Self Employed?

paulwf

OP perhaps do some financial forecasts and make sure you cover all your expenses...Business Link has some basic templates on their website.

Your gross income for a month may seem good compared to being employed, but when you factor in 5.6 weeks holiday as a minimum, a couple of weeks sick pay, all your travel costs and professional insurances, plus the fact you may need to pay an accountant and your client will pay late or perhaps not at all (a big trend in the past year) the figures don't look so good.

From what you say though it might be worth going for it, the flexibility of being self employed could really help you recover just as long as you are sure the contract is permanent so that it won't be causing you any stress.

Good luck with whatever you decide.

saitek

Many thanks for all the advice given in this thread.

I will now have a very long think about what I should do.

Once again, many thanks

wymondham

Hi saitek, I'm in a similar position to you - going through all the pros/cons of going it alone.... a few things I've gone through are professional indemnity is a must for IT industry (we can cause havoc!), and you need to get clear terms and conditions sorted before you trade to make your life easier.... good luck!!

saitek

Well my plans have failed.

The waiting list for the procedure I need is likely to be 6-10 months, which puts me at a much higher risk of not being able to work enough to make any money.

I am therefore putting the plan on hold, and looking for other employment where I can work remotely from home to give me some form of stability.

Oh well, and thanks for your help

property.advert

If you do consider working for yourself, self employed is not the only way to go. A limited company costs very little to set up and maintain and provides a legal buffer between you and the client.

paulwf

property.advert wrote: »

If you do consider working for yourself, self employed is not the only way to go. A limited company costs very little to set up and maintain and provides a legal buffer between you and the client.

There are pros and cons to being Ltd it isn't an option to take lightly. OP please take advice from an accountant before choosing to go Ltd if you ever go self employed. There will be a lot more admin work and if you decide you don't want to be self employed any more winding up the ltd will be a lot of extra hassle.

paulwf

saitek wrote: »

Well my plans have failed.

The waiting list for the procedure I need is likely to be 6-10 months, which puts me at a much higher risk of not being able to work enough to make any money.

I am therefore putting the plan on hold, and looking for other employment where I can work remotely from home to give me some form of stability.

Oh well, and thanks for your help

Sorry to hear that OP. However every cloud has a silver lining. You now have plenty of time to research the options and go on Business Link courses etc so in a years time you can set up a business with a rock solid foundation