Updated: Jul 21, 2020
In 2019 there were 4.8 million self-employed workers in the UK. Figures from the Office for National Statistics, show that the number of self-employed workers has increased from 3.3 million in 2001 to 4.8 million which is a huge 31% rise! Why are so many people making the change?
You can choose which clients you work with and how much work you take on. Having complete control over your workload means you can decide how many hours you work without being restricted to the usual Mon-Fri 9-5. You can make these choices to suit your personal life, whether it is around childcare or other personal commitments. You can ditch the commute you dread each day. You can take your office anywhere, whether you decide to hot-desk in London, use your home office or prefer the atmosphere at your local coffee shop.
Working for yourself and providing services to the highest standard that you are putting your name to can make you feel good about yourself. You can work solely on projects that you are passionate about. With the control that comes with working freelance, you can determine the workload, timescales and relationships you build with your customers. It’s also incredibly rewarding to be in command of your business growth and the financial rewards that come with it – the sky is the limit!
It’s not all positive though, there are some risks to going freelance. There is a lack of benefits like holiday pay and no guaranteed income between projects. At Equal Accountancy, we believe we help put the 'free' back into freelancing. That’s where we can help you plan, ensuring that you have always saved for your tax liabilities and we can help you budget to allow for savings into that rainy day fund.
If you're thinking about switching to freelance, we can help. You can view our guide to Self-Employed vs Limited Company here. Book a call or meeting with us to discuss any questions you have.
Equal Accountancy Ltd offers Accountancy and Bookkeeping services in Hemel Hempstead and surrounding areas across Herts, Beds and Bucks. We offer a range of services for Limited Companies, Self-Employed individuals and Landlords including Year End Accounts, Corporation Tax returns, Self-Assessment Tax returns, Payroll services, VAT returns, Bookkeeping and Company Secretarial. Get in touch today for a free, non-obligatory quote for your business needs.