Working for yourself can be a hugely liberating, exciting and rewarding experience.
There is more flexibility in terms of when, where and how you work, more variety in terms of the type of work you choose to do, and potentially more rewards, as the success and growth of your business is solely in your hands.
There is a flipside, though, in terms of the greater responsibility and risk that is all part and parcel of working for yourself. You are the boss, so the buck stops with you. You are responsible for winning new business, managing your accounts, complying with legislation and keeping in top of your tax liabilities.
Let Brookson Take the Strain
It doesn’t need to be as daunting as it may sound, though. At Brookson we’ve been helping our customers optimise their freedom to earn since 1995. With our unique technology, in-depth accounting expertise, and our proactive, friendly approach, we give you the freedom to focus on the fun bits of running your own business, while we help to manage the finances, administration and bureaucracy.
Whatever industry you work in or the specific services you provide to your clients, the main options for running your business are broadly the same:
Setting Up a Limited Company
This is potentially the most ‘professional’ and the most tax efficient way to run your business, enabling you to keep more of what you earn. But it is also the most bureaucratic and carries the most responsibility.
Working As a Sole Trader
The easiest, cheapest and most straightforward way to run your business, working as a sole trader is also the riskiest as it doesn’t offer the same legal protection for you as a limited company.
Joining an Umbrella Company
This is the least risky option as you become an employee of the umbrella company. You don’t have to worry about anything like managing your accounts, organising your payroll or paying the taxman, as it is all done for you. But at the same time, it doesn’t provide the same freedom and flexibility as truly working for yourself.
Deciding which of these options is right for you means balancing the level of responsibility you are prepared to take on, with the level of risk you are comfortable with. And we can help here, too. We have all the information, expertise and experience you need to guide you through the self-employment maze, so you can choose the working option that is best for you and your circumstances.
A useful starting point is our FREE Guide to Working Options. It is full of informed insights into running your own business, the different ways of working, and how Brookson can help you get ahead with your finances.
We won’t push you in a particular direction or encourage you to choose one option over the others. We just want to give you the information you need to make an informed choice.
To find out more about the working options available to you, call our New Business Team today on 0800 230 0213 or email newbusinessadvisors@brookson.co.uk where they will be happy to help.
