Latest news with #selfEmployed
Fast Company
3 days ago
- Health
- Fast Company
How to navigate work when dealing with a major medical issue
I have a brain tumor. The good news is that it's benign. The bad news is that I need surgery to remove it. Brain surgery typically involves a lengthy recovery period. Six weeks, at a minimum. On top of navigating the emotions that come with such a diagnosis, I've had to figure out what work will look like as I recover. More specifically: how I will manage not working for such a long period of time. This isn't the first time I've experienced a major life event in my career (unfortunately). The Extreme Planner in me immediately started to figure out the logistics. If you're going through something similar, I feel you. If you've never faced a significant medical challenge, I hope it stays that way. But I write this so that if you ever need it, you can return to this article. And I write this so if you need to support someone going through a medical challenge, you know where to start. Talking with your boss or team Telling other people about a medical diagnosis is deeply personal. There's no right or wrong time. I'm self-employed, so I talked with my clients as soon as I had more definitive information (a surgery date). For 10 agonizing days, I knew that I had a brain tumor and my clients didn't. I somehow fumbled my way through deadlines and normal client communications as though nothing was wrong. But for me it made sense to talk about my diagnosis as soon as possible. My clients could start to plan for my absence. Plus, I have a lot of doctor's appointments leading up to the surgery date that I need to work around. When I previously had a medical issue in 2017, I told only my boss and one or two close colleagues. I didn't want to talk about it. It was strictly a 'need-to-know' basis. Bottom line: Do what feels right for you. Navigating the pressures of working Living with a brain tumor is Not Fun. There are a lot of unknowns around the outcome of surgery. The same is true for many medical conditions: Fear, pain, or both may impact your life daily. One benefit of telling your boss or team is that hopefully they're compassionate. They'll lighten your workload or understand if you have to rearrange deadlines. But you're likely also facing financial pressure. With most companies having limits on paid sick time, you probably feel like you have to keep working until the point when you can't anymore. I certainly feel that pressure—even guilt—as I think about the gap in my family's income as I recover. I finally decided to take a break between my last working day and my surgery date. During that time, I'm going to take my family to a show in Chicago and maybe get a pedicure. I have a special lunch date planned with my husband. If you're facing a potentially life-altering surgery or other procedure, don't spend your last few days 'before' working. Enjoy the time as best you can. How to ask for support Here's the thing about telling people that you're experiencing a major medical issue: People want to help. They'll ask you if there's anything they can do, because they know you're going through something rough. When I first told people about my brain tumor, they told me to let them know if there was anything they could do. For a long time, I said, 'I'll let you know.' I couldn't think of anything, because my mind was still reeling from the shock of the diagnosis. But then I started to ask for help with specific things. I thought about the people in my life, and how their skills might help keep my business running while I can't work. I circled back with some people who had offered support and said, 'Can you do XYZ for me?' If you work for a company, you can do the same thing. Make a list of the things that would truly make your workday easier so you're ready anytime someone asks, 'How can I help?' How to provide support If you're on the other side and a colleague or professional contact is going through something hard, offer specific ways you can help. So many people (like me) are overwhelmed and don't know how to reply when someone offers support. Say, 'Can I take ABC off your plate? Or XYZ?' rather than 'Let me know if there's anything you need!' It reduces the mental load of the person you're trying to help. Check in again, even after weeks or months have passed. The person's needs may change. Significant medical issues can be long-lasting. People are eager to offer help at the beginning, but that fades over time—especially at work, where it's easy to be removed from people's personal lives.
