MoneyMagpie

Jun 02

Self-Employed See a Fall in Personal Debt

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According to figures released by the Office of National Statistics (ONS), the total number of self-employed workers in the UK is at its highest point for over 40 years, and it’s not hard to see why. Flexible working hours, increased independence and limitless salary expectations are just a few reasons why the UK has seen the third largest percentage rise in self-employment in the European Union since 2009.

What does put off some UK workers going self-employed is the absence of a guaranteed monthly income, which can often be irregular and unpredictable, particularly just after a business venture has launched.

However, recent figures revealed by PayPlan, one of the largest UK free debt management solution providers has shown that the percentage of self-employed workers seeking debt management advice has fallen over the past two years and continues to do so.

Between January 2013 and March 2015, the percentage of self-employed workers seeking help has fallen by over 5% and this looks likely to continue.

Commenting on the figures, Jane Clack, money adviser at PayPlan said:

“These results show that the UK’s self-employed workforce is continuing to flourish despite recent economic hardships. I hope that those who may have previously been put off going self-employed will be encouraged enough by these figures to think about starting their own business.”

Self-employed workers are able to take advantage of a range of perks including specific Tax Credit Reliefs to help assist with business costs such as: staff wages, office rent, business expenses including advertising, utility bills and travel expenses. Additionally, the payment of Income Tax and National Insurance contributions are only made on any profits that their business makes.

For more information on PayPlan, visit the self-employed section of PayPlan’s website: http://bit.ly/PayPlanSE or call 0207 760 8976

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