Self-employed? Don’t get unstuck! Michael LansdellFeatured Products Promotional Features
Posted by: The Probe 8th December 2018
Working for yourself can unlock a world of possibilities, but don’t get unstuck because you have left yourself vulnerable to life’s inevitable twists and turns.
Recent research from a leading insurer found that just under half of the UK’s self-employed workforce can’t afford to save for rainy (or sick, or physically incapacitated) days.[i]The results showed that 41 per cent cannot afford to save at all, and 11 per cent saves less than £50. Simply put, should an emergency strike how would they survive?
Self-employed workers make a huge contribution to the UK economy – around £250 billion last year.[ii]The latest figures from the Office for National Statistics (ONS) showed that the level of self-employment in the UK had increased from 3.8 million in 2008 to 4.6 million in 2015.[iii]That’s a lot of people who could soon reach a crisis point if they were left unable to work.
Monthly bills were given as a major barrier to saving by over 60 per cent of those surveyed. Also, a mere 4 per cent said they had income protection insurance should they find themselves suddenly out of commission. Having a plan in place is essential to anyone considering self-employed status. In uncertain times, who knows what is around the corner. Without savings, a self-employed worker is totally vulnerable to financial shocks and the resulting stress and anxiety the fallout would bring.
Many dental practitioners choose to make a positive decision to become self-employed. It gives them the freedom to work at more than one practice, for example, and set their own rate and hours. Of course, becoming a practice owner is the ultimate way to work for yourself and be your own boss.
A sensible approach to saving and a practical, long-term view of the potential financial impact of going self-employed will help to mitigate some of the risks. Good, proactive financial advice and support will go way beyond tax planning. Even if you are already working for yourself, find an accountant who has an in-depth knowledge of the dental sector, such as the experts at Lansdell & Rose, who can give you a realistic view of the pros and cons of being self-employed in today’s market. They will help you to build some financial resilience into your plans by looking at the bigger picture and putting appropriate measures in place should the worst happen.
To find out more, call Lansdell & Rose on 020 7376 9333,
Or visit www.lansdellrose.co.uk
[i]Heightened risk of financial crisis for self-employed. LV= adviser centre, 4 September 2017. Link: https://www.lv.com/adviser/news/heightened-risk-financial-crisis-self-employed(accessed September 2017).
[iii]Office for National Statistics (ONS). Trends in self-employment in the UK: 2001 to 2015. Published 13 July 2016. Link: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/trendsinselfemploymentintheuk/2001to2015