Things to Consider Before Becoming Self-Employed

- This post is sponsored - 

When thinking about becoming self employed, it's important to consider every positive and negative outcome. I am self employed while also being employed within an organisation and there as a lot to consider before taking that leap. Today I have a few things to share that are always worth considering before making the switch.When you are planning on becoming self employed or if you start to make money through one of your hobbies, you will need to register as self employed and submit a self assessment tax return every year with HMRC. The seems like a scary thing to do and honestly, when I was planning on submitting my first one I was weirdly terrified as I didn't want to get anything wrong as I was doing it all myself. But it turned out to be fine regardless of how many complicated words they use throughout the form. You will need to register by the beginning of October after the end of the tax year that you are needing to submit the self assessment for. So if you have earnings you need to submit for the 2020/2021 tax year, you will need to register by the upcoming October. 

Speaking of earnings, I can't stress enough how much easier your life will be if you keep track of every expense and earning made throughout the year. I'm talking more from a bloggers perspective here but I used to always forget update my spreadsheets and it was a nightmare trying to remember everything when I have the memory of a goldfish! Keep track of anything and everything just so you have a record of it. 

Something to consider is income protection which is one of the the least bought types of insurance out there and honestly, I didn't know it existed until recently but now it is definitely something I am considering for myself! This type of insurance can provide you with income if you are unable to work through sickness or injury, it can usually pay out between 50-70% depending on the policy you purchase. It can be used by anyone whether you are self employed or working for someone else or if you are living alone or have a family. If you are earning money, this is definite something to consider and LifeSearch are one the biggest UK based life insurance brokers and they have a tonne of information of their website to find out more.

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