Self-employment can certainly offer you more control, autonomy and flexibility over how, when and where you work. But this comes with its own set of challenges too. For many making the transition from employee, from having a regular income to then having the financial uncertainty of being self-employed, can be extremely daunting. This is certainly the case for the disabled, as they pay on average £550 per month on extra costs related to their disability.
According to government statistics self-employment remains a financially insecure profession, with self-employed workers earning an average distributed income of around £240 a week – compared to an average of £400 a week for full-time employees.
Self-Employed Incomes Vary By Regions
Self-employed incomes vary considerably by region weekly self-employment earnings in the financial year ending 2016 were the highest in London (£352), East of England (£332) and Scotland (£300) compared with the North West (£200), which had the lowest of all regions. These trends are likely to reflect the mix of part- and full-time self-employment, as well as differences in the industrial mix of self-employment across regions.
Self-Employment Introductory Guides
How to register
Tax and National Insurance
- Get help with tax
- National Insurance
- Self-employed National Insurance rates
- Cash basis
- Appoint someone to deal with HMRC on your behalf
- What you must do as a Construction Industry Scheme (CIS) subcontractor
- What you must do as a Construction Industry Scheme (CIS) contractor
- Share fisherman: Income Tax and National Insurance contributions
- Share fisherman: tax budgeting scheme