There is a long-standing debate about the pros and cons of being a self-employed individual. While some people prefer a 9 to 5 job and income security that comes with being an employed worker, others prefer more flexibility and autonomy in their professional lives. A lot of people will tell you that working in the capacity of a self-employed individual comes with a huge number of risks and struggles. Moreover, it is a common belief that being a part of another person’s business and working on the payroll is not as risky or unpredictable. It has more admin responsibilities and less job security.
In this article, we talk about everything there is to know about being self-employed in the UK and how it can be a great idea for working professionals. Talking specifically of the driving industry, it is no secret that there is a major shortage of skills in this field. When you do the math by factoring being self-employed in this industry, a lot of issues start appearing straight away.
Why Is Self-Employment So Popular Today?
One of the first and foremost questions to address is precisely why so many drivers today wish to take the route of self-employment. This question has a simple answer. Being a self-employed driver allows individuals to do as they want more frequently while giving them added flexibility. In addition to that, there are fewer rules, and they get to enjoy a unique sense of freedom that is not really enjoyed by individuals who work for somebody else. Typically, self-employed people also enjoy a more substantial salary on a monthly basis.
Why Choose Self-Employment Over Working For Somebody Else?
There comes a time in life when you must decide your future. You will come across two main options: working for yourself or someone else. Both have their fair share of pros and cons. If you decide to be a self-employed worker, you are essentially going to be your own boss. You can set your own schedule and work where and how you want. This is just the basic advantage of being self-employed. Some other reasons to choose self-employment over working for somebody else are as follows:
It is the simplest, cheapest and fastest way to register a business since it does not require a prior constitution process and fewer legal procedures. In fact, many famous companies started as a self-employed person.
You maintain full control in business management (and cloud management can help a lot in this).
You freely manage your time. A rigid, closed and monotonous schedule is typical of a salaried worker, but not for the self-employed. Working on your own, you can freely prepare your calendar, set your priority hours to work and choose the best methods to manage and organize your time. This last point is truly crucial, and in that sense, there are computer tools that can help you in the organization and management of tasks, creating invoices, sending quotes and delivery notes, controlling stock and orders, etc. We recommend taking them into account to increase your productivity.
Good management is rewarded. Employed persons are currently inserted into a market that is sometimes quite precarious with a tight salary and difficult working conditions. However, if you dare to work on your own, you should know that good ideas, accompanied by effective and constant work, usually translate into growth opportunities and greater benefits.
The satisfaction of working on your own project is unparalleled. We are, of course, mentioning the least quantitative advantage here but not the least important. Working on structuring your own ideas and verifying that, little by little, you are achieving your goals can be a source of enormous satisfaction. It may be what makes you feel most proud in the long run.
How To Get Started?
If you have decided to work as a self-employed individual, you could take a number of roads. The first is to start a limited company. In this route, you can expect to deal with some admin work initially and a bit more with time. In addition to that, you will also be required to register the limited company with Companies House. You will also be required to ensure that all your accounts are up-to-date, complete your tax returns, register for VAT, find the best way to take money from your company and a number of other essential tasks.
Allow Us To Help You!
Since starting a limited company and embarking on the journey of working in the capacity of a self-employed individual comes with a lot of financial risks as well as clerical stress, you can save yourself a massive headache by employing the services of Limelight Accountancy. We could do all the work for you and help you set up a limited company without any hurdles.