Going freelance made easy

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Darren Fell, Founder/MD Crunch.co.uk & FreelanceAdvisor.co.uk 26/06/2022 Visit www.crunch.co.uk, the next generation of accountants 1 Freelancing made Easy!

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Transcript of Going freelance made easy

Page 1: Going freelance made easy

10/04/2023 Visit www.crunch.co.uk, the next generation of accountants Page 1

Darren Fell, Founder/MD Crunch.co.uk & FreelanceAdvisor.co.uk

Freelancing made Easy!

Page 2: Going freelance made easy

10/04/2023 Visit www.crunch.co.uk, the next generation of accountants 2

Freelancing – Why do it?• is there a career in Freelancing?

• anyone doing it already?

• what’s the advantages/disadvantages?• control your own destiny (Anyone working in a

Corporate?)• choose own hours – although be strict• own workplace – café, beach...• make own decisions – live an die by them!

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Be an all-rounder!• What skills?

• be good at multi-tasking – you are: salesperson, Accounts dept..

• Motivation & sheer perseverance!• Must never give up (many days I wanted to give up!)• You can do it….alternatives are to be wage slave!

• Never stop marketing yourself• Website/Linkedin/easy to contact• Loads more advice on FreelanceAdvisor.co.uk

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READY?....HERE COME THE STEPS

Freelancing, Independent Consultant, Contractor…

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1. Soletrader or LimitedSoletrader:• Simple to start up &

manage• May avoid Accountants• Mixes with personal financial

affairs – difficult to detangle• No protection, open to

personal legal/tax issues• Good for turnovers up to

£18k• Not tax efficient after £18k

Limited:• More complex to manage• Will need Accountants• Completely separate from

personal finances• More Protection - separate

legal entity so safer• More business will employ• Good for turnover > £18k• Very tax efficient

(dividends)

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Soletrader/Limited comparison: £17k, no VAT

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Soletrader/Limited comparison: £18k, no VAT

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Soletrader/Limited comparison: £18k, Flat rate VAT

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Soletrader/Limited comparison: £35k, Flat rate VAT

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Soletrader/Limited comparison: £35k, Standard VAT

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Going Limited• Company Limited by shares often most

appropriate• Use online service like Company Wizard• Receive:

• digitial Certificate of Incorporation• Memorandum of Association

• Multiple Directors?• Get advice from an Accountant• Share certificates can be produced• Maybe shareholders agreement is required

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Registering with HMRC (Inland Revenue)• Register as quickly as you can

• HMRC newly employed helpline: 0845-915 4515

• Any good Accountants will tell you/do this for you

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Do you need an Accountant?• Soletrader? - possibly not although will miss tricks

• Ltd? – certainly – spend time on doing what you are good at!

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Really Useful Links• 32 page e-book ‘Go Freelance’: www.freelanceadvisor.co.uk

• How to choose an Accountant: http://www.freelanceadvisor.co.uk/accountancy_and_tax/10_things_to_ask_your_prospective_accountant/

• Ltd expenses that can be claimed: http://www.freelanceadvisor.co.uk/accountancy_and_tax/freelance-finance-detailed-information-on-the-expenses-you-can-claim/

• Useful podcasts on going/being freelance:www.freelanceadvisor.co.uk/category/podcast/

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Any Questions….