the bank already in place, and build a good relationship with your suppliers asap, your competitors will already have a good relationship with them, you have to be different in some way than your competitors and strive never to let a customer down. Good luck. |
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Mr. Prefect
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The good news is that you get to write off many things on your taxes, gas & electric, mortgage, taxes, supplies, etc. Also you make your own hours, with no one to find fault with you. You get to do other things such as making dr. appts., without having to feel guilty about it.
The bad news is you have no benefits. No 401K, no health insurance, and no time off! |
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