Anyone here freelance or self-employed?

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Mar 2017
3:00pm, 8 Mar 2017
55 posts
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Muttley
Just after some general advice. I'm being made redundant (willingly) and am sorting out a contract with a large organisation for broadly similar work. Duration one year, to be renewed annually if they like me. The work will be done over the interwebs, from home (translation).

I've yet to confirm this but it looks like the hours needed will be close to a full working week so I'll be tied to the one client. Which is fine, I know them well.

I've freelanced in the past, but in addition to the day job (some years ago now). This time I'll be fully on my own.

So: any tips for the unwary newby? I guess I need to tell HMRC when I'm up and running. What about Nat Insurance? Should I register as a sole trader? Anything else I need to know, any traps with officialdom I need to avoid?

Ta ever so much in advance!
Mar 2017
3:05pm, 8 Mar 2017
796 posts
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Sweetie
I have been self employed for the last 14-15 years, (also translation!), it might have changed a bit, but I think it was just a quick call to HRMC to tell them you're going self employed and then your tax and NI is all sorted through self assessment - which I do myself rather than with an accountant as it is a very straightforward business.
One thing to consider is whether you will be VAT registered? That's a bit more faff but everything is on the gov.uk website (when you eventually find the right page!)
Best of luck with it! :-)
Mar 2017
9:28pm, 8 Mar 2017
7,406 posts
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Duchess
Another thing to consider is whether you need any business insurance, for example professional indemnity.
Mar 2017
9:35pm, 8 Mar 2017
6,315 posts
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BaronessBL
i am self employed and I believe HMRC don't like it when freelance people only work for one client for a long time. That has never applied to me as I usually do short stints of work for different clients but it is worth checking if you are likely to be working almost full time for one client.
Mar 2017
9:57pm, 8 Mar 2017
18,224 posts
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fetcheveryone
Have a look at IR35:

gov.uk
Mar 2017
7:56pm, 9 Mar 2017
57 posts
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Muttley
Thank you chaps. I don't think IR35 applies but there's a helpline so no harm in checking.

Duchess: when freelancing in the past, through translation agencies, whenever they asked if I had indemnity insurance I'd tell them that was their pigeon and what did they want for the peanuts they were paying me! If they didn't like it, they'd go elsewhere.
9 Jan
1:12pm, 9 Jan 2024
49,082 posts
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HappyG(rrr)
Omgosh, just when I think I've understood HMRC and am top of my tax, I get a £4,600 / £7,200 shocker! But I might get some of that back, because I don't trust that they've added it up right. But I'd rather risk overpaying than under, because of the fear mongering about penalties after 31 Jan. Argh! :-) G

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About This Thread

Maintained by Muttley
Angling for advice about setting up on my own and dealing with the taxman et al ...

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