The Top 5 Questions People Going Self-Employed Ask Us

 

Here at 8FP, we specialise in helping business owners and those approaching retirement. 

 

So, we wanted to use our experience of working with self-employed people to put together the top 5 questions we get asked and answer them for you in one place.

 

We’ve also put together the ‘6 Hacks For Successful Self-Employment Guide’ to help you further if you’re already self-employed or thinking of making the move – Now free to download!

 

 The Top 5 Questions People Going Self-Employed Ask Us

 

• How do I find a good Accountant?

 

The answer here is to seek recommendations and speak to at least three Accountants. You’re looking for somebody who is interested in your business and works with you in a proactive way.

 

• How do I manage my company’s finances?

 

It’s important you lean on technology to help you manage the day-to-day finances as well as look at long-term trends about sales, costs and profit. We really like Xero but you may also want to explore Free Agent, Quickbooks and Sage.

 

• What about my previous pensions? Should I consolidate them?

 

Transferring and consolidating pensions may seem like a good idea, and can turn out to be, however, it requires careful consideration and expert advice. Your previous pensions may have unique guarantees, a very competitive range of charges or could still be used once you’re able to make pension contributions from your new business. So, in summary, seek advice first!

 

• What about my previous sick pay and death in service cover?

 

When you are employed, you will often have an enhanced level of sick pay, life insurance and private health care. The good news is, that once income from your new business allows, these can be re-established in a flexible, tax-efficient way. Seek out the advice of a financial adviser who’s experienced in working with businesses.

 

• Is there mentoring or coaching available to me?

 

Becoming self-employed can be hugely rewarding but can also be challenging, especially in the early days. Formal mentoring is available through government help: https://www.gov.uk/growing-your-business/work-with-a-mentor. Informal mentoring can also be really useful – approaching a successful business owner who you trust and respect can be a great way to learn and you’ll often find these people keen to help.

 

Were those questions you had too? Do you want any further information about any of those questions or do you have any other questions for us? Comment below and we will get back to you.

In the meantime, if you’re self-employed, we have two free resources here that will help massively…

 

 1) Crucial Things Self-Employed People Forget…

2) 6 Hacks For Successful Self-Employment Guide – Now free to download here!