Study Task 8 - Work Freelance/Self Employment

Day Rate

I whipped up a spreadsheet to calculate my day rate. To simplify it, I assumed I will be a full-time freelance animator in the UK (the UK.GOV website is very convenient!):

Since my annual income was beyond the Personal Allowance Limit I had to pay 20% income tax.

Income Tax rates and bands as of now (2018-2019) from the UK.GOV website

But £10.23 seemed a bit low... it was just over minimum wage! 

I then used YourRate to calculate an estimated day rate:

£17 per hour seems more appropriate, YourRate got to this number by multiply the rates by two to account for taxes and savings. Since the average animators hourly rate is about £15, as a freelancer I'd charge £17 per hour, or £136 per 8-hour working day.