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Nine million Brits want to be their own boss

Paystream News

Paystream

Tuesday 6th Mar, 2018

Nearly three in ten UK workers (almost nine million people) would like to work for themselves in the future, according to a new report.

Research from Aldermore shows that around five million more people have decided they would like to be a limited company contractor, freelancer or work in another self-employed capacity over the past 12 months, as last year only four million revealed their entrepreneurial ambitions in the same survey.

Some 18 per cent of respondents said they were planning to make the move to become their own boss this year, while 28 per cent of those questioned estimated that it would take them around three years to take the leap.

Charles McDowell, Commercial Director of Mortgages at Aldermore, commented: "The research demonstrates that the UK is a truly entrepreneurial nation, with nine million people considering making the ambitious move to become self-employed.

"It takes a lot of courage to make the major life decision to become self-employed, and it is encouraging to see almost three in ten expect their revenues to increase in the next 12 months."

In fact, the survey found that over half (51 per cent) of contractors and freelancers make more money working for themselves than they earned in their previous role, with 29 per cent expecting this to increase even further over the coming year.

Overall, 93 per cent of limited company contractors said that they enjoy being their own boss and 70 per cent are satisfied that they made the move from a more traditional form of employment to working for themselves at exactly the right time in their lives.

What's more, only 21 per cent of respondents said they didn't have enough free time, showing that the majority of contractors manage to get a good balance between their personal and professional commitments.

However, this could be improved even further if contractors work closely alongside a limited company accountancy service, like PayStream's My PSC, which provides advice on the administrative side of running a limited company to make sure it's being run in the most compliant way.

As a result, contractors should have more time to spend on completing assignments, allowing them to get a better hold on their work-life balance.