Mythbusters – Lifting the Lid on Self-Employment

It’s no secret that self-employed people are currently doing wonders when it comes to raising the employment statistics in the UK, but there are still a fair few secrets concerning self-employment itself flying around. When we say ‘secrets’, what we should perhaps say instead is ‘myths’, and it’s definitely true that there are plenty of falsehoods concerning self-employment on the grapevine.

Busted stamp

All Work and No Play…

Many people perceive self-employment as working long hours for little financial reward. Now it’s true that some professionals choose to work long hours, and certain types of business lend themselves to such a modus operandi, but it’s largely down to preference. As regards rates, contractors often earn far more than equivalent persons in full-time employment, so a lack of financial reward is just a plain fallacy. Once again, it depends on the individual situation.

Take a Chance on Me…

People see going self-employed as risky, but that’s not the case. Think about it; as an employee, your future fundamentally rests in someone else’s hands, and because of that you don’t have control. Protection, perhaps, but not control. As a self-employed person, you can easily diversify if you get into difficulty, thereby reducing risks, and employees don’t enjoy this level of adaptability.

It’s a Lonely Old World

Young businessman with his laptop talking by phone on the mounta

Many people enjoy the company that comes from work colleagues, but a myth has grown up that self-employment is essentially ‘flying solo’. However, when you think about it that’s just not the case. As a self-employed person, you’re always offering a service to someone else who needs it, so you’ll be coming into contact with lots of people. Sure, you may not spend ages with the same individuals, but in terms of the sheer number of different people, you’ll probably be even better off.

If You Want Something Doing…

It’s true that self-employed people have a responsibility to make sure that every aspect of their work gets done, but that doesn’t always translate to doing it themselves. For example, the ICS team are consistently helping contractors with their accountancy and payment methods, and you only have to check our contractor tax calculator to see how effective such assistance can be. There are many other support structures around for self-employed people too, so you’re never totally on your own.

As you can see there are many myths going around concerning self-employment, so you shouldn’t believe everything that you hear! Remember too that, if you’d like assistance from our professional contractor accountants, contact us now by calling 0800 195 3750 or email webenquiry@icsuk.com.