Can Freelancers and Contractors Take Holidays?
It’s true – a big benefit of working as your own boss is that you get to set your own hours. One of the most common questions we get as contractor accountants is: how do I factor in my annual holidays now that I am a freelancer/contractor?
The answer is not a simple one, but it is imperative that you maintain a work/ life balance in order to have a happy family life – we always err on the side of ‘take the holiday’ – when it is possible. Here is a brief list of tips that we have compiled for freelancers who want to take a holiday this summer, Christmas or half term.
- Check your account balance – While leisure time is important, so too are finances. Can you afford to take some time off? Work with an accountant to ensure that you are putting aside enough money throughout the year in order to take well deserved time off.
- Notify your clients – Notify your clients well in advance that you are planning to take some time off, and let them know who – if anyone – to contact in an urgent situation.
- Ensure all work is completed – Go through your accounts and emails with a fine tooth comb in order to ensure that you are leaving on vacation with a clear conscience and all obligations completed.
- Be realistic about how much time you need off – Lastly, you need to be realistic about your holiday plans. Are you new to contracting? In this case, that 6 week world wide cruise is probably not the most prudent idea. That said, if you are an experienced and established freelancer, you can rest a little more easily and take as much time as you see fit- just make sure you consult with your accountant in advance!
Got your bookkeeping up to date? Thinking about booking some time off, don’t worry, using our bookkeeping software will help reduce the admin time dramatically.
Get in touch for a FREE demonstration, or alternatively we can set you up for a FREE month on the software.