Whilst freelance work does give you an element of freedom and flexibility it may not be as financially rewarding and the hours may be longer.
In general freelancers are creative and there is very little protection in law, but there are a lot of agencies where you can find work and which will offer some protection.
Before you make an important career decision to become a freelancer you need to be assured that you will find work and more importantly make sufficient profit from your day to day activities to pay for the life you want to live. It may therefore be worth your while testing the water by doing some freelance work whilst still in full or part time employment and ease yourself into a full-time position.
Tax advice for freelancers
Taxaccolega offers expert advice and assistance to freelancers and provide you with the knowledge and the tools you need to get started. If you are not a good planner or sensible with money we can help you with that too! As a freelancer tax is not deducted from the contract you complete like a Pay-as-you-Earn Scheme run by employers, but billed by HMRC at the end of the tax year. You therefore need financial management skills to make sure you have sufficient funds to cover your tax liabilities.
The good news is that there are several tax exemptions that you are entitled to as a freelancer and we will advise of everything you can get tax breaks for together with how to keep a record of your expenditures. We will also complete your Self Assessment Tax Return on your behalf so that you don´t have to waste your time and worry about incurring a penalty fine because you have filled the form in wrong.
For more information about the options available to you as a freelancer and how Taxaccolega can help you manage your financial accounts and tax liabilities, contact us today on 020 8127 0728 or email us on info@taxaccolega.co.uk.