The gig economy has opened a whole new realm of business opportunities around the world. Freelance work happens to be one of the many business opportunities the digital age is providing. The UK economy has witnessed a massive influx in the freelance career over the last few years. Young graduates are taking the freelance journey either to get rid of the shackles of full-time jobs or to earn and save more money on top of their regular salary. An independent contractor in the UK makes an average of £13.77 per hour. What is freelancing all about? Freelance business means providing expert services to multiple potential clients and firms under a contract. A freelance business is free to provide any type of service ranging from content writing, IT development to subject specialised coaching and accounting. These individuals can also be referred to as independent contractors. According to the statistics revealed by Micro Biz Mag, there are currently over 2 million freelance businesses operating across the UK. Almost 89% of these workers are pursuing freelancing full time. At the same time, the other portion of these independent contractors takes part in freelancing as a second job. It has also been revealed that these freelancers currently contribute about 125 billion pounds to the UK economy, which makes them very important and valuable members of the entire UK workforce. What trading structures can be used when freelancing? The freelance career allows you to either operate as a sole trader or establish your own limited company. The primary difference between the two is that if you go as a sole trader, then there is no legal separation between you and your freelancing service. At the same time, if you establish your own limited company, then your company holds a separate legal entity, and you have no personal liability in that company. As a sole trader, you’ll be personally required to manage your expenses, debts, and you’ll have to work out your annual taxes all by yourself. For limited companies, self-employed individuals have their specific legal and statutory obligations which they required to fulfil as a director of the company. Tax implications are different for both types of business structures. Therefore, a potential freelancer seeks advice from expert business advisors to help them select the best trading structure for their freelance project. What are the types of freelancing you should consider? The freelance gig economy has extended its platform of endless opportunities to people so that they can utilise their talent and skills to develop their own small business and enjoy more freedom in their daily life. In this section, we will shed light on the different types of freelancing and the roles they can take in the modern-day industry. App development We live in the digital age where the internet has become a necessity of daily life. More people are now learning IT-related skills to introduce new mobile applications in the virtual world. Due to the increased demand for IT development, freelancers have more […]
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