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. 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. Anyway, this is unlike other formal jobs where you have to be present at the workplace to do your duties, but it gives you the freedom to be self-motivated and work from anywhere without any person monitoring your progress. However, before you get started on freelancing, there are some factors that you must consider.
Contracts – Companies offer jobs to freelancers by short-term tasks which the freelancer must make sure that he or she can complete it in the required time frame to avoid any disappointments on the part of the company. Coming up with a work contract is important for a freelancer and the company should sign it so that it becomes binding. The company must append a signature on the contract. The contract must show the type of work that you are doing, the duration to do the work, the amount payable and the payment terms.
Taxes – As long as you earn some income from the freelance work, you must pay the taxes. You will write an invoice to the company after you have done all the work and the company will pay the whole invoice amount without withholding any amounts for taxes. You have a duty to calculate your income tax amount and submit it to the tax authorities. It is easy to have a separate tax account which you do not access so that it holds the tax amounts. 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. Therefore, if you fall ill or go for a holiday at any time during the process of completing the tasks, you will not get any payment for the days. 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.