UK Contracting Workforce Hits Record High

These days, it seems like we’re always talking about how contractors are working in an extremely positive economy, and many observers are perhaps inclined to gloss over just how optimistic the outlook is at present. We’re very quick to talk about records being broken in today’s world, but we shouldn’t lose the impact of such statements. Currently, the level of confidence among contractors in the UK is at an all-time high. And given the stats that are there to be accessed, why wouldn’t it be?

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A Piece of Contracting History

The figures we speak of come from Startups, and suggest that there are now more freelancers in work than at any other point in UK economic history. That’s a significant piece of news in itself, and it’s definitely built upon a robust statistic that can’t be reasonably doubted, with a full 87% of professing freelancers currently occupying contracted positions and enjoying such stability on a regular basis. Added to this, there’s been a real rise in freelance rates, with the norm being for contractors to outperform employees in the salary department, and improvement still to come.

Over a quarter of the surveyed freelancers who form the basis of our aforementioned Startup article expect that their rates should still be bettered in the coming months, and as if that wasn’t enough, there’s also the fact that the demand for contractors just keeps on increasing. On the one hand, you’d fully expect that with more people under contract than ever before, there would be far fewer opportunities up for grabs. You’d think it stands to reason, but that’s actually far from the case. In fact, the demand for contractors and freelancers is huge. This is because more and more employers are factoring contractors into their business plans, purely because this allows them to access skill-sets that many employees don’t have. Only contractors can typically help with such specific needs.

 

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The Increasing Demand for Contractors

Although we can’t talk about breaking records at this point, the number of employers looking to depend on freelancers is currently sitting at a 40-year high, so that’s still a pretty impressive stat, particularly in recent history. Likewise, many studies have suggested that this is a pattern that shows no signs of easing off. If anything, it’s forecast to rise to even more notable heights. However, even in such a lucrative environment, it doesn’t pay to jump into contracting without thinking. High rates may be attractive, but there are many ways to lose money through inefficiency if you’re new to self-employment. Happily, we can help, as we’ve been assisting contractors in this area for over 10 years.

How ICS Can Help Your Freelance Career

At ICS, our team of contractor accountants have been helping contractors to make the most of their careers since 2002, and we can do this in many ways. For example, by joining our contractor limited company service, you ensure that you benefit from an effective company and payment structure. On the other hand, we can also handle administration concerns to guarantee compliance. This is a big thing for many contractors, as a single slip-up can prove to be very costly, so why take the risk and do it in-house when you can leave it all to us? Contracting is a great occupation, but with our input, it can be an even better move on your part. To find out more about how we can be helping you, chat to us online or give a member of our friendly and experienced team a call on 0800 195 3750 today.