Pros and Cons of Being Self Employed. HANDY TAX ADVICE
Well it’s true that becoming self employed is a great way to pursue your dreams but being self employed also means saying goodbye to the many benefits a company will offer its employees.
To help you decide as to the best route to take, I will highlight some of the positives and negatives, which you may want to consider before making any final decision.
There’s no greater feeling than being your own boss, and if you decide you want to work from home, you can spend more time with your family too. The ideal work/life balance.
You don’t have to worry about the pressures and stresses of the daily commute.
You may decide to divide your week working for a number of different companies, working across a variety of interesting projects – ones that YOU have want to do.
You can take advantage of a number of significant tax breaks – such as claiming your expenses against your income to reduce your tax bill.
Whilst all of the above sound great, being self-employed does have its draw backs. The most obvious one is job security. You will need to seek out job opportunities to maintain a regular income, which isn’t always easy, and can put you under a lot of pressure.
You are unable to enjoy the ‘perks’ being offered by a company such as holiday and sick pay, the chance of being promoted or being part of the bonus scheme.
Some people choose to work as self employed for a company, but you may be asked to cover the costs of renting an office or desk space.
You may have to consider working long hours, or even weekends, until you have established your business.
I hope you have found these tips really useful.
If you are thinking about venturing out on your own, please give me a call on 0208 861 7575 and I will be happy to answer any questions you may have about the pros and cons of being self-employed.
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