I'm leaving my job (embedded systems) for some travel, personal development and career pivoting. In that time, I can survive off my savings for about half a year, before I have to start making money freelancing (or engaging in some kind of part-time employment). I have a bunch of ideas for personal projects which I want to investigate and which could (but not necessarily will) turn into business venture.
I was wondering if normally that could be considered as being self-employed? I mean, technically it is the same as having a start-up with a product still in the R&D (so no revenue) but the investment comes from myself except an external party.
"Why do I care?" - I hear you ask. Well, there is a several cases where this matters (to me) and I suspect the answer to my question might be different for each of those reasons:
- Tax - if I'm self-employed I would be accruing years counting towards my state retirement here in the UK;
- Immigration - as an EU citizen I would have far greater chances of being allowed to stay in post-Brexit Britain if I was self-employed rather than 'bumming around writing own code'. Also, should I decide to emigrate elsewhere, countries with point-based immigration systems (like Canada or New Zealand) are likely to consider periods of self-employment as counting towards their employment time thresholds.
- Employability - should I decide to return into full-time employment, being 'self-employed' would likely look better on a CV. This obviously matters only during the very initial stages of recruitment and the full story is likely to come out in any interviews.