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Three Reasons to go Self-Employed This Year

Three Reasons to go Self-Employed This Year

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Working for yourself can be hard work, but the knowledge that you have created your own successful business can be incredibly rewarding. It can have many benefits, both personally and financially, which could be the reason why self-employment levels have increased in the UK from 3.8 million in 2008 to 4.6 million in 2015.

If you’re thinking about going self-employed this year, here are three things that you should take into consideration.

It Can Give You Flexibility

Self-employment can give you the freedom of routine that you cannot get from working with a company. You can find a balance between work and home life by fitting in work around your family commitments. Being your own boss means that you can decide when and how you tackle your jobs.

Another key advantage of self-employment is avoiding the stress of the daily commute. As well as saving time, you can cut down on the costs that come with commuting to work each day, whether it’s petrol costs or train fares.

You’ll Enjoy More Control

If you want more freedom and independence from big companies, self-employment could be for you. You will have control over what projects you take on and who you decide to work with, as well as where you spend money to help your business grow.

Taking responsibility for you company’s success is a big step, but it will bring out your entrepreneurial side and you will feel much greater satisfaction when your business reaches its goals thanks to your hard work.

The Financial Incentives

There are always risks associated with self-employment but they may not be as limiting as you may think. Lenders such as Saffron Building Society cater for the self-employed with specially designed mortgages. Plus, you can claim expenses for your various running costs, which are explained further on the website. This includes:

  • Office costs, such as stationery and phone bills
  • Travel costs, including fuel, parking and train fares
  • Clothing expenses, such as uniforms or PPE
  • Stock or raw materials
  • Website costs, advertising and marketing

There are also incentives if you work from home – you may be eligible to claim a proportion of your costs for your heating, electricity, Council Tax, mortgage interest or rent and internet and telephone use.

Although there are some risks associated when you make the decision to become self-employed, the benefits could outweigh these. With plenty of hard work and dedication, you could be reaping the rewards from a business that you have set-up and shaped from the beginning.

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