Yahoo
24-06-2025
- Business
- Yahoo
Tax time mortgage warning for millions as dad exposes $500,000 issue: 'Harder'
Self-employed Australians are facing tougher challenges when applying for home loans, with the current economic conditions adding further pressure. Aussies are being warned that getting this year's tax return right could mean the difference between getting a mortgage approved or not. Frank Farrelly is self-employed and has been running his dental practice in Sydney's Darlinghurst for the past eight years. The 43-year-old dad of two told Yahoo Finance he and his husband were looking to upgrade to a bigger house but were recently knocked back for a home loan by their broker. 'As someone who is self-employed and runs their business, it is harder to get a mortgage and it's based on income over a much longer period,' Farrelly, who is originally from Ireland, said. RELATED Major mortgage warning for millions of Australians as job 'red flags' exposed Young Aussie reveals $390,000 property regret after falling into common trap Centrelink payment alert for 58,000 Aussies in caravans 'Staff wages have gone up, costs of everything else has gone up but it's also everyone feeling the pinch so it's hard for us to justify price rises. 'At the same time, we're getting a lower number of people through the door. Business conditions are poor, which I think is across the economy in general.' The couple are hoping to upgrade from their one-and-a-half bed terrace in Darlinghurst to a larger terrace to give their two young kids, aged 6 and 8, more space. Despite being a double-income household, with Farrelly's husband working as a lawyer, and having a decent amount in savings, the couple were unable to get approval for a home loan of the size they wanted. Farrelly said the maximum they could get approval for was $3 million when they had been hoping for up to $3.5 million, leaving a $500,000 gap. Farrelly said their broker advised them that they are seen as 'riskier' applicants due to changing business conditions. Recent findings from Great Southern Bank found 40 per cent of people thought it was harder to get a home loan as a small business owner. The main hurdles included instability of income, stringent lending criteria, being seen as too high risk, and the complex process of gathering necessary documentation. Marina Michael, a mortgage broker specialising in helping self-employed clients, told Yahoo Finance every bank had a different appetite for self-employed borrowers. 'Traditionally, especially before Covid, every lender was looking at a minimum of two years of financials, including the tax returns, the company tax returns and your individuals, and your notice of assessment,' she said. The Elending Finance founder said self-employed applicants were seen as riskier because historically businesses failed within the first two years. A handful of lenders have relaxed their self-employed policies recently, including Commonwealth Bank which now assesses eligible applicants using only their most recent financial year information rather than two years, but this is the minority. An estimated 15.7 per cent of all working Australians are self-employed, according to Australian Bureau of Statistics data. Michael said this year's tax return would be crucial for self-employed Aussies planning to buy in the next 18 months. She has urged people to speak to their accountant and mortgage broker now. 'Get this tax return right because this is the tax return you are going to use for the next year to year and a half,' she said. Michael said it was important to have 'two strong years of your financials' ready if you wanted to keep your options open. She added it might be worth considering low doc home loan options, where banks can accept recent BAS or recent business bank statements and an accountant's declaration instead of the regular tax returns and financials. However, she warned they often can come with a 1 to 1.5 per cent interest rate loading. 'It depends on what's more important to you, getting into the property market earlier or waiting for your financials to look good,' she said. Michael also advised considering your business structure, as banks may treat sole traders and company structures in retrieving data Sign in to access your portfolio Error in retrieving data
Telegraph
19-06-2025
- Business
- Telegraph
Landlords and businesses to pay £480 to file tax returns in HMRC digital push
HM Revenue and Customs' (HMRC) 'pointless' digital drive will cost 900,000 self-employed workers £480, analysis shows. HMRC's 'Making Tax Digital' project means nearly a million landlords and freelancers will have to report their taxes quarterly, rather than every year, from April 2026. The project requires businesses and individuals to pay for third-party software to complete their tax returns, with the cheapest software on the market costing £150, according to tax advisory firm, Blick Rothenberg. HMRC also estimates that training and transitional costs for small businesses will add up to £330. This means self-employed workers will be hit with at least £480 of extra costs to comply with the rules. HMRC has said its digital drive will make it easier for businesses to keep on top of their tax affairs and allow them to see real-time data on the health of their finances. However, tax experts have said the initiative adds needless bureaucracy without reducing tax liability. Fiona Fernie, a partner at Blick Rothenberg, said the regime was 'pointless', as the Treasury will receive no additional tax take, despite taxpayers' reporting burden increasing. She added: 'The concept that taxpayers are hit with an obligation to file additional returns, but will not be provided with the means to do so unless they incur a cost feels unfair. 'This appears to fly in the face of the taxpayers' charter which specifically states: 'We'll provide services that are designed around what you need to do, and are accessible, easy and quick to use, minimising the cost to you.' For smaller businesses and sole traders with lower incomes, this could be a significant hit to their finances.' Ian Cook, chartered financial planner at Quilter Cheviot, said: 'I would question the merit of the initiative and why it's been put in place. It's an extra layer of bureaucracy with no tangible benefit on either side – not the exchequer nor the self-employed taxpayer. 'People who are self-employed tend to be self-sufficient and doing meaningful work – carpentry, building work, running their own business. More admin will take time out of their busy day which reduces earnings capacity.' The Institute of Chartered Accountants in England and Wales (ICAEW) has said the digital income tax self-assessment drive was 'burdensome and not justifiable'. In its letter to HMRC in 2023, the ICAEW wrote: 'Making Tax Digital's income tax self-assessment has become mired in controversy, the credibility of the project and the 'Making Tax Digital brand' has been severely, if not irretrievably, undermined.' Despite the criticism, Labour has decided to broaden the scope of the digital drive. In a technical document issued alongside the Spring Statement in March, the Government confirmed that the Making Tax Digital rules will start from April 2026 for sole traders and landlords with qualifying income over £50,000, and extend to those with incomes over £30,000 in April 2027. It will be further extended to sole traders and landlords with income over £20,000 from April 2028. It is estimated that this decision to reduce the threshold to £20,000 will result in 900,000 sole traders and landlords being brought into the net from this date. Making Tax Digital was originally announced in 2015, and was expected to be in place by 2020. The project is already in operation for VAT. Since April 2022, all VAT registered businesses have been required to keep digital records and file returns through the compatible software. In 2018, the National Audit Office (NAO) concluded that it expected the project to cost rather than to benefit business taxpayers. It reviewed the project again in 2023, and reported a series of problems, including unrealistic timescales to implement changes, and failing to demonstrate that the project represents value for money.
