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Lack of savings puts self-employed under strain

Almost half of self-employed people in the UK have low levels of savings, research from Aldermore shows.

A study of 1,799 adults found that 46% of self-employed people have less than £1,000 in cash savings, while 19% have no business savings at all.

Many struggle to manage saving alongside other financial concerns for their business, with 45% saying they are unable to deposit cash savings as well as maintaining their day-to-day cashflow.

For 27%, this is because they do not see saving as a priority, and 26% would prefer to keep spare money in their current account.

The majority (69%) of self-employed business owners think it's important to put cash aside, and feel they need to be more resilient than they currently are.

Ewan Edwards, head of savings at Aldermore, said:

"It's clear that sole traders understand the need to improve their savings and cashflow, but this can often be easier said than done.

"Many businesses do not succeed because they fail to plan for unforeseen events or manage cashflow properly.

"Better business education and support could help many small businesses avoid trouble that often leads to difficulties."

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email newbusiness@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.