Copywriting - how to get paid?

[junerat]

I have recently been offered some copywriting / copyediting / proofreading work. I have given them my prices for the three different services.

I have been asked to bill for my services for the first few pieces of work I have done for them, but going forward, they have mentioned putting me on a "retainer", which I am completely ignorant about. I assume it means paying me a fixed amount each week - but presumably with the expectation of x number of hours. How would this work? Would I need to renegotiate a payment per hour?

Additionally, do I need to set myself up as self-employed? Totally new at this (at the moment I am home with the little ones, albeit I do file a self-assessment tax return as I have a small income from a flat I rent out).

Any help/advice really gratefully appreciated.

You are lucky to be put on a retainer - it makes life much easier for planning.

You basically decide what your daily rate is and then agree with your client how many days' work you will do per month and get paid a fixed rate. Then you do the work they want within that time frame.

There's often an understanding that some months may be busier than others, but it should all even out over time. If you find yourself doing many more hours than you are being paid for then you need to re-negotiate.

And yes, you will need to tell HMRC you are self-employed, but if you are working as a sole trader, it's pretty simple.

Thank you, that is so helpful.

I have given them a low-ish hourly rate (as this is my first self-employed copywriting job), so guess I would multiply that up by the number of hours in the working day to make a day rate?

I imagine it will only work out at a handful of days a month - hence originally giving them an hourly rate, but I guess these are details I can talk through with them.

Yes - and a handful of days per month is normal.

I have 4 regular clients on retainers ranging from 2 days a month to 5 days a month each.

You also need to look at whether you are going to register for VAT, but unless you are earning a lot you probably won't need to.

And don't sell yourself short! They obviously like your work.

@GrumpyOldBag Thank you - this has been really helpful.

Yes you'll have to register as self-employed. If you're already doing a tax return for other income then you'll continue to do that and add in your income from your writing. I have found hte self-employed helpline at HMRC are really helpful and not at all scary and intimidating.