Today’s lecture was presented by Helen McCarron, a careers and employability adviser, and Claire Butler, a student enterprise co-ordinator.

They taught us about freelance and self-employment, and the ways in which the university can help graduates begin such careers. A report from the Creative Skillset Workforce stated that 30% of people working in the creative media industry were freelance.

One of the most important points given within this lecture was on the subject of taxes. As a freelance worker, it’s important to register with HCMR as a ‘sole trader’ within three months of earning money/starting your business. Tax should be paid every 3st of January and 31st of July. Sales records should also be kept for at least 5 years in case they’re ever needed to be reviewed. Tax will only need to be paid if you meet an annual threshold which is £11,500.

Pros of freelance work:

• Be your own boss.
• Set your own work schedule.
• You can work on a variety of projects – portfolio working.

Cons of freelance work

• Income is uncertain.
• No security (sickness, maternity/paternity, holiday, etc.)
• Start-up costs can be difficult to acquire.

The university offers a few workshops to help manage businesses. Some of which can teach you how to do accounting and book-keeping. It’ll be wise of me to learn such skills in case my ‘Vin McLo’ project ever becomes more than just a hobby.