Need financial inspiration for next year?

unnamed

Wed 7 June
2 – 3pm
Careers Service, SL62 Paul Webley Wing 

Financial Support for Students are delivering a workshop TODAY! The team regularly delivers workshops across the UK to students from disadvantaged backgrounds.

Come along to find out more about the plethora of non-repayable sources that can be accessed to obtain grants in order to avoid: dropping out of education, incurring further debt.

Head here to register!

Alexis Fromageot

Guest Blog: Advice on becoming self-employed straight out of university

Please note that the views expressed in this blog are those of the author and unless specifically stated are not those of SOAS Careers Service. If you consider this content to be in breach of the SOAS values, please alert careers@soas.ac.uk.

ukiyo-e_museum_owner_and_sign

Becoming a self-employed worker straight out of university may sound like a daunting prospect. However, the number of graduates taking this route to work straight out of university is on the rise. Despite being your own boss, there is plenty of support available to you.

The number of self-employed workers is rising

The number of self-employed workers in the United Kingdom is rising, and it has been for some time. There were over 4.77 million self-employed workers in the United Kingdom in November 2016 – over 15% of the entire workforce. This is a 23% increase since 2008 (Office of National Statistics, 2016).

Graduates are contributing to the rise in the self-employed workforce

Interestingly, 87% of graduates with a second class or first class degree have thought about freelancing already and consider the gig economy as a “highly attractive and lucrative career option”. 29% of students who have not graduated yet have considered becoming a freelancer within 5 years of completing their university studies, according to Elance (Elance, 2013).

Why are so many people turning to self-employment?

There is a number of reasons why people are becoming self-employed. Some of the main ones are as follows:

  • If a contract does not go as planned, you can decline future offers from the client.
  • You are in a position to negotiate terms – if there are specific conditions you require, let your client know at the stage of negotiation.
  • Contractors usually earn more money than full-time employees.
  • Working with a variety of clients will help develop your skills.
  • If you are able to have some spare time, you can learn new skills and develop your knowledge. There is an opportunity to become an expert in your field and earn a well-respected reputation.
  • You will avoid the dreaded office politics.
  • You are presented with an opportunity to grow your own business.
  • If you don’t like contracting – don’t worry! If you decide that you no longer want to be a contractor then it is easy to close your limited company (if you decide to operate through one) and look for a full-time role.

If you are self-employed, how do you get paid?

Typically, the self-employed operate in two ways, through their own limited company or through an umbrella company. There are advantages for both of these options.

Being paid through an umbrella company eliminates the large amount of paperwork that a self-employed worker could potentially face if operating through their own limited company (personal service company). If you choose to work through an umbrella company, you effectively become an employee of the umbrella and will receive the same pay as an employee in a full-time position. The umbrella company will make the correct tax and National Insurance Contributions to HMRC on your behalf. You will be entitled to Holiday Pay, Statutory Sick Pay, Statutory Maternity Pay and Statutory Paternity Pay. Whilst an easy way to operate as self-employed, working through an umbrella is not the most tax efficient.

If you are looking to legally maximise your take-home pay in full compliance with HMRC, setting up your own limited company may be the perfect solution. By running your own limited company, you will become the director and can appoint yourself as a shareholder. Then you are able to pay yourself legally with a combination of salary and dividends. It is also the most professional way to present yourself in front of prospective clients. Whilst there is a large amount of paperwork involved, you can select a contractor accountant that will provide assistance with this, making your life easier.

To compare the difference in take-home pay between setting up your own limited company and using an umbrella company, you can request a personal calculation using a contractor calculator.

What should you look for from a contractor accountant?

  • They should be specialists
  • They should be accredited by reputable industry bodies (such as APSCo and Professional Passport)
  • They should be fully compliant with HMRC legislation
  • They should make their terms incredibly clear (for example, is there a tie in period?)
  • Their solution should match your requirements
  • They should offer you extra (for example, an online portal for your convenience)
  • They should have experts ready to answer your calls and emails
  • They should provide continued support throughout the setup and running of your limited company

Finding your first role as a self-employed worker

Finding your first role as a self-employed worker may sound scary. However, there is a lot of support and help available. The number of recruitment agencies is always on the rise and there are specialist businesses that exclusively focus on finding work for the self-employed. Don’t forget to make sure you have an updated LinkedIn profile and you are connecting with the right people (recruitment agencies, potential clients etc.). Have a look on local forums – are there any events that you can attend as a networker?

It is always a great idea to ask the people close to you for advice. Do any of your friends or family members know people that can help you? As a student, your university will provide careers assistance – get in touch with them to find out how they can help and support you.

If you are looking at becoming self-employed straight out of university – best of luck!

This guest article has been written by Andrew Trodden, Marketing Executive at Churchill Knight & Associates Ltd – specialist contractor accountants

Guest Blog: Why work at a Start-up?

Please note that the views expressed in this blog are those of the author and unless specifically stated are not those of SOAS Careers Service. If you consider this content to be in breach of the SOAS values, please alert careers@soas.ac.uk

startup-photos

Deciding what to do after University is a daunting decision and one that many students can take a long time to decide upon. The usual path for most students is to take the corporate option however one option that often gets overlooked is considering a career in a startup.

