Are you thinking of going self-employed? Or, are you self-employed but not sure whether you are meeting the necessary regulatory obligations that self-employment brings with it? This ĠEMMA eBook is designed to provide you with the necessary knowledge and understanding of the questions you need to ask but to which you have no answers.
There are plenty of reasons why you may decide to go self-employed. One such reason is that being self-employed may provide you with better opportunities to maximise the financial return of your knowledge, skills and competencies than what you may obtain if you go for a salaried job. Yet, being self-employed has its downsides. One, for example, is that your health coverage is limited unless you take out expensive insurance that covers loss of business in the event that you get unwell. What differentiates being self-employed from being an employee?
For example one key difference is if you are self-employed the social security contribution rate you pay is 15%; whilst if you are employed it is 10% – always up to the level of the Maximum Pensionable Income. Also, as a self-employed whilst working you do not receive the March, June, September and December bonuses; whilst if you are employed you receive them.
This eBook provides you with information and appropriate links on action you need to take with regard to:
- Setting up as self-employed.
- Employing other persons in your business.
- Payment of social security contributions.
- Payment of income tax.
- The Micro invest scheme.
We invite you to download and share this eBook by clicking the covers below. (Available in Maltese and English)
The My ĠEMMA Budget Planner is a supporting tool that is to be used with this handbook.
My ĠEMMA Budget Planner
Track your spending by making use of My ĠEMMA Budget Planner tool which is easily accessible. This tool enables you to list your expenses against your income to achieve your financial goals. To download the guidebook, please click here.