UK’s contractors are working longer and earning more

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The UK’s growing economy is directly affecting the UK’s contractor workforce, which today confirmed a growth in availability of work and contract rates, based on new research from Crunch Accounting.

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In the past 12 months more than half (54%) of contractors experienced an increase in the availability of work, with more than a third (37.6%) increasing their day rate.

The UK’s growing economy is directly affecting the UK’s contractor workforce, which today confirmed a growth in availability of work and contract rates, based on new research* from Crunch Accounting.

The research, conducted by Crunch Accounting last month, questioned contractors across the country, including IT consultants, writers and designers.

In the past 12 months, more than half (54%) of contractors experienced an increase in the availability of work, with more than a third (37.6%) increasing their day rate. Almost a third of those increased their day rate by up to 50%.

Nearly half (40%) of those surveyed also said their business had grown by 50%, with 7.5% reporting a doubling of workload.

These stats follow news that more people are turning to self-employment as a career choice, with 4.55 million people in the UK now working for themselves. This is a jump of 183,000 in the last quarter to March 2014, compared with a rise of 375,000 over the past 12 months.

Darren Fell, managing director of Crunch Accounting, providers of online accounting services for contractors, who conducted the survey, said: “Things are clearly picking up for UK businesses and we’re delighted that those positive benefits are reaching the army of self-employed and contract workers across the UK. But anyone running their own businesses needs to keep on their toes and can’t be complacent. They should continue to review their business model, look at the changing and developing needs of their clients, ensure they have strong financial planning and an effective business model, with a clear business goal in place.”

*The survey by Crunch Accounting polled 280 contractor business owners located across the UK from 19 February to 11 April 2014. Full results below:

In the past 12 months, has your supply of work changed?

●    Increased by more than 100% - 6%
●    Increased by up to 100% - 7.5%
●    Increased by up to 50% - 40.5%
●    It has remained the same – 26.5%
●    Decreased slightly – 13%
●    Decreased substantially – 6.5%

Compared to 12 months ago, has your daily rate changed?

●    Increased by more than 100% - 3.6%
●    Increased by up to 100% - 2%
●    Increased by up to 50% - 32 %
●    It has remained the same – 51%
●    Decreased slightly – 8.7%
●    Decreased substantially – 1.85%

About Crunch Accounting

Crunch Accounting, named the UK's fastest growing accountancy firm in 2013, combines a team of expert in-house accountants available on the phone with easy-to-use online accounting software. Designed specifically for freelancers, contractors and small businesses, Crunch Accounting is more than just accounting – it’s a business tool.

The accountant and software service is available for a fixed monthly fee of £64.50 (from 1st September). For this, users can invoice, add expenses, have their annual accounts and returns prepared and see the exact health of their businesses instantly with a fun, innovative and simple-to-use website with banking grade security.

Crunch Accounting is co-founded by online entrepreneur Darren Fell and Head of Accountancy Steve Crouch, with investment from Bebo’s co-founder Paul Birch and former Skype Chairman Michael van Swaaij.

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Vicki Hughes/Alice Johnson at Fugu PR
T: 01273 327 514
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