London Front End Freelancing
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- Stugoo
Peoples,
I'm considering a new direction and going freelance with my mad front end and UI skills.What do I need to look into with regards to legalities and what I will need with regards to invoices and things like that? Any help appreciated
The new folio is currently in the works too.
Cheers
Stu
- chrisRG0
Get you own Limited Company, that makes your taxes % lower.
- breadlegz0
A limited company is a really expensive option for a freelancer. To start off with you probably just want to declare yourself 'self employed'.
With invoicing, you need to create yourself a basic invoice template, then invoice in a structured way each of the jobs you do.
Keep invoices of all the things that you have purchased in relation to your business. Computer, stationery, etc.
At the end of the first 12 months, you'll need to do a personal income tax form to declare what you have made. If it's over a certain level (which I hope you achieve) then you will have to pay some tax.
So you need to plan ahead for the tax that you will be paying.
Hope that's useful.
- lukus_W20
I'd suggest not working from home.
- kingsteven0
An accountant will save you more than they cost.
Also, if you just want to get on with working but you're dealing with clients directly and not going through an agency it's good to have someone you can call in (a sensible friend with a good telephone voice) to chase up invoices...
- chrisRG0
I've been freelancing in London for an year. I guess a Limited company is definitely a better option, at least that's what I found out after going from Self-Employed to Umbrella to Limited.
As a Limited Company and with an Accountant you'll pay around 10% including taxes + accountant.
- jamble0
Get an accountant to advise you on the best set-up for your needs.
Depending on your income, you might benefit from being a Ltd company instead of sole trader but there are definite pros and cons to each.
I've tried to write up some bits about tax etc here if you're truly bored and want to read about tax. http://www.welcomebrand.co.uk/bl…
Did I mention you should get advice from an accountant?
- That was quite helpful, cheers.********
- Hope it helps someone :)jamble
- That was quite helpful, cheers.
- Stugoo0
Cheers guys, Monday morning bump.
- maikel0
an LTD usually works better with corporate clients who will deduct VAT from your invoices, whereas individuals (let's say a band, or even a small shop may not be able to.
as a general rule you are better off starting as sole trader until your turnover is more than 40K - after that, an LTD will make more sense as it's a little more tax-efficient.
another way is starting an ltd, putting together a business plan and visiting a bank to get some money lent at business rates to kick off the business.
a personal recommendation: make sure you don't get mistaken and you keep a clear line between your company's finances and your personal ones. If you mix this up, there are high chances of fucking things up.