SJD Accountancy, the UK’s largest accountant company for contractors, has released a survey revealing a unique insight into the contracting market.
The award winning company, which is the chosen accountancy firm for more than 11,000 clients, questioned over 1,000 contractors in order to gain their perspective on the freelancing industry as a whole.
The results found that despite recent worries about the economic climate, there is still a great amount of positivity among contractors. For example, the findings show that 86% have positive feelings about being a contractor, 57% said that contracting improved their work/life balance and an impressive 97% of respondents said that they will definitely still be contracting in two years time.
More than 75% of respondents said that they had made a conscious decision to choose contracting as a way of life, rather than being forced into it by being made redundant from a permanent position. The majority of freelancers see themselves contracting as a long-term career option, with 90% stating that they would class themselves as a ‘committed contractor.’
Over 80% of the respondents said that they are now earning more than they were as a permanent worker and over one third are earning more than £500 a day, with almost another third earning between £400 and £500 a day. Two thirds of those surveyed said they have seen rates increase, or at least remain the same.
Simon Dolan Managing Director for SJD Accountancy, said, “We were delighted to find that so many of our clients took the time to complete the survey, and we have been pleased to be able to pass the findings back to them, to help them feel more a part of the contractor community in which they work.
“The statistics we have gathered clearly show that the contracting industry is still doing well and that this way of life offers huge benefits for people who choose to step away from full time employment – preferring a more flexible and rewarding way of life instead.”
Interestingly out of the 1,000+ contractors surveyed, 75% admitted that they do not miss certain permanent employer benefits such as holiday and sick pay. The key things that freelancers enjoy most about contracting are the higher rates of pay and being able to enjoy benefits such as claiming for contractor expenses – plus the increased freedom and flexibility compared to a permanent employee.