New research from accounting specialists FreeAgent suggests that on average the UK’s shedworkers, homeworkers, freelancers and micro-businesses only get paid for two-thirds of the work they should be paid for.
Analysing data from more than 40,000 small business customers, Free Agent found that of the 10 million hours recorded and tracked by its customers in 2015, 80% were classed as billable. However, a third of this time was not billed meaning they worked more than a third of their working hours for free.
Ed Molyneux, CEO and co-founder of FreeAgent, said: “For many UK freelancers and micro-business owners, the typical nine-to-five just doesn’t exist. They often work irregular and long hours, which they may not always get paid for, and on top of this they also have the added pressure of staying on top of their business finances and tax obligations.
“One positive development is that technology has really helped to take the strain off freelancers and micro-business owners when it comes to staying on top of their admin, managing their financial accounts and tracking their time. But it’s still surprising to see how much of their hard work is effectively being done for free.
“Many business owners invest some of their own personal time into the projects they work on, which they don’t bill their clients for. But we believe there are also many who don’t feel comfortable charging clients for important admin such as meetings and research, which they actually should be including in their bills. By doing so, they may not be working as profitably - or as efficiently -as they could be.” -------------------------------------------------------------------------------
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