Boris Johnson has been accused of sounding like the “Comical Ali of the cost-of-living crisis” by denying the facts of the rising prices faced by working families.
08.04.2022 - 16:19 / dailyrecord.co.uk
The number of self-employed people has steadily increased over the last two decades, climbing from 3.2 million in December 2000 to over 5 million at the start of 2020, settling at 4.2 million this year.
New research by independent finance broker, Norton Finance, has recorded a 20 per cent growth in self-employment advisory services over the last two years since the coronavirus pandemic began.
If you start working for yourself, or are thinking about going it alone after years in regular employment, there is a set of important financial decisions to be made, but luckily, Norton Finance has prepared a six-step guide to help everyone through it.
To keep work and personal finances separate, set up a business bank account to manage income and work expenses. This makes life far easier when it comes to self-assessment.
Be sure to set aside enough money each month so that you can pay your taxes when they’re due. Most business bank accounts now offer budgeting and expenses apps to help keep you on track.
Income from self-employment can be more unpredictable than a monthly salary, so setting up an emergency fund to reduce stress in quieter months is advisable. Even if you establish a solid base of clients before leaving your job, this can cover unexpected costs or quieter periods.
If you’re employed, benefits like critical illness cover and life insurance are easily overlooked and forgotten. However, when you’re going it alone, the buck stops with you, so insurance is vital.
Think about liability insurance for business operations, and items like health cover for critical illness if you need to stop working due to unforeseen circumstances.
Even if you’re setting out on a career in your dream job, at some point you will want to stop and
Boris Johnson has been accused of sounding like the “Comical Ali of the cost-of-living crisis” by denying the facts of the rising prices faced by working families.
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