There can be no doubt that the pandemic has affected how many people across the UK view their work-life balance and this is redefining working life across most sectors.

In response to this, self-employment technology specialist, Wise, recently commissioned some primary research into the UK’s views on self-employment and the results were startling. For instance, 37% of the UK public were hesitant towards self-employment due to worries about being unable to pay their bills.

Being your own boss can seem daunting for those who have never handled their own tax or had different levels of monthly income coming in before. Wise works with over 250 UK logistic firms and thousands of subcontractors, so they’re passionate about using technology to ease the fears that are associated with this type of work.

Historically, self-employed subcontractors, along with all the responsibilities of their role, have been in charge of managing their own taxes, invoicing and completing a self-assessment tax return. Typically this has caused stress, particularly when it comes to dealing with HMRC, and many have opted to bring in costly high-street accountants to ease this burden. However, by utilising the new Wise platform, subcontractors now have access to crucial accountancy services and a range of support that helps them to save time, money and stress.

This independent study into the nation’s views on self-employment also outlined a number of other intriguing statistics, such as:

  • 86% of people plan to run their own business or be their own boss
  • 80% of people could never see themselves going back to a traditional 9 to 5 job
  • 66% of people think that being your own boss is the only way to feel truly fulfilled

Simon Hills, Chief Executive Officer at Wise, said: “Self-employed business owners are a vital part of the UK economy and they have certainly been hit harder than most over the last couple of years. We were really interested in gauging the nation’s thoughts on this type of work and the results completely justify why we’re so driven to improve the entire self-employment experience through tech and innovation.

“This brand new data spells out the fears around finance, tax and compliance that have plagued self-employment for generations. Now, through revolutionary technology we’re easing this burden not only for business owners but also the subcontractors that they engage.”

To find out more about how Wise is revolutionising the entire self-employment experience, head to: www.withwise.com

By Alison