TaxAssist Accountants highlights shocking scale of poor payment practice to self-employed individuals.
In a report from the Association of Independent Professionals and the Self-Employed (IPSE) and the Involvement and Participation Association (IPA), it was revealed that some freelancers are being left without payment, with some still owed tens of thousands of pounds for their hard work. Shockingly, the report revealed that 58% of young self-employed professionals had completed work they were never paid for, as they tried to establish their career.
Without proper knowledge of invoicing and keeping track of finances, accounting franchise TaxAssist warns that it can be difficult to stay on top of businesses who are reluctant to pay for your services. So called ‘poor payment culture’ has been named as a culprit for reducing happiness and wellbeing among the self-employed. In worst case scenarios, it can lead to cash flow issues or even insolvency for individuals who rely on prompt payments to keep a roof over their head. It’s becoming such an issue that the Federation of Small Businesses (FSB) is now calling on bigger businesses to end poor payment practice with their small employees.
TaxAssist quoted Simon McVicker, Director of Policy at IPSE, as saying:
“It is truly shocking to discover how far poor payment culture still goes. While the Government has taken some steps to improve it, it is simply unacceptable that 43% of self-employed people are still finding themselves up to £60,000 out of pocket because of their clients’ failings.”
With around 15% of the country’s workforce self-employed, TaxAssist knows the importance of helping these individuals stay on top of their money matters. From bookkeeping services to cash flow projections, its affordable and professional franchises can help you monitor your invoices and keep track of those who aren’t very forthcoming with payment. By staying on top of your invoices, reminders can be sent to those who have overdue payments to ensure you get your cash before the bills start rolling in.
Sophie Cole, Point Franchise ©
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