Guide to Freelancing - PCG

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Anyone choosing the independent route will need to build their own career ladder and work out how to structure their business in a way that frees up their full potential. The business will also need to be supported by some kind of promotional activity to ensure a sustainable level of work. And when it comes to deciding which marketing technique works best, there is no magic wand. There are almost as many views on effective marketing as there are freelancers. As with so many things, you have to take what works for you, adapting the techniques that best fit your style and industry – the section in this guide on winning work will give you some ideas to try out. It is certainly worth experimenting with different approaches until you are able to narrow down those that deliver the best results for you. It‟s a good idea to revisit your goals and long term plans regularly, benchmarking your journey and adjusting course if necessary. There is nothing wrong with switching business models or reinventing yourself completely at different points in your career. For example, someone starting out as a programmer can later morph into a project manager and eventually into a management consultant charging a premium fee. “AS A FREELANCER YOU ARE, AT THE END OF THE DAY, FREE TO CHOOSE. MAKE SURE YOU EXERCISE THAT CHOICE. I don't know a single person under 30 who wants to work for someone else. People of this generation see themselves as their own P&L, their own brand. And it‟s not just young people. Older people, whether by accident or design, have also become individual capitalists. They‟ve left their company and are working from home and through virtual receptions, Skype or serviced offices. They are operating a freelance career and have no intention of working for anyone else again.” JULIE MEYER, ONE OF BRITAIN‟S MOST SUCCESSFUL ENTREPRENEURS Copyright PCG September 2011 Guide to Freelancing Version 7.0 6
THE FREELANCE CHECKLIST Time estimate THE GRAND STRATEGY Check About a day Do a simple business plan. Template available to PCG members Couple of hours Do a financial forecast. Template available to PCG members Under an hour Write down a cash flow strategy to mitigate against late payments or income gaps. Time estimate ADMIN MATTERS Check Couple of hours Decide whether to set up as a sole-trader, limited liability partnership, limited company, or under a PAYE umbrella. Big decision. Allow a day or so. Source an accountant (unless you went the umbrella route). Ask for recommendations and referrals on the PCG legal & accounting forum. Check whether the service includes a basic record keeping and invoicing system. An hour or less If your accountant doesn‟t provide one, source a record keeping and invoicing system. Ask for recommendations on the PCG legal & accounting forum. A few days Get a bank account set up in your company/business name. Couple of hours Send relevant forms to HMRC (ask accountant for assistance). If in doubt, call the PCG tax helpline. An hour or less Consider the VAT Flat Rate Scheme – discuss merits with accountant and if applicable, apply. Copyright PCG September 2011 Guide to Freelancing Version 7.0 7
Page 3 and 4: SECTION 1: INTRODUCTION 1. About th
Page 5 and 6: SECTION 1 Introduction This section
Page 7: “I can‟t tell you how much admi
Page 11 and 12: FREELANCE CHECKLIST CONTINUED... Ti
Page 13 and 14: Once you go freelance, you enter a
Page 15 and 16: What the IR35 Intermediaries legisl
Page 17 and 18: Specify your working relationship b
Page 19 and 20: Although it‟s perfectly possible
Page 21 and 22: • The registered office is the co
Page 23 and 24: Comparison between dividend and cap
Page 25 and 26: PARTNERSHIPS A partnership is a sim
Page 27 and 28: UMBRELLA COMPANY An umbrella compan
Page 29 and 30: SECTION 3 THE BOOKS This section co
Page 31 and 32: Do they come well recommended? If p
Page 33 and 34: KEEPING RECORDS What records should
Page 35 and 36: GET A BUSINESS BANK ACCOUNT Before
Page 37 and 38: Invoicing clients outside the UK If
Page 39 and 40: Debt collection top tips Be courteo
Page 41 and 42: 5. Pay all three taxes (PAYE, Emplo
Page 43 and 44: HOW TO PAY BILLS AND EXPENSES When
Page 45 and 46: Travel If you run a limited company
Page 47 and 48: SECTION 4 Paying the taxman This se
Page 49 and 50: WAYS OF ACCOUNTING FOR VAT Cash acc
Page 51 and 52: You can deduct one percent off the
Page 53 and 54: Upper Earnings Limit (UEL): £817 p
Page 55 and 56: Sole traders, partners and members
Page 57 and 58: SECTION 5 Running the show This sec
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10 Top tips from experienced home w
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WORKING AT THE CLIENT‟S SITE It m
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WORKING THROUGH RECRUITMENT AGENCIE
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Legal Considerations: Agencies are
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Building rapport is ESSENTIAL. If y
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Website In the 2010 National Freela
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Freelancers often complain about th
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A good way of doing that is to send
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The value of the final pension you
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6 Risk prevention This section cove
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EMPLOYERS‟ LIABILITY INSURANCE Al
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PROFESSIONAL INDEMNITY INSURANCE Pr
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PRE-DISPUTE TAX COVER HMRC Officers
Page 85 and 86:
BUSINESS INTERRUPTION INSURANCE Bus
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Guide to Freelancing - PCG

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