Freelance Work

2

Comments

  • tyllwyd
    tyllwyd Posts: 5,496 Forumite
    As a very rough rule of thumb (assuming you aren't working through a company), you pay income tax on your entire income for the year. So if you add up your annual income from your part-time work and your annual profit from self-employment and put that figure as your annual salary into an online tax calculator, that will give you a rough guide to how much tax you will have to pay in total, and then you can compare that to the tax from your part-time work on its own to see how much extra you will pay. It won't be exactly right, because NI is different for your employed and self-employed work, but it gives you an idea of what to aim to save.
  • Thank you so much for your replies, it is so helpful. I'm hoping to get more work, but its not a given, but I think the Ltd company sounds like a good idea & working on the percentages is a great way to not spend what I'm meant to be handing over. Many thanks
  • droopsnoot
    droopsnoot Posts: 1,758 Forumite
    Name Dropper First Anniversary First Post
    Note that you can also claim legitimate expenses on your income tax self-assessment even if you don't set up a limited company and just operate as a sole trader. There are advantages and disadvantages to both methods.
  • Sole trader is usually best to start with.
    Who having known the diamond will concern himself with glass?

    Rudyard Kipling


  • Kermie
    Kermie Posts: 63 Forumite
    Combo Breaker First Anniversary
    Also, dependent on what you are actually freelancing as, you may need to prove you're working for multiple clients. If you're just working on the side for one person all the time, the taxman might consider you're really employed, not freelance. I'm a self-employed Admin Assistant/PA and had to prove I had multiple clients before my accountant would agree to go ahead with self-employment registration.
    SPC9 #499
    Extra payment every week
  • Expat2016
    Expat2016 Posts: 24 Forumite
    If you have any skills such as web and graphic design, translation, data entry and secretarial skills I would reccommend you sign up with websites like People Per Hour, Fiverr, oDesk and offer whatever service you can provide. It's perfect for making an additional income and in some cases a full time home business.

    I use sites like this all the time to get work done such as web developmen and graphic design. It's cheaper than going to a company for the same thing, and more often than not the freelancer gets more than if he had been working for another firm.
  • bengalknights
    bengalknights Posts: 5,021 Forumite
    First Anniversary First Post
    Completely agree with you these sites are good for freelance and side income
  • Does anyone here actually offer their services on any of the sites listed above?
  • droopsnoot
    droopsnoot Posts: 1,758 Forumite
    Name Dropper First Anniversary First Post
    Have you tried any of the other sites mentioned further up the page? I'm not sure how many are still going four years later, but if any are, that might be taken as a good sign.
  • Here's an opportunity that might be the ticket and you can work from home. Search Zoek uk and search for 'working from home'.
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