13 Nov
Freelancing: exciting, liberating, and occasionally scary! The results of our #freelancersfirst campaign

The results are here! Our #freelancersfirst campaign has revealed some surprising, enticing and unexpected results, and boy do we have some interesting stats to share. 

As an online accountancy firm, we work directly with freelancers and have seen first-hand that it’s far from easy. Finding work, keeping yourself motivated and managing your own finances is no easy feat. But, we want to fly the flag for freelancers and show what it’s actually like to be your own boss. 

The results

The campaign revealed some exciting revelations about freelance life:

  • Freelancing can create a great lifestyle. A manageable lifestyle that can fit around childcare or other needs for flexibility. You’re in charge of your workload and responsibilities, and you don’t have a boss breathing down your neck. In fact, 51% of respondents said they’d rather be their own boss than be managed by someone else, so the results speak for themselves!
  • It works out well for most who do it. Remarkably, only 4% of respondents said they would go back to a salaried job. Freelancing isn’t for everyone, but it suggests that if you make the leap, you’re unlikely to regret it.
  • Freelancing is good for our mental health and wellbeing. A whopping 43% of respondents said that, being freelance has generally had a positive effect on their mental health. 
  • It’s not all plain sailing. Not knowing where work is coming from next is one of the biggest stresses, with 30% of respondents marking this as their biggest concern. The freelance life can bring uncertainty, your income can be uneven, and it doesn’t bring the security and reliability of a full-time job. 

Finances

Whilst freelancing seems to work for most who take the leap, the problem it gives you is having to look after your finances – and freelancers can really struggle with this.  

  • An overwhelming 70% of respondents said that they struggle with doing their tax returns.
  • Only 33% of respondents pay someone to sort their finances, even though they acknowledge that they struggle with tax returns! 
  • Almost 30% of respondents find managing their invoices to be a real pain.

Some feedback from the respondents... 

Q. Why did you decide to go freelance?  

“I am now in control of my work life balance, I can work the hours I choose and choose who I work with. I get to pick clients I want to help instead of dealing with stressful situations in an office or working for someone else”   

Q. Would you recommend it to others?

“I think it suits people who are very self-motivated, but it’s not for the faint-hearted, or those who think it will be an easy ride!”   

Would you pay someone else to sort out your finances?

“My first year was a mix of PAYE and then freelance, so I employed accountants to make sure my HMRC return was spot on. I have kept using them because it's reassuring to have experts on your side. They're also a wealth of information - especially about the whole Making Tax Digital shift.”     

What financial tasks do you struggle with?

“Understanding Making Tax Digital from a sole trader perspective.” 

“I’m not very good at consistently keeping on top of the records and let it build up and then have to do multiple months in one go.”

Take a look at our infographic for a more detailed breakdown of the results: 

Mazuma #freelancersfirst infographic

Freelancers love what they do, but admit it can make their finances tricky – yet very few go to an accountant. Here at Mazuma, we pride ourselves on offering a straightforward and hassle free accounting service for freelancers that’s not only affordable, but reliable. If you’ve got too much on your plate, get in touch today to find out how we can help.  

Freelancers are doing an admirable job taking their career into their own hands – but could do with some help. Having professional advice can save you money in the long run. Why take the risks of incomplete or incorrect accounts? Mazuma can help – and let you get on with running the business.

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