Self employed versus employed pros/cons

Sheepdish1

I know it might seem obvious but I’m just trying to gauge people’s experience / opinions on the pros and cons of being employed versus self employed.

Ideally if would be great to hear from people who have done both at some stage and the positives and negatives you have experienced.

Thank you

OMM 0000

What do you consider to be the pros and cons?

Sheepdish1

OMM 0000 wrote: »

What do you consider to be the pros and cons?

That is what I’m trying to find out in terms of being self employed versus employed from other people’s experiences

emo72

Holiday entitlement!
Sick pay!
Regular wage!
No tax returns every year!
What's not to like?

For the sake of clarity, is there a difference between the term self-employed, and owning a small business?

I do both at the moment. Both are fine but the business has been a fair bit harder mentally than I expected. "Easy" looking from the outside but there's something to be said for someone else providing your work for you.

is_that_so

Do a SWOT analysis on it and see what you come up with. Plenty of websites out there which will help you with that. Then share then there'll be a better discussion. But here's en question for you. Are you temperamentally suited to being self-employed?

Jesper

Sheepdish1 wrote: »

I know it might seem obvious but I’m just trying to gauge people’s experience / opinions on the pros and cons of being employed versus self employed.

Ideally if would be great to hear from people who have done both at some stage and the positives and negatives you have experienced.

Thank you

The standard is if you can get a rate/contract that pays 30%-40%+ more than the salary price it's worthwhile to go contract. You also have far more freedom on managing your personal finances.

It's more work keeping books/VAT/assurances etc. but I wouldn't change it. Most multinationals and larger companies now all have annual employee reviews/ladder climbing/bitchiness with employees and I feel as a contractor you can avoid all that BS. I do agree that better employees should be rewarded more than under performing employees though.

con___manx1

emo72 wrote: »

Holiday entitlement!
Sick pay!
Regular wage!
No tax returns every year!
What's not to like?

A friend of mine is self employed.
He takes a day off when ever he needs to.
Sometimes he has huge wages but most of the time he does ok.
I doubt his tax returns are entirely accurate either. Just like most self employed people.

Wanderer78

con___manx1 wrote: »

A friend of mine is self employed.
He takes a day off when ever he needs to.
Sometimes he has huge wages but most of the time he does ok.
I doubt his tax returns are entirely accurate either. Just like most self employed people.

must be draining overlooking the tax returns of all self employed

jakdublin

I've done both and much preferred being employed, but I guess it depends on what type of self employment you do. For me, I was running a small one-man business doing daily fresh food deliveries. Money was good but I was out six days a week, couldn't afford to get sick as there was nobody for cover and arranging holidays was more trouble than it was worth as every time I went away I started back with less customers as a couple would have been pissed with a poorer service. They say you have no boss, but every customer is your 'boss' and if you're late instead of apologising to one person, you're apologising to everybody on your route, each apology and explanation making you even later for the next customer. I work part time now for a company in a totally different field after going back to education and I also freelance elsewhere. I'm much better off.

OMM 0000

emo72 wrote: »

Holiday entitlement!
Sick pay!
Regular wage!
No tax returns every year!
What's not to like?

Boss

emo72

Well I've done both. Definitely wouldn't recommend being self employed. There's no back up of you get sick. And the truth is I've never ever had a sick day. If I can't work I have no money. And there's no safety net with social welfare for me. Holidays? No chance! Your basically taking time off at your own expense, and I can't afford it.

893bet

Are self employed people entitled to maternity benefit?

emo72

893bet wrote: »

Are self employed people entitled to maternity benefit?

I actually googled to try and find an answer for you, but couldn't get a definitive answer. It's possible but the criteria required makes it vague. Probably intentionally so.

detoxkid

I *think* so, maternity benefit is the one benefit you are entitled to

whelan2

893bet wrote: »

Are self employed people entitled to maternity benefit?

Yes, I got it. That said I am sick at the moment and no sick pay or days off