Becoming A Self - Employed Registered Staff
For staffs, being self-employed can create amazing opportunities in this age of job uncertainty and change. Many people deciding to become self-employed can find it difficult to generate a profitable income when they first startup, but this is one area where staffs will certainly have no problem!
Staffs have a huge advantage in terms of earning an immediate and profitable income and having a large variety of shifts and placements to choose from (assuming they are willing to put in the hours and of course available time).
Nursing shortages are unfortunately not a new thing. Any staff who decides to step into the world of self-employment will certainly be in demand and will no doubt be able to select from a range of assignments that they feel are right for them.
If you are considering becoming a self-employed staff, then here is a brief and simple guide and checklist of what you need to do and think about, to help you get started on your journey:
Register for Self-Assessment and Class 2 National Insurance as soon as soon as you can after starting your business. Click here to read guidance from the Gov.uk website.
2. Meet With Your Local Bank
Although not a legal requirement for anyone becoming self-employed, having a separate business money account will allow you to more easily identify and separate the earnings you have accumulated as a self-employed staff.
This will make managing your accounts and records much simpler and easier when filling out your annual tax return. If you do not want to have a business account, then a separate bank or savings account will still allow you to account for and manage your self-employment earnings.
3. Record Your Earnings and Spending
Document your business earnings, outgoings and expenses accurately. Maintaining an account book so that you can easily record everything earned and all costs, is essential and make your life much easier.
4. Keep Receipts
Keep receipts for essential expenditures and items, as a non- taxable portion of your income. This might include receipts for shoes/uniforms, washing/laundry expenses, mandatory training/study day costs, travel, professional membership and insurance fees.
5. Seek Expert Advice
Although this may sound extravagant to the newly self-employed staff, there are many accountants who offer reasonable and attractive deals and services. For a small fee, it could be worth letting a professional do the work, allowing you to avoid stress and hassle associated with paperwork and managing your own account books.
You can visit our friends TaxDoctor for friendly helpful advice.
6. Complete Annual Tax Returns On Time
Currently, self-employed professionals who fill out their tax returns by paper have to submit them by October 31st of each year. For online tax returns the deadline is January 31st of each year. Not filing a tax return on time can result in a fine which we all want to avoid!
7. Set a Portion Of Your Self–Employed Earnings Aside
This is to cover the annual tax you are liable to pay and will prevent you having to pay a hefty lump sum all at once.
8. You Can Keep Your Job As An Employee and Work As a Self-Employed Staff At The Same Time
Many people find the prospect of going it alone as a self-employed professional daunting at first. Being self-employed does not mean you have to give up your day job or the security and benefits of a traditional post.
As a self-employed individual you stay in control and have the flexibility to work as little or as much as you like elsewhere whilst working for yourself.
You're Ready To Go!
Self-employed staffs are appearing in a number of settings including nursing homes. So, whatever area you would like to work in as a self-employed staff, then good for you and good luck!