Advice for Self Employed Workers

This article will cover a number of tips that can help anyone become a self-employed worker. Whether you have been made unemployed or voluntarily left employment with a regular company or PAYE umbrella company, the following will Seek advice regarding the legal nature of your business, whether you are classed as a sole trader or are working in a partnership or as a limited company. Co-operatives and franchises are two other legal forms of self employed work status. Be sure to establish which of these you come under.
Finance, accounting and bookkeeping must be given accurate attention. Open a business account and ensure your National Insurance contributions and any tax due are paid properly. Check to see if your earnings require VAT registration (if above £70,000 for the year).
Business insurance is key, particularly public liability, professional indemnity insurance and employer’s liability insurance. Search the market for competitive deals.
It is also a good idea to search the market for a solid pension scheme so that you take care of your retirement plans with your own contributions.
Follow the basic steps in this article and you will be on the right track to ensuring your success as a self-employed worker, whether you are part of a PAYE umbrella company or otherwise..
give you some guidance as to how to go it alone as a self employed worker.