How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask ExpertNina Your Own Question
Category: Finance
Satisfied Customers: 142
Experience:  Expert
Type Your Finance Question Here...
ExpertNina is online now

Does it make financial sense to become self-employed?

This answer was rated:

Does it make financial sense to become self-employed?

Hello! My name is***** have a degree in Accounting and Administration, I am specialized in tax/financial consulting and today I am going to help you with your query.

Dear client, your case is a bit complicated. I have to investigate several details before giving you an advice. As soon as I have a clear answer, I will be happy to answer your query. In the meantime if you have any other important information to tell me, it would be very helpful.

Thank you for trusting JustAnswer!

Dear customer, it all depends on what you are looking to do. What are your plans? Being self-employed offers many advantages and especially tax benefits.

Dear client, I see you have not had the opportunity to answer my questions. To work as a freelancer or self-employed in the UK you only need to be resident and have the right to work in the country and have your National Insurance Number (NIN).

Then you must register with HMRC as self-employed. As for taxes, if you do not earn more than 6,475 pounds a year, you do not have to pay anything.

If you earn between £6,475 and £9,500 a year you would be considered Class 2 and then you would have to pay £3.05 a week. That's where the £12 a month comes from, which is the only thing many people have stuck with.

If you earn more than 9,500 pounds a year you would be considered Class 4 and you would pay 9% of the profits you earn between 9,500 and 50,000 pounds a year and 2% of the profits over 50,000 pounds. That is to say that if you earn 60,000 pounds a year you would pay an average of 320 pounds a month in fees.

ExpertNina and other Finance Specialists are ready to help you
Customer: replied 6 days ago.
Thank you

I hope this information has been useful to you. If you have any other questions feel free to contact me and I will be happy to help you.

Thank you so much!