Self-Employment Mythbusters

Self-employment can be a great way to go for many skilled workers. That’s why we believe strongly in the need for reputable, specialist contractor accountants. However, the more self-employed we have, the more urban legends will spring up – and as with any legend, there’s some falsehood mixed in. Here, then, are a few assumptions that aren’t too accurate, for newly-fledged contractors and freelancers and for those just considering the change.

Working Long Hours Isn’t Necessary. Working Smart is.

The common myth is that self-employment needs you to work far more hours than a typical 9-5 office job. While you’re certainly able to do so (and we know some of you will enjoy it), the main thing is actually making sure you maximise value from the hours you do work. Finding ways to reduce the time taken on your back-office work can be key here.

The Self-Employed Don’t Fly Solo

One way or another, just about every freelancer and contractor is in contact with plenty of other people, often working with them closely during their projects. Especially if you can pick up repeat custom, you’ll have plenty of chances to be social and to establish new connections for your future.

Play to Your Strengths, Outsource Your Weaknesses

Once self-employed, it’s your responsibility to ensure all the work needed for your business is done. However, that doesn’t have to mean that you put it all into action yourself. We support many self-employed with their accountancy, including tax returns, handling pay through an umbrella company, or helping them set up a limited company.

You Can Have Work Benefits

While no benefits are built into the self-employed life, think about it – every benefit an employee has had to be put into place by their employer, from the mandatory ones (paid annual leave, pension schemes) to anything else you choose to build into your budget, from income protection insurance and an hourly rate built to allow days’ holiday through to others.

You Don’t Answer to Anyone… Except…

…let’s not kid ourselves, anyone offering a service answers to their customers. Whether it’s continuing to give the service in return for more pay or just delivering your service well enough that your client (or the people working there, in behalf of another client) will send more business your way in future, ultimately you answer to them. And, of course, HMRC’s regulations and deadlines must be kept in mind. Most self-employed take this old saying the way it’s meant, of course, but it’s always important to remember the realities of your business.