Telegraph
03-06-2025
- Business
- Telegraph
HMRC bills workers for tax it abolished last year
HM Revenue & Customs (HMRC) has accidentally billed workers for a tax that was abolished last year. Class 2 National Insurance (NI) contributions were effectively scrapped for self-employed people in April 2024. However, workers have reported that HMRC is still adding the levy of £179.40 to their tax bill despite now being exempt. Some have been told to pay twice this amount – £358.80. Experts said it was 'ridiculous' that HMRC was getting self-employed NI calculations wrong when it was quick to fine workers for errors navigating the 'complex' tax system. A source close to the error reports told The Telegraph there were indications the problem was 'very widespread' and that the number of people affected could be in the tens of thousands. HMRC said it was 'working urgently' to resolve the issue. The reason for the error is unknown, but the problem is understood to have arisen as a result of the changes announced in the autumn 2023 Budget that came into effect for the 2024-25 tax year. The rule change means self-employed workers now receive a credit for Class 2 NI, which boosts entitlement to 'contributory' benefits such as the state pension, as long as their profits are above £6,725. As a result, they do not need to pay Class 2 NI, but can still use the credit to improve their entitlements. Anyone with profits below £6,725 can opt to pay the tax voluntarily at a rate of £3.45 per week, adding up to £179.40 a year. The Association of Taxation Technicians (ATT), a professional body for the tax compliance industry, said its members had reported receiving one of three letters containing errors from HMRC. The first said the Class 2 NI tax sum had been 'amended' to zero, which made the letter unnecessary. The second wrongly demanded £179.40 in tax, while the third demanded twice this amount. Michelle Denny-West, a tax partner with accountancy firm Moore Kingston Smith, said: 'The National Insurance Contribution (NIC) system for self-employed individuals has always been confusing, but the fact that HMRC cannot get this right is ridiculous. 'It's frustrating that taxpayers are expected to navigate such a complex tax system and can be charged penalties and interest for mistakes – yet they are now also expected to correct HMRC's mistakes. 'The risk here is that some individuals will unwittingly pay the additional NICs without realising it's a bill they should not be paying.' Helen Thornley, of the ATT, said: 'Our members have reported a number of problems with national insurance calculations for 2024-25. Most self-employed individuals are not required to pay Class 2 contributions following changes announced at last year's Budget. 'However, many have received letters from HMRC which have added charges of almost £180 in Class 2, and in some instances double that amount. 'We have reported all examples to HMRC, who have assured us that this is being investigated 'as a matter of urgency'. 'However, it is still not clear what the reason behind the issue is. In the meantime, anyone affected should contact HMRC to ask for a resolution.'
CNA
28-05-2025
- Business
- CNA
CNA938 Rewind - Can self-employed persons in the arts thrive in Singapore? Artists say Yes, with the right support
CNA938 Rewind In 'Culture Club', Melanie Oliveiro finds out more about the 'Arts Acceleration Programme for Arts Self-Employed Persons', which started in April, and jointly organised by UOB FinLab and the National Arts Council. A couple of experienced self-employed persons: music director Evan Low, and visual artist and illustrator Toby Tan will share their expertise in diversifying opportunities, harnessing digital tools for entrepreneurship, and leveraging personal branding, among other things.
