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. There is a need for freedom in your job as you do not have to feel compelled to do it and fear for over supervision which may not lead to proper delivery.
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. It might not seem real to work for a big company from the comforts of your home or while you are out touring the world because it’s a tradition to go to work on daily basis and being at the company physically. As this might sound a good idea and you may want to start the job immediately, there are some few things that you need to put in place to ensure a smooth running of freelancing.
Contracts – Most companies that offer jobs to freelancers have short term projects which must be undertaking over a definite period, and usually, any freelancers would have the appropriate resources to complete the tasks. It is important to have a contract with the company so that it becomes a formal engagement which is enforceable by the law. It should stipulate the duties of each party and any penalties in case of a breach. It should elaborate the work that you are doing, the duration and the payments and this would help to avoid any incidents of misunderstanding and exploitation.
Taxes – As a patriot to your country, you must submit your taxes. After completing the tasks for the company, you will write an invoice and get the payment, and the company will not withhold any tax. You have a duty to calculate your income tax amount and submit it to the tax authorities. For ease of tax payment, you can set aside an account which you deposit the monies for tax. Make sure that you make timely tax submission to avoid any penalties for late payment.
Holiday and sick pay – Unlike formal employment, a freelancer is not entitled to any holiday or sick pay. 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 – You are self-motivated, and no one is supervising how you do your work, and it is for you to deliver. You need to avoid any form of distraction that may cause loss of concentration. You must properly organize a working schedule and strictly follow it so that you do not disappoint the company.