What you Must Know before you Start Freelance Work
One form of employment that is becoming common nowadays is the freelancing, and many people are embracing it because there are numerous opportunities online that are untapped and additionally, it provides the most favorable conditions of work. You have the chance to work from any part of the world or even from your home at your comfort, and there is no supervision.
To some people freelancing might be a side job to earn extra income while to some, it is the main job and they rely on it to get their income. It might not seem real to work for a big company from the comforts of your home or while you are out touring the world because it’s a tradition to go to work on daily basis and being at the company physically. However, before you get started on freelancing, there are some factors that you must consider.
Contracts – The companies that give these jobs offer them to freelancers on a short-term basis, and the freelancer must accomplish it within the defined time as long as the resources are available to complete the task. Before you take up these jobs, you need to have a binding agreement with the company so that you are protected. The company must append a signature on the contract. It should elaborate the work that you are doing, the duration and the payments and this would help to avoid any incidents of misunderstanding and exploitation.
Taxes – As long as you earn some income from the freelance work, you must pay the taxes. After completing the tasks for the company, you will write an invoice and get the payment, and the company will not withhold any tax. It is upon you to do the tax calculation with the rates to determine the proportion of your income that you should remit to the tax authority. You can set a separate account for tax purpose, and you should not be able to access it for your personal use. File your taxes on the right time so that you avoid any fines that could accrue due to late payment.
Holiday and sick pay – Unlike formal employment, a freelancer is not entitled to any holiday or sick pay. You will not have any compensation of whatever kind suppose you fall sick or go for a holiday such that you are not able to do your work. Ensure that you save enough to cover for any unforeseen eventuality that may put you out of work for some days.
Time management – In freelancing, time is of the essence, and you must make good use of it so that you reap the most. You must complete your assignments within the agreed timelines as no one will be around to push you to do it. You need to have a schedule which will guide you on how you will accomplish all the tasks at hand.
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