There are lots of things you will get after being self employed. People in the UK choose the self-employed route because the wants to be their own boss and don’t need any burden of timings. You can check out the self employed pros and cons, which are explained in this article. You can read them and enhance your knowledge.
What benefits can I claim as self employed?
Working tax credit – If you are self employed and working full time like 16, 24, or 30 hours then you will get working tax credit. However, make sure you must be 16 or over in order to get its claim the tax. You can take the online help in order to clear your doubts.
Pension credit – if you have a low income then it will prove beneficial for you. When you reached a specific age group then you are able to you take its benefits. There are two parts of pension credit such as guarantee pension credit and saving pension credits.
Council tax support – if you have paid council tax then you will definitely get the support of council. It applies in the United Kingdom according to rules of England, Wales, and Scotland. This is a finance help to the people who have low incomes.
Disadvantage of being self-employed
Money problem – you need money to start the work, epically when you need to buy any useful equipment. The first investment is too complicated to collect.
Responsibilities – in case of any lose of work, you will be responsible for the work. If there is any business loss then it will put a negative effect on the financial condition.
Renting property – if you are self-employed then you will face issues to get approved for renting the property, getting a loan and many more things.