Many people consider giving up a regular salary as they believe that by working as freelancers, independent contractors or professional service providers they will be free of a difficult boss, improve their earnings or achieve more flexibility in the hours they work. However, it is never that simple. In addition to the uncertainty of not having a regular monthly income, you are now also solely responsible for saving towards your retirement, making provision for tax, paying your medical scheme contributions and making sure you have enough life and disability cover. Also, as an employee, your company provides the tools and materials you need to do your job. In self-employment, you need to purchase these yourself - from your computer, telephone and internet connectivity, to stationery, your office furniture and any materials, equipment or components and even transport that you need to deliver a product or service, cautions Yolandi Esterhuizen, compliance manager at Sage. The move gener...

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