The Freelancer Club Blog

SELF ASSESSMENT TIPS FOR FREELANCERS 2016

No sooner have you settled back into work after a festive break do you have to take care of your Self Assessment. 31st of January is the cut off point in case you missed the billboards dotted around the UK and there is a £100 fine if you miss the deadline with an additional £10 per day for 90 days thereafter. To make the process as painless as possible we've put a checklist together for you to follow.

CALCULATE YOUR HOURLY BOTTOM LINE

What you are worth and what your bottom line is are two very different things. The main difference is that the former relates to your value while the latter is a calculation to determine what you need to charge in order to sustain your current standard of living. The beauty of this little bottom line formula is that you can adjust it to find out what you need to charge per hour to live what to charge to achieve the life you'd like to live.

HOW TO GET PAID ON TIME

Getting paid (on time) is one of the biggest frustrations our members have to deal with. Along with the freedom of being your own boss comes the hassle of staying on top of your invoices and finances in general. Many freelancers still use the basic methods of emailing an invoice made via Word or Google Docs making without any tracking process. Other freelancers use an online tool to monitor payments. However you oversee your invoices, you've undoubtedly got a story of a late payment, a non payment or a dispute with a company about money. We feel your pain. We've been there (trust us). We've also done the research to help.

LATE PAYMENTS AND EQUAL RIGHTS FOR FREELANCERS

The recent general election was influenced by many things - Grant Schapps’ multiple identities, Ed Miliband’s multiple kitchens, David Cameron’s multiple favourite football clubs - but one of the biggest deciding factors when the ballots were cast was business support. While the  Conservatives adopted a visibly pro-business stance, Labour focused on how they would punish the handful of big businesses needing a slap on the wrist, rather than how they would support the millions needing a leg-up.

BOOKKEEPING FOR FREELANCERS

Most of the freelancers I know would rather gnaw off their left arm than do their bookkeeping - and with good reason. It’s confusing, it’s boring, and it’s not what you signed up for. You became self-employed to spend time doing what you love - not wrestle with spreadsheets. But, like it or not, accounting is important as a way to understand your business finances, and a legal requirement! Thankfully there’s a simple way to not hate bookkeeping. You need to address the accounting spiral of doom.

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