Article Comments

I think this article is a little misleading. Self-assessment is pretty easy, especially for a new freelancer without complex forms of income such as dividends etc. A good piece of money saving advice would be to skip the accountant. Business and design for a freelancer goes hand in hand, to take control of this and understanding it asap is good idea, especially at a point where you have low invoice numbers and expenses.

I also think it's important to manage expectations, I lived on an incredibly low income when I started out (around 6000GBP located in the East Midlands) and still managed to live away from home. Sacrifice is difficult but essential, live a frugal lifestyle until you're confident of cash flow and understand the high and low points of the year.

Saving 20% is a good idea, (I used to do 30%) I've been caught out and it can be pretty scary. Don't defer filling in tax forms, do it as soon as the tax year ends and be prepared to pay the taxman on credit for the coming year.

I'd also recommend putting that 20/30% for the taxman in a high interest account or ISA.

It's also worth looking for retainer work - this could be described as the 'bread and butter' to keep cash flowing regardless of the time of year, I write reviews for The Dieline but typesetting a monthly magazine or something similar while not massively creative is a good idea - a guaranteed monthly income can be very helpful and allay any anxieties when freelance work slows.