What you Must Know before you Start Freelance Work
Today, the world of employment is taking a new turn, and most of the people are embracing the changes as it is convenient to work in a digital platform from anywhere in the world at your comfort. However, freelancing calls for a lot of self-discipline as there is no supervision from superiors and there are strict deadlines to beat so that you deliver the work as agreed.
In some people’s eyes, freelance work is a part-time job which adds to a primary source of income and therefore, they do it for pleasure while to others, it is a full-time occupation which earns a modest income. It is possible to work for a company from home or any other convenient place no matter its physical location and this is against the common traditions which required that you avail yourself at the company’s premises. It might seem attractive but before you take the first step to getting a freelance job, here are some few facts that you must know well.
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. It is important to have a contract with the company so that it becomes a formal engagement which is enforceable by the law. The agreement must be clear and straightforward to understand for both the parties, and it must be signed properly. It must clear state the work to be done, deadline dates and terms of payments.
Taxes – You have a duty to submit taxes from any activity of income that you do. In freelancing, the company responsible for payment does not pay the taxes on your behalf, but it pays you the full amount on your invoice. 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. It is easy to have a separate tax account which you do not access so that it holds the tax amounts. Be keen on tax payment dates so that you avoid any penalties for late payment.
Holiday and sick pay – In freelancing, there is no payment for a holiday or sick days that you did not work. 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. Make good use of the days you can work so that it covers the period that you would fall ill or travel for a holiday.
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.