Business Advice · 28 May 2021

Benefits of self employment: You might be surprised

Benefits of self employment

Are you currently self-employed? Or, are you thinking of going it alone and setting up your own business? So many According to statista.com there were approximately 4.33 million self-employed people in the United Kingdom in the three months to March 2021. During this provided time period, self-employment in the UK has grown steadily, from a low of just 3.2 million in December 2000 to a peak of over 5.03 million at the start of 2020. So what is it about self-employment that everyone is loving so much?

Self-employment can be an incredible thing and there are so many benefits to enjoy from this way of life. From saving money to enjoying more time to yourself and better profits, in this article, we are going to look at the benefits of self-employment, and you might just be surprised!

If you have been stuck in the 9-5 working life and are feeling bored, and even a little controlled then self-employment might well be your next path. Many self-employed entrepreneurs are the type of people that like to take control and make decisions. The amazing thing about being self-employed is that you are in control of your own life. You no longer have to answer to a boss, ask to go to the loo, or be told what you can and can’t do. You are in the driving seat and if you don’t like a job or task, well then there’s no need to take it on. Being self-employed gives you the luxury of choice.

You might not have been aware that this is a big positive when it comes to self-employment. Of course, self-employed workers pay tax at the same rate as regular employees, the catch is that they’re only taxed on their profits, rather than their overall income. So, because you’ll be working for yourself, you’ll be able to reduce those profits by claiming expenses and allowances; thereby reducing the amount you can be taxed on. This is a benefit enjoyed by many self-employed workers, so ensure you always keep your expense receipts, etc to give to your accountant when it’s time to do your tax return. 

That’s right, when you are self-employed you can actually save a lot of money. If you are working from home then you will save on a lot of fuel and travel expenses to begin. Think of other places where you might save cash too such as dog walking fees or even child care fees, not to mention all those coffees you probably purchase simply because you are at home or in charge of your working hours you can fit your business around your life. Financially you could be a lot better off being self-employed.

Everybody has different lives, be it busy family life, kids, pets, commitments, etc. The great thing about self-employment is that because you are your own boss you can choose your own working hours to suit your needs. Your work can be structured around your life so you are able to go to those sports clubs you want, ensure the dog is walked, etc. Choosing your own hours can give you a much better quality of life quality, something which working for someone else or another company can’t match, you no longer have to structure your life around another company’s needs, it’s all about what works for you.

You get the rewards

That’s right, all the rewards are yours. When you are self-employed you are no longer doing work that someone else can take credit for. You aren’t part of a company that is profiting from your talents. Being self-employed means you get all the credit for your hard work. You are the face of your business and the fact that your clientele can thank and appreciate. If you turn over a huge profit then that is your profit. Another great thing about being self-employed is that you can work with people you really like. Because you are the boss, you get to decide who your workforce is and who you want to work with. You can build your perfect team of people to enable your business to flourish.

Tired of doing a job you don’t care about? Do you have a passion for something you want to turn into a business? Maybe you have already done so. The incredible thing about self-employment is that you can turn your passion into a business. This could be anything such as a passion for fitness, or the arts, or a skill you have. Self-employment means you have the luxury of being able to do something you love to make money. The world really is your oyster and with the right passion, commitment, and drive you can turn your passion into something which makes you some decent money.

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