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Want to double your salary? Quit your job

Want to double your salary? Quit your job

The average self-employed worker earns almost double the national average

?         The average self-employed worker has an annual income of &pound50,820 compared to the national average of &pound26,093

?         Self-employed account for 12.4% of the UK workforce

?         59% of freelancers work weekends 

The average self-employed worker earns more than double the national average salary, according to a new report by Boox, the cloud based accountancy service. Self-employment tax incentives and a recent surge in freelance demand have resulted in a positive increase in freelance pay that dwarfs the national standard annual income. For the full report visit - www.boox.co.uk/the-boox-report/.

The findings emerged in a study of 1,000 British self-employed workers which found 70% of the self-driven workforce earn over the UK’s &pound26,093 average with the average self-employed salary hitting an astonishing &pound50,820 per year.

The average salary differences are particularly surprising given 25% of self-employed workers became contractors as a result of being made redundant. “This report really lays bare the remarkable changes happening in the self-employed sector.  Self-employed workers now account for 12.4% of the UK workforce, a 20-year high,” said Phillip Venn, Commercial Director at Boox, who conducted the report. “The economic climate has forced a lot of people out of work and many have used the opportunity to set up business for themselves. Ironically, this employment shift has become one of the positive drivers in the stuttering economy.”

For a group of workers who earn well above the national wage, it may come as little surprise that 59% of freelancers often work on the weekend with 15% working at least 35 weekends a year. Additionally, 40% of self-employed workers work longer than the average 41 hours per week with 15% putting in more than 51 hours of work.

One of the drivers of self-employment, according to Dr. John Glen, senior lecturer in Economics at Cranfield School of Management, is what he calls projectisation. “The increased projectisation of work and an increasing preference for employees to hire contract workers has all led to today’s self-employed workforce becoming an economic powerhouse. The Boox report comes at an opportune time as it is a significant body of evidence which clearly illustrates the realities of being self-employed in the UK.”

“As the Boox Report reveals, becoming self-employed can enable workers to earn more money than they might in permanent employment. Employers value the skills and expertise this diverse group of workers bring to an organisation. The rise in the number of self-employed workers is also beneficial for government because it is a key driver of wealth creation, employment and diversity.”

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