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Majority of self-employed concerned about saving for later life

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IPSE: ‘While the focus in recent months has been on economic challenges like supply chains and rising inflation, more attention needs to be given to self-employed workers, who have taken the brunt of the pandemic’.

As many as 71% of contractors are worried about saving for later life following the financial difficulties that came with the pandemic.

The IPSE/CMME research found that women are most likely to be affected, with 78% of female self-employed professionals admitting they’re concerned about saving for later life compared to 69% of men.

The findings also show that many contractors are anxious when it comes to how they’ll be handled by mortgage lenders – 50% believe that they won’t be treated fairly because of being self-employed.

According to the survey, 38% that have obtained a mortgage this year said that the process was either somewhat or very difficult. This represents a 57% increase since 2020.

Andy Chamberlain, Director of Policy at IPSE (the Association of Independent Professionals and the Self-Employed), commented, “Today findings are a wake-up call for lenders and the government. While the focus in recent months has been on economic challenges like supply chains and rising inflation, more attention needs to be given to self-employed workers, who have taken the brunt of the pandemic.

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“The government needs to work alongside the financial sector to alleviate the barriers preventing more freelancers from accessing financial products. Around 1 in 7 working people in the UK are self-employed. Not only do we have a responsibility to ensure they have the same ability to save and buy a home as everyone else, lenders should recognise the self-employed make up a huge and potentially lucrative market.”

Mike Coshott, CEO at CMME, added, “As we come out of the pandemic, it is clear that self-employed workers need more financial support. The past year and a half has derailed freelance work, with many self-employed people seeking help from SEISS and other financial schemes. While many have been able to generate regular work and income post lockdown, today finding’s around savings show that freelancers still bear financial scars from the pandemic.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Jaime Thorpe

By Published on 05th January 2022

Contractors

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Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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