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Hardhatter.com - News for small businesses in the construction industry

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Scaling up is not a 2018 aim for most contractors
by Susie Hughes at 13:05 09/01/18 (News on Business)
As many as seven in 10 freelancers and contractors intend to remain one man enterprises and not scale their business in 2018 and beyond.
Research from contractor tax specialist, Qdos, highlighted:
  • 70 per cent intend to continue as a one-person company
  • 25 per cent hope to scale their business

Qdos Contractor CEO, Seb Maley, said: "There is a misconception that in time many freelancers and contractors intend to grow their businesses into large companies. This simply isn't true, and is reflected by the vast majority of independent workers who plan to continue working as one person enterprises in 2018 and onwards.

"Given that large numbers of freelancers have no interest in scaling their company, Government policy must reflect this. It's time for a tax system that worked in favour of those risking more, working individually and without many statutory employment benefits."

When questioned on the age at which independent workers hope to retire, the data also revealed:

  • 48 per cent aged between 61-70
  • 35 per cent between 51-60
  • 10 per cent aged over 71
  • six per cent aged between 41-50
  • one per cent aged under 40

Seb Maley said: "That almost half of independent workers hope to retire close to the UK retirement age suggests that freelancing and contracting is a sustainable career choice. Despite the clear challenges of working without employer's pension contribution, freelancers can in many cases command day rates to stop working at a similar age to the average UK employee."

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Susie Hughes © Shout99 2018

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