What are the principal financial planning concerns for the self-employed?

Published: 11 March 2020

Being self-employed puts a person in a different position to if they were an employee in the traditional sense. Therefore, the context of financial planning is also quite different.


When working with self-employed clients, we consider areas such as planning for retirement. Without a company pension, you will need an alternative plan to save for retirement. With an income which could be variable, the plan you put in place will also need to have some flexibility. If you're trading as a Limited Company, there are tax planning advantages to setting up a company pension. However, you won't be able to access the money until a certain age.


The 2015 pension reforms provided more choice in how people can use their pension savings in retirement. With the pension freedoms, you can currently access cash in your pension pot as early as 55 (this will increase to 57 years from 2028).