The Perks of Self-Employment

Posted on 26-09-2017

 

In some cases, a 9-5 job is just not right for us. A better balance of work and home life. The opportunity to be independent. More flexibility and control over your career. These things matter and can be made available in a self-employed role.

Freedom

A company or individual can nominate you to complete their work. Of course, they will clearly state what end result they expect from you. They might even share some info, on the best way they think it can be done. But how you direct your work is your choice. You are your own boss, and build your own routine. This means that you choose where, when and how the job will get done. You will want to keep your clients satisfied in order to get good referrals, more work and better paid opportunities. But at the end of the day, you are free to do business with clients, not work for employers.

 

Finance

The great thing about a business is that you can make a lot of money. Companies will normally pay contractors more than employees for the same work. Additionally, business expenses can be deducted from taxes by independent contractors, increasing your pay. Your private assets can also be partially included as long as you can justify their business use. If a business loan is taken out, the interest can even be deducted from the revenue if the terms and conditions state.

Talking about support, the government also provide financial help to those wanting to start their own business in designated regeneration areas. Even charities such as the Prince’s Trust have been known to help 18-30 year old start their own business. Coming straight out of unemployment can be hard. But if you meet certain criteria, your local Jobcentre Plus could arrange self-employed credit of an extra £50 per week if you meet the criteria. You may even qualify for entitlement to working and child tax credits.

 

Form

When you run a self-employed operation, it can be in one of several forms:

  • Sole-Trader – you and your business are legally the same
  • Partnership – you and your partners run the business and split the profits
  • Limited Liability Partnership – a step between a partnership and a company where each partner is liable for themselves
  • Limited Company – you as one of the owners will run the company, however you are legally separate to it

In a sole-trader or partnership situation, you are self-employed legally. Running your own limited company would normally mean you are employed as a director in your own business. It is important to understand your format because different legislation can apply.

 

Opportunity

With more and more people discovering the flexible advantages of a self-employed occupation, it is no wonder companies like NGC Logistics are growing.

Click here to head over to the Self-Employed Driver Opportunities page to view the posts in your local area and request a call-back for more information.