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Industry news | PayStream

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Getting the right love/limited company balance

Do you feel like you manage to achieve a good balance between running your limited company and spending time with your partner or other loved ones?

According to research from First Data, published at smallbusiness.co.uk to coincide with Valentine's Day last week, 43 per cent - that's almost half - of personal service company (PSC) contractors said they had cancelled a date in the past due to being too tied up with their work.

London-based limited company contractors were most likely to choose work over a hot date, with 58 per cent admitting to letting a love interest down due to their job. Those working for themselves in Scotland were least likely to blow someone off for work, with just one-third revealing they had done so in the past.

This is still a relatively high number of rainchecks though, showing that contractors, freelancers and others who work for themselves still have a long way to go before they have the right balance between their love lives and professional commitments.

First Data's research also led to the discovery that almost one-quarter (23 per cent) of people who work for themselves feel they know more about their limited company than they do about their partner, further indicating that an improved work-life balance is needed for many contractors.

However, 61 per cent of PSC contractors and other self-employed workers said they did not feel fully supported by the government and other authorities when it came to growing their business.

Hetal Patel, marketing director at First Data, commented: "Due to small business owners having to wear 'multiple hats', often they are squeezing multiple tasks into one day, working long hours and sometimes this unfortunately leads to them cancelling out-of-work commitments."

There may be many reasons why contractors are putting in extra hours and cancelling time with their loved ones, but there is help available.

For example, PayStream's limited company service, My PSC, is there to provide support with the administrative side of running a limited company. Contractors who engage with this service can therefore spend more time completing contracts to a high standard because they are getting the help and support they need in order to run their personal service company in the most tax-efficient way.

As a result, they should have more time to spend with their loved ones or on taking a new date out at the end of the working day. After all, one of the major perks of contracting is the flexibility it offers in terms of working hours, so PSC contractors need to make sure they are taking advantage of this.

Image: BrianAJackson via iStock

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