Here are 5 unique challenges and opportunities within a digital start-up:

1- IMPACT

Feeling your work have a real impact on the business is a wonderful feeling: one that drives people, helps them cope, or just brightens their day. The application of your skills and knowledge is satisfying and being able to see a positive change in the business from it is incredibly uplifting.

2- Freedom
The flexibility of work life whilst being part of a close knit team is a great asset to startups. You won’t be shackled to a desk in stuffy clothes: You will be , in some cases literally, bouncing ideas off each other. It allows plenty of in-office fun which you definitely wouldn’t get as part of a large corporation.

3- Learning
There is almost constant learning as you expand your range or master your depths. It is always a fresh challenge to figure out the latest software and master it. As your confidence grows, people will come to depend on you. You will be a sought after individual as a master of a field.

4- Creativity

Finding interesting pathways to success is a key aspect of being an entrepreneur, so long as corners aren’t cut, then it will generally work out. Thinking outside the box and defying expectations are great ways to gain credibility as an innovator. My personal advice is that a collection of novel ideas is better than one generic view.


5- Responsibility
Having the opportunity to be part of something incredible comes with responsibility. You are trusted to perform because you want the business to do well, not for your next paycheck. You gotta believe, Que the X-files.

Whether you are starting a business with friends, or just looking for exciting opportunities; it’s an awesome place to be.

Guest blog by: Austin, Marketing assistant at ClickMechanic. The business has been operating since 2012, with huge growth and success, as they offer the digital solution to car repairs. A walk back from the garage in the rain has been transformed to feet up on the sofa with your car fixed right on your drive.

Guest Blog: Tea, Cake and Ambitious Futures

Guest blog from Tom Fryer, who is the Ambitious Futures Graduate Trainee at SOAS for 2016/17.

Please note that the views expressed in this blog are those of the author and unless specifically stated are not those of SOAS Careers Service. If you consider this content to be in breach of the SOAS values, please alert careers@soas.ac.uk

1098995_ca796e53

Few people can resist an email with a subject line referring to both ‘Tea’ and ‘Cake’, but it wasn’t just my stomach that led me to Ambitious Futures. A quick glance around the website and I was instantly intrigued at the prospect of seeing how universities function from a staff perspective – or perhaps it was simply that a graduate programme in the field of Higher Education seemed a tad more interesting than the Foucault reading assignment on my desk. The idea of working on three placements over 15 months sounded like a great way to pick up a broad range of skills. Plus, getting to grips with three projects over such a short period seemed the perfect test of my oft-repeated cover letter claims to tenacity!

A couple of months later, I found myself navigating an application and phone interview, before attending an assessment day run specifically for the SOAS Ambitious Futures programme. The day at SOAS had been carefully planned to try to simulate activities that Ambitious Futures Graduate Trainees are faced with on a regular basis, from negotiations in meetings, to drafting proposals. I know that ‘assessment day’ doesn’t exactly scream ‘fun’, but there was something about the practical focus (none of those damned logical reasoning tests) and constant interaction with other candidates that made the day pretty enjoyable.

One thing that has continued to stand-out across the application, interviews and orientation for Ambitious Futures, is the emphasis on personal development. As part of the programme everyone works towards a management qualification, ILM Leadership and Management Level 3, which is a great opportunity to reflect a little more deeply on management and workplace dynamics. More importantly, this qualification is taught through Learning Sets, or meetings with six other Ambitious Futures Graduate Trainees from other universities in and around London (if Oxford really counts as ‘in and around London’). This seems to be a great way to learn, as we’re all likely to experience similar challenges in our new work, but also it’s an amazing chance to get to know a bunch of other people who are passionate about contributing to the transformative work of universities.

For more information and to apply, visit the Ambitious Futures website. But be quick as applications close on Wednesday 21 December.

Tom Fryer, SOAS Ambitious Futures Graduate Trainee (2016/17)

Guest blog: Understanding Your Salary

Please note that the views expressed in this blog are those of the author and unless specifically stated are not those of SOAS Careers Service. If you consider this content to be in breach of the SOAS values, please alert careers@soas.ac.uk

_____________________________________________________

5475013342_2e72c20348_n

When looking for a job, you’ll no doubt be searching for something that you’d love to do or an employer you’d love to work for but, most likely, your eye is first drawn to the amount you’re going to get paid. That’s pretty understandable, after living off supermarket branded beans for the past few years. But do you know how much money you’ll actually be earning?

It’s easy to forget that the amount you’re offered won’t actually be the amount you get to take home. Depending on how much you earn, there’ll be payments such as tax and student loan repayments to think about. You may even be eligible for the work place pension scheme that you will automatically need to pay into.

So how do you work out what you can expect to actually get paid? Using an online salary calculator (available here) is a quick and easy way to do so. It’ll calculate your take-home pay so you know exactly how much money you can expect to see in your bank account each month – after deductions have been made.

Once your take-home pay has been calculated, you’ll be able to work out what you can afford on that salary. Consider how much rent you’ll be paying, travel costs and other essential items. You may find that the given salary isn’t quite as much as you first thought.

Money isn’t everything when it comes to finding a job but getting to grips with understanding your true salary will mean that you’re better prepared to handle your finances when it comes to securing your first job.

Guest blog by Christina Hirst on behalf of NatWest