One of the most important lessons that any self-employed worker or freelancer has to learn is just how much of their own work-life they become responsible for. From paying their own taxes to ensuring they meet any necessary regulations, it takes effort to work for yourself. However, while you may not be entitled to all of the support available to the average employee, you still have certain benefits you can take advantage of.
Your State Pension
If you’re a self-employed freelancer, you’re still entitled to a state pension, provided that you have paid enough in your National Insurance contributions. You’ll need at least 10 years to get the basic pension, and 35 years for the full amount, but it’s vital that you keep up with your NI payments through your self-assessment tax return. If you want to have a more comfortable retirement, of course, you will need to look into private options, as well, to ensure that all of your future needs are completely taken care of.
Maternity Leave
You have to be employed to be eligible for the statutory maternity pay that many get, but that doesn’t mean that you don’t get any benefits as a self-employed individual. Instead, you may qualify for maternity allowance. This form of self employed maternity pay is currently not much lower than the alternative that employees get, but it does require you to have been self-employed for a certain amount of time before your due date, as well as having paid enough in National Insurance. That said, planning ahead with some additional finances set aside is still wise when you’re expecting.
Tax Relief
A lot of freelancers are fully aware that they have to take care of their own taxes, ensuring that they file and pay on time to avoid any trouble. However, many are not fully aware of their ability to claim allowable business expenses to reduce their bill. These can include home office costs, travel, equipment, marketing, and even a portion of utility bills if you work from home. Keeping clear records and receipts is essential, and many freelancers use accounting software to stay organised. If you’re spending money on the running of your business, then it’s likely that you’ll be able to deduct it from what you owe in taxes.
Professional Training
If you’re looking for support in running your business, then you could take a look at the various training grants and subsidised learning opportunities that can help you grow your skills and business. You could gain access to discounted courses or funding for it, and could claim training costs as a tax-deductible expense if they’re related to your current services. Self-employed freelancers are also eligible for free or subsidised business support from local councils, government-backed hubs, and charities. Services often include mentoring, legal advice, networking events, mental health support, and help with funding applications.
A lot of freelancers get used to operating without the perks and benefits that employers can offer, but that doesn’t mean that you don’t have any entitlements yourself. It’ always worth a little research to see what kind of help you can get in your situation.
