A report, which has been compiled by PeoplePerHour and uses statistics from the Office of National Statistics, highlights the average annual takings of a self-employed person. This includes sole proprietors, independent contractors and freelancers such as linguists who work with Talking Heads.
PeoplePerHour, a website that provides advertisements for freelance work, is in a great position to comment on these matters as all of its active freelancers (estimated to be around 180,000) are self-employed.
Just shy of £20,000, the average take home (after tax) salary is a good indication of the healthy level of earnings an average self-employed person in the UK brings in. If we split the £19,512.50 figure over the course of 48 weeks of the year (the average one may work when holiday time is removed) and divide by an average 40 hr week it works out at over £10 gross per hour. Isn’t that a healthy per hour rate? The rate is well above the National Living Wage of £7.85 too, suggesting that self-employment earnings are leading the way in terms of pay.
The TH office agrees that it isn’t a shabby figure at all. What’s more is that the self-employed have the added benefits of being in control of their work; accepting job opportunities as and when you desire and tailoring your projects to what you enjoy. See other benefits listed below.
The report highlights the differences between the self-employed and the employed market before going on to discuss salary figures.
As previously mentioned benefits were also included in the report, showing the reason a person would become self-employed. 87% of respondents in the survey stated they would choose to be self-employed. The top reasons for this are:
- Independence: wanting to be your own boss
- To challenge one’s creativity.
- In order to work from home and balance work and family.
- Unlimited income.
- Controlling and making decisions regarding oneself.
The amount of self-employed people in the survey who had been educated at a degree level or equivalent was 60%; a large majority indeed. This may explain the reason as to why such an optimistic level of pay is earned on average with most people at degree level, rightly, expecting higher earnings for the qualifications they have achieved.
Overall, we can see that the report shows that things are looking rosy for the self-employed. We’ll keep an eye on the statistics and see how this figure changes over time. At present though, it seems that it does pay to be self-employed after all.
We provide degree equivalent, award winning Linguist Training courses to help you further your skills as professional interpreters and translators, and most importantly, become your own boss. Interested? Contact email@example.com.