Ever Thought About Being Your Own Boss?
The Flooring Group as a company cooperating with a lot of other London companies and contractors, there is small portion of them are self-employed professionals. Some customers approach self-employed people with distrust when it comes to them providing a service involving risks, companies often provide the comfort and safety with their large personnel, insurances and warranties and overall seem more professional as a large institution. However through our experience there isn’t much difference in terms of quality and you get to discuss things directly with the specialist performing the job and most of them are free to take work at a short notice.
Let’s get to the main topic, what are the necessary qualities that you should have when switching to self-employment and can it improve your life?
Let’s see what self-employed people have in common, we have selected a few and made them into a short list:
- Taking the risk of running your own business, while taking full responsibility for it’s success or failure
- Making your own schedule and sticking to it
- Hiring employees at your own expense to work for you
- Providing the necessary equipment and materials and being responsible for their maintenance
- You have the right to provide service to as many customers as your business can take
- In cases which the finished result or product differs from the initial agreements with a customer, you should take full responsibility and resolve the issue
- You should always receive the initially agreed price upon completion, if there weren’t anything additional requested from the customer involved
- You have the full right to provide services or goods and profit from it
These rules also apply if you are running a limited company and if you cover these, congratulations you are a self-employed person! But keep in mind that there are bad practices of London companies and other, which force employees into “self-employment” while taking less responsibility, such as Deliveroo and Uber drivers. Law has been catching up with those trends and it is official that people who are in contract obliging both sides to take and provide work, are unable to hire other people and the job must be done personally and they must be supervised by the contractor are not categorised as “self-employed”. It’s best to check your employment status and how you pay tax if you have ever undergone this at https://www.gov.uk/guidance/check-employment-status-for-tax
When choosing a business type and registering your company you have plenty of choices. Should you indulge in a partnership, make a limited company or just simply run a sole tradership is entirely up to you. The Flooring Group recommends for all the people looking forward to running their own company first to discuss all this with a trustworthy accountant, they are familiar with the law and your responsibilities as a self-employed person. We wish you good luck, as it is always good to have when starting fresh!
Inspired by www.contractflooringjournal.co.uk