If you do not receive health insurance through your employer, or if you are self-employed, you may want to consider purchasing individual health insurance plan to protect yourself from the expense of costly medical emergencies.
A self-employed business owner who is the sole breadwinner for a family of six needs much more life insurance than an unmarried man who is simply looking for a way to make sure his funeral expenses will be paid after his death.
With the new health insurance laws passed in 2010, self-employed and freelance taxpayers are entitled to deduct all of their medical expenses, even if a portion of their cost was covered under a health insurance plan.
For example, if you're hoping to use a layoff as an opportunity to venture out on your own and become self-employed, ask if you can pursue that dream rather than conducting the usually mandatory, formal job search.
It is available to all working and self-employed citizens at least 16 years old, who are paid, work a minimum of four weeks per year and who pay taxes to the U.K. Couples must file jointly to claim the credit.