Understanding Self-Employment

Self-employment is defined as working for oneself, typically as a sole trader, without forming a partnership or limited company. Individuals can operate as self-employed while still maintaining other employment opportunities, and may even manage multiple self-employed ventures. The distinction between being self-employed and managing a limited company is emphasized, as self-employed individuals are responsible for all aspects of their business operations. This type of work arrangement is increasingly popular, with approximately 43% of UK residents engaging in some form of side hustle alongside their primary employment.