45% of UK freelancers and contractors have revealed they are most confident about striking a better worklife balance over the next 12 months, research by contractor tax adviser, Qdos Contractor has highlighted.
“The potential to strike a better worklife balance is one of the many reasons people choose to work independently. Working for yourself is not a decision based solely on financial gain, far from it in fact. That freelancers and contractors are most confident about striking a better balance between work and play shows that in many respects, they have their priorities in order,” Seb Maley, Qdos Contractor’s CEO explained.
The research also reveals that despite ongoing uncertainty surrounding Brexit, not to mention the self-employed’s lack of faith in Government, 71% of independent workers are either confident (34%) or balanced (37%) about their business performance over the next 12 months.
“That 71% majority of freelancers and contractors are either feeling confident or balanced about their business performance over the next 12 months is also positive news, particularly given recent tax changes and controversial public sector IR35 reform. Freelancing and contracting is alive, well and strong, regardless of recent and potentially incoming changes to the sector."
The research, which was put to over 700 UK freelancers and contractors also highlighted that 35% of contractors surveyed are most confident of an increase in demand for their services over the next year. Interestingly, this figure comes at a time where The Association of Professional Staffing Companies (APSCo) highlighted a 12% drop in demand for contractors across the board.
Regardless of this, 13% of independent workers stated they are most positive about successfully raising their day-rates in the coming year, no doubt spurred on by the marginal growth in rates the independent workforce have experienced in the past 12 months.
The remaining 6% of freelancers are most confident in other aspects of their business, such as greater variety of work and the prospect of maturing their business.
Despite the general confident mood among freelancers and contractors, 29% are concerned about their business prospects in the next 12 months – which isn't surprising, explained Maley.
“It is entirely understandable however that 29% of contractors are concerned about their business prospects in the next year. Brexit uncertainty continues, and the independent workforce has long-standing concerns about how pro-freelancing the Government actually is. What’s clear is that the recently formed Government does now have a fresh opportunity to win back the support of the UK’s independent workforce with friendlier legislation to prove to freelancers that they are on their side.”
Which aspect of your business are you most confident in?