What's the difference between working freelance and working as an employee?

What's the difference between working freelance and working as an employee?
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1 Answer

Answer :

answer:If you’re in the UK, you’ll want to speak to an accountant. You will have to pay both income tax and file for NI. You will also be required to submit your own tax return every April (if you actually hire your accountant, they will make this much easier for you). As a freelancer, you are essentially running your own business and will have to keep an accurate book of your income and expenditure, and hold on to all of this information for six years. In addition, you will probably want to notify your bank… as they will require that you open a business account unless the account isn’t going to be particularly active. HSBC currently offer two years free business banking, which is useful. After that, you’ll probably pay between £4 and £8/month in business charges. Perhaps it’s similar in the US… if anyone knows? Being a freelancer means much more paperwork than just being an employee.
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