First, apologies if this is the wrong place. If it is please direct me to the appropriate area. Based in England, UK. I expect to be made redundant from work this year. I want to spend a year focusing on expanding my collection of novels in the hope of making it full time or enough to work part-time. During my year off I will be living on the redundancy, savings, and monthly royalties from my books already pubished. Has anyone done this and can offer guidance? So how do I register such a thing with the government/tax/social security etc? I obviously would want to pay my National insurance and register as Unemployed (but not claim Jobseekers because I wouldn't be looking for a job as such)/self-employed. Any advice or pointing me to somewhere I can find out more info would be appreciated. Thanks in advance.
If you plan to live on ,even if it only a small amount, royalties . You are actuly self employed. To register as self employed is easy and you will need to ask for the basic form . It is not much more than how much you earn and how much you spend, expenses. You will need to keep basic records of earnings and expenses. The form is submitted online and if your earnings are low you will not pay any tax . You should pay national insurance ,missed payments will affect your pension. You can register as unemployed, and be given notional insurance credits . If you register as self employed, your payments will be calculated differently and you will be sent a bill . I have been self employed most of my adult life . I would suggest you try to find part time self employment straight away. I know things are difficult and you might not have the ability to be self employed, most pople don't . But there is always a demand for gardeners , dog walkers , window cleaners , or what ever you can think of . It is about a mind set and developing the basic idea of independence . To do this you will need a basic income . Income from writing is hard work and needs a lot of dedication . Supported by some part time income might give the time you need ?
Agree with More. Get your safety net in place first, and the speculation second. Getting up and running self-employed, even with the right mind-set and a good idea is not easy, so don’t delay. And in your shoes I’d try and earn as much of your personal allowance £12500) as I could. But then I hate missing out on tax free. I faced something similar a few years back when retiring early from IT. I took a course and became qualified as an ESL teacher. Teaching/training are always good part time options, especially if you can utilise your previous work experience and contacts. But all the best with your adventure.
I think its going to be quite a big transition for you to go from full time employment to full time writing. How do you know you will happily use every second of the the time you have to be able to write? I say that because i dont think anyone could stare at the same thing constantly for too long. And what if you spend the year and it isnt where you want it to be? I agree with the other two posters that maybe having something part time may benifit you. It may mean that you have a break from writing from time to time and are able to focus more when you are writing.
I don't think this is a very good idea until you have a guarantee that you can live somewhat comfortably off your writing. Try to build a schedule that gives you enough to make money and write in your free time.
Just thought I’d add a sobering true story in the hope it may add something. The guy was a profit centre IT manager on good salary and commission. It was 1980 and he was offered redundancy: £25000 tax free plus 3 months notice period (a lot more than the average house price). He had model engineering skills, having made some large-scale realistic steam engine models. He was also a carpenter. He lived in a village in a tourist area. His wife was handy with some artisan skills (sowing, dress making, tapestry, etc.). So a lot going for him. They opened a shop and sold touristy and craft things plus their own output. He also made an old English style dresser for me from dark cherry wood (£500). Still got it now here in Spain. I remember him saying that people won't pay for quality carpentry. A few years later his house was repossessed and life with two teenagers got tough. And now he was thought a bit old to easily get back into IT. C’est la vie
