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Self-employed over-65s working less and earning more

Over-65s are profiting from a rising trend in the number of people becoming self-employed, according to a study.

QuickBooks developer Intuit polled 5,000 people and found the average ‘silver self-employed’ worker earns almost £40,000 a year – around £7,000 more than the average self-employed worker (£33,000).

In addition, over-65s who are self-employed worked an average of 21 hours a week – 7 hours less than the average self-employed worker.

An increasing amount of workers are choosing to become self-employed, with figures from the ONS revealing the number had increased to 4.85 million in September 2017.

71% of over-65s said they are better off financially than when in full-time employment.

67% also expressed being more satisfied with life in general, while 68% enjoy more flexibility.

However, despite the benefits, 41% were concerned of not having enough income while a further 35% said managing business accounts and taxes was an issue.

Dominic Allon, vice-president and managing director of Intuit Europe, said:

“Self-employment is often associated with the likes of millennials, creatives in design agencies and teenagers writing code in their bedrooms.

“But with bigger savings pools and a lifetime of acquiring skills and expertise combined with economic factors, such as the state pension age increase, ‘silver self-employed’ workers are fast becoming an economic force in the UK.”

Contact us to discuss your personal finances.

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.