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Is Income Protection Tax Deductible?
If you are self-employed and considering income protection insurance, one of the first questions you may ask is whether the premiums are tax deductible. Understanding how it is treated for tax purposes can help you make informed decisions about both cover and...
Risks of Being Self-Employed
Self-employment offers independence, flexibility, and greater control over how you work. However, it also comes with risks that employees do not face. Understanding the risks of being self-employed is an important part of building a sustainable and resilient career....
Guide to Self-Employment
Starting a journey into self-employment can be an exciting opportunity for greater independence. However, it also comes with important responsibilities. A clear understanding of the fundamentals will help you prepare for both the challenges and opportunities that come...
Pension Annuity vs Drawdown: Understanding Your Options Under Pension Freedom
The pension freedom reforms introduced greater flexibility in how people access their retirement savings. For anyone who is not a member of a Defined Benefit Scheme, these reforms mean you now have broader options for spending, saving, and investing your pension pot. In the past, most people had little choice but to buy an annuity, […]
For How Long Can You Claim Statutory Sick Pay? Why Planning Ahead Matters for Professionals
Periods of illness or injury can disrupt even the most carefully managed career. While statutory sick pay offers a degree of financial support, it is often short term and limited. For professionals who value long term stability, understanding how long you can claim...
What is the difference between sole trader and self-employed
The terms “sole trader” and “self-employed” are often used interchangeably, but they do not mean exactly the same thing. For professionals considering working independently, it is important to understand the distinction. This knowledge helps you make informed...
Can you claim sick pay if self-employed
For many professionals, being self-employed offers freedom and flexibility but it also brings responsibility for your own financial security. Unlike employees, self-employed individuals do not have access to statutory sick pay. This means that if illness or injury...
How to Budget Without a Fixed Income
For self-employed professionals, freelancers, and business owners, budgeting without a fixed income requires careful planning, flexibility and an understanding of your financial priorities. By taking a structured approach, you can create stability and reduce stress, even when earnings fluctuate.
How Does VAT Work for Self Employed People?
What is VAT? VAT stands for Value Added Tax. It’s a sales tax applied to most goods and services sold in the UK. Businesses, including self-employed individuals, charge VAT on their sales and pay it to HMRC. The standard VAT rate is 20%, although there are other rates depending on the product or service. Some […]
Income Protection Vs Critical Illness – Which is Right For You?
It is sometimes easy to think that an income shock such as a long-term or critical illness will never happen to us. However, thinking about how your bills would be paid if the unthinkable happened to you is essential. Income protection insurance and critical illness...
Do I Need Income Protection Insurance?
Self-employment used to be a rarity in the traditional world of lifetime employment. However, long before the gig economy was recognised as a phenomenon, the structure and experience of the UK workforce was changing. Certain professions have always been built on the...
Everyone Will Be Self-Employed In The Future
We may be looking at a future where, in order to have a job at all, you have to be self employed. This has vast consequences, for our tax system, our laws and many of our social and commercial structures. Many former employees are now gladly embracing self-employment. It particularly suits those who need more […]