Essential Elements of a Freelance Worker
One form of employment that is becoming common nowadays is the freelancing, and many people are embracing it because there are numerous opportunities online that are untapped and additionally, it provides the most favorable conditions of work. However, freelancing calls for a lot of self-discipline as there is no supervision from superiors and there are strict deadlines to beat so that you deliver the work as agreed.
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. However, before you get started on freelancing, there are some factors that you must consider.
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. Coming up with a work contract is important for a freelancer and the company should sign it so that it becomes binding. The agreement must be clear and straightforward to understand for both the parties, and it must be signed properly. It must clear state the work to be done, deadline dates and terms of payments.
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. It is upon you to do the tax calculation with the rates to determine the proportion of your income that you should remit to the tax authority. 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. 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. Ensure that you save enough to cover for any unforeseen eventuality that may put you out of work for some days.
Time management – Value for time is vital for freelance jobs, and you must utilize any moment you have properly to get the maximum benefits. You need a lot of concentration when doing these jobs so that you avoid making mistakes and wastage. You must properly organize a working schedule and strictly follow it so that you do not disappoint the company.
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