Over the past 20 year’s technology has improved and become cheaper making setting up as a contractor or becoming self-employed so much easier. In the past, if you were contracting or self-employed you would end up using your client’s office and computers, but as laptops have become very affordable and with the advent of Wi-Fi you can work in your home or even your local Starbucks.
Areas such as app development, blogging and journalism, GDPR consulting, graphic design, SEO, and web design can now be done 24/7 anywhere. Of course, the only thing left to decide is whether you setup as a Personal Limited Company, PAYE Umbrella Service or as a Sole Trader and each of these have their own pro’s and con’s. The main benefit of any of the above is that it makes it easy for you to comply with GDPR which comes into law on May 25th.
GDPR compliance is something that you have to take seriously as you can incur fines of €20M or 4% of your turnover whichever is greater, and when you set yourself up as a contractor or someone who will be self-employed, it has to be one of the first things that you should be thinking of and planning for. This is why you have to make sure that everything that you do is GDPR compliant.
Of course, you can also set yourself up by using a Director Umbrella Company, which will give you benefits like executive pensions and a reduced PRSI. Director Umbrella Companies have become popular in Ireland but it is worth noting that they are banned in the UK and they are not GDPR compliant. Accounting-Pro Ireland has written about this on their website’s blog, highlighting the reasons why you should never be using a Director Umbrella Company. So click here and have a read as it will save you from any future headaches and stress.