Broadband and Taxes
One of the things that many freelancers forget is how much they rely on the internet. If my connection were to go down suddenly I would be quite literally up the creek without a paddle. Having fast, effective and – most importantly – reliable broadband is an essential for any freelancer. If I didn’t have the ability to access the internet then I wouldn’t be able to function. Think about it, email, Google, social networking, general research, chat, and video…without a good connection you can kiss potential success as a freelancer goodbye.
Good broadband will make you more reliable to your clients.
When I first decided to go freelance, it was quite terrifying. I didn’t know how to organise myself at all and had to get a lot of help and advice from friends and family who had gone through similar experiences. The best piece of advice I received though was from my friend Paula who before I had even opened my mouth to ask a question, shoved a search list of results on the best broadband providers in my area. She knew before I did that for me to really have a chance of being successful; I would have to have fast access to the internet. She also knew that as I would be on the move a lot then there was a good chance I would need a provider who could do both roaming and site specific broadband work. I now use abroadband. They give me fast broadband access both at home on my laptop and roaming access when I’m travelling around a lot. I haven’t had any issues with them and it has become very cost effective for my work. Next I had to understand what my status was.
Another thing you will need to look into if you decide to start freelancing is hiring yourself a good accountant. At the start you may not be earning enough money for HMRC to even concern themselves with you, but if you keep plugging away over the months and the money starts to role in on a more regular basis then you will need to register yourself with HMRC and complete a self assessment form once a year. There is a great article on the BBC website on how to do this. Everything must be transparent to the tax office and failure to comply with the law could result in a severe penalty and even prison time. I’m making it sound scarier then it is, but it is important to understand the rules you have to follow so you can fully enjoy the benefits of working for yourself. You can do your accounts yourself, but it can take time; time which could be better spent working with your clients and trying to attract new clients. Having an accountant whilst costing you a portion of your earnings, could save you an absolute fortune at the end of the year as they will know what expenses is tax deductable.
Freelancing is challenging, but it is ultimately rewarding. It makes you a more responsible person whilst simultaneously allowing you the freedom to work with who you want to work with…most of the time!
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