Going freelance made easy
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Transcript of 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!
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!
10/04/2023 Visit www.crunch.co.uk, the next generation of accountants 3
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
10/04/2023 Visit www.crunch.co.uk, the next generation of accountants 4
READY?....HERE COME THE STEPS
Freelancing, Independent Consultant, Contractor…
10/04/2023 Visit www.crunch.co.uk, the next generation of accountants 5
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)
10/04/2023 Visit www.crunch.co.uk, the next generation of accountants 6
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
10/04/2023 Visit www.crunch.co.uk, the next generation of accountants 12
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
10/04/2023 Visit www.crunch.co.uk, the next generation of accountants 13
Do you need an Accountant?• Soletrader? - possibly not although will miss tricks
• Ltd? – certainly – spend time on doing what you are good at!
10/04/2023 Visit www.crunch.co.uk, the next generation of accountants 14
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/
10/04/2023 Visit www.crunch.co.uk, the next generation of accountants 15
Any Questions….