Sca freelancing

Guide to Freelancing
Things to consider before you embark on a freelance career
Claire Owen
May 2011

Overview....
So you want to be a freelancer?
Explore why clients uses freelancers and what kind of traits you need to make a real success of it
Going about getting the gigs
Prepare CV and online portfolio
Understand the many routes to market
Getting Paid?
‘Temp’ paid via PAYE vs Self Employed vs Limited Co vs Umbrella Co

This means you’ll be working for different companies at different times and essentially you’ll be selling your skills by the hour/day/week/month/project
Upside for clients:
More flexible over hours etc. than permanent staff;
Easier to hire and fire - and are not a long term commitment;
Available at short notice
Provide skills the in-house team may not have;
Complete one off or small, regular tasks that do not require a full time employee.

Upsides for you:
Being you own boss - which can be extremely enjoyable and satisfying
More money - freelancers are usually paid more than employees working alongside them on a project;
Freedom - e.g. Freelancers can, to varying degrees, choose when and where to work, when to take holidays etc.
Variety - by moving from contract to contract and company to company, freelancers can develop very varied experience and an impressive CV;
Less tax - freelancers who take professional advice can also greatly reduce the amount of tax they pay.

Downsides for you:
Less security - freelancers are not protected in the same way as employees;
Uncertainty - there are usually no guarantees of another contract when your current contract ends;
Hassle - because you will be running your own business, there will be forms to fill in, rules to obey and accounts to keep;
You will be on your own - as well as sometimes being lonely, being your own boss means, for example, that nobody will pay you when you take a holiday or are ill.

A successful freelancer:
Knows what they want to achieve from being in business and have thought through the financial implications of going it alone
Is decisive and self-motivated.
Easily adapts to different conditions, tools, culture and ways of working.
Gets on with other people and makes new relationships easily
Feels comfortable in a leadership role.
Has the ability to know when their advice is wanted and when it is not
Is always aware of a potential business at a client's site.
Looks own work rather than just lets agencies look.
Will have a database of potential clients, with those he or she has worked for before, near the top of the list.
Will keep potential clients up to date with contact information when it changes
Will have such a good reputation for their work – repeat business is the norm.

Going about getting the gigs!
Step 1 - How do you present yourself?
Portfolio
Website
CV
Social Media – Twitter, facebook, blog, flickr, Youtube
Google yourself
Step 2 – Routes to jobs
Network
Direct/Speculative Application
On-Line job boards
Trade press
Recruiters
Step 3 - Interview
Preparation
Professional
Personality

Getting Paid
PAYE
Easy for you, money paid with all tax/NI deducted
Not all companies want to take on freelancers this way – can be a hassle for them and concerns over ‘employment’ rights
Self Employed
Relatively easy to set up
Small regular NI Contributions
But employer could be contravening HMRC rules – see ESI
Administrative responsibilities
Limited Co
Relatively easy to set up
Never an issue for a company to accept your invoices
Potential risk under IR35
Administrative responsibilities
Umbrella Company
Protects you from IR35
Removes admin burden
There is a cost attached

Any Questions?

Useful Links
Revenue & Customs www.hmrc.gov.uk
Businesslink - www.businesslink.gov.uk
Online accountants - www.crunch.co.uk/
Freelancing sites/blogs
http://www.freelanceuk.com/become/set_up_freelance_company.shtml
http://creativeagencyfreelancing.com/getting-started/setting-yourself-up-as-an-agency-freelancer-uk
http://www.freelanceadvisor.co.uk/money/freelance-questions-how-do-i-set-up-a-limited-company/
http://www.freelancesupermarket.com/featured-articles/setting-up-a-limited-company-in-3-simple-steps.aspx
Recruitment Agencies
www.becomeuk.com
www.the-creamery.co.uk

Sca freelancing

by Marc Lewis on May 19, 2011

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