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Poll: Will you set an income target for your translation or interpreting work in '06?
Thread poster: ProZ.com Staff
ProZ.com Staff
Local time: 19:29
SITE STAFF
Dec 29, 2005

This forum topic is for the discussion of the poll question "Will you set an income target for your translation or interpreting work in '06?".

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Derek Gill Franßen  Identity Verified
Germany
Local time: 04:29
German to English
+ ...
Yes... Dec 29, 2005

...and hopefully exceed it.

May all of you achieve your goals and resolutions for the New Year - whatever they may be!


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Nicole Schnell  Identity Verified
United States
Local time: 19:29
English to German
+ ...
Same here Dec 30, 2005

[quote]

May all of you achieve your goals and resolutions for the New Year - whatever they may be!

Beyond your wildest dreams.

Happy new year!

Best,

Nicole


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Christine Andersen  Identity Verified
Denmark
Local time: 04:29
Member (2003)
Danish to English
+ ...
Largely for tax purposes... Dec 30, 2005

I will try to set a realistic target - and achieve it of course, because I have to declare it for tax purposes.

I pay monthly tax at the stated target rate, so if the target is too high, I am taxed for money I have not in fact earned, and when I do get it back several months later, there is no interest on it. There is no reason whatsoever to lend money to the Danish tax authorities.

So I will set the target slightly lower and hope to end up with a small bill for the adjustment at the end of the year. I've been busy, and it was not quite so small this year, so now I have to find the money!

But if that's your problem, you don't have one as they say.

Happy New Year, Happy translating and lots of interesting jobs to everyone!


[Edited at 2005-12-30 08:36]


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Maria Diaconu  Identity Verified
Romania
Local time: 05:29
English to Romanian
For tax purposes Dec 30, 2005

Christine Andersen wrote:
I pay monthly tax at the stated target rate, so if the target is too high, I am taxed for money I have not in fact earned, and when I do get it back several months later, there is no interest on it. There is no reason whatsoever to lend money to the Danish tax authorities.


It's the same in my case
With the exception that I pay quarterly tax, not monthly, like you do.


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Textklick  Identity Verified
Local time: 03:29
German to English
+ ...
No targets - review and objectives Jan 1, 2006

How to set a target? Think of a figure and add 10%? Increase your rates? Maybe, but how do I know what's round the corner?

When I left full-time employment with a large LSP to return to 'freelancerdom', I remember the unbounded joy of looking forward to no more electronic timesheets and no more quarterly reviews (what have you achieved, what are your strengths, what are your weaknesses, what are your objectives? - all that kind of tight management stuff).

After about six months, I actually realised that, whilst I was calling the shots, or rather because I was calling the shots, it was not a bad idea to take stock now and then.

At the end of 2004, I carried out a very detailed analysis of what had gone on and decided to make a few changes. Amongst other things, these included refusing to do any more jobs at rates which did not suit me, investing in various areas, adopting more sensible ways of working and amending my customer base here and there.

I somewhat nervously implemented these changes, but the signs soon became clear. The bottom line in 2005 was substantially more turnover from less people and from people who I like working with.

The UK tax system favours the self-employed (my sympathies to people like Christine who have to set a fiscal target).

This may all sound pretentious, but I can honestly say that looking back has really helped me to move forward.

Sometimes I still can't believe that I'm actually getting paid to do what I perceive as being one of the best jobs in the universe. But if that's the way it is, earning even more makes it even better.

I wish all of you a very happy and prosperous 2006.

Chris


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