Self-employed drive UK public finance surplus

The UK’s accounts had an unexpected monthly surplus in July – the first July surplus since 2002 – driven by unexpectedly large tax receipts from self-employed individuals (see The Telegraph, here).

Such news helps highlight the growing importance of self-employment and the Sovereign Professional.

Of course, because of the B2B nature of their work, many Sovereign Professionals will actually be employees of their own limited companies and related tax payments will not form part of these figures.

 

Photo by Lauren Mancke on Unsplash

Being discovered – @thisisseth

A great reminder from Seth Godin. Everyone wants to be “discovered”, everyone wants to be an “overnight success”.

The reality is that you have to pay your dues, you have to work for years to reach the night over which your success happens. Jimmy Page (and, indeed, the recently departed Glen Campbell) were session guitarists before their fame. Hendrix, too, was a backing musician. Einstein was a patent clerk.

As Seth says:

The thing about being discovered is that in addition to being fabulous, it’s incredibly rare. Because few people have the time or energy to go hunting for something that might not be there.

The alternative?

To be sought out.

Instead of hoping that people will find you, the alternative is to become the sort of person these people will go looking for.

Read the rest, here.

 

Photo by Jaro León on Unsplash

Freelance workforce predicted to rise to 43% by 2020 – @Due #freelancing

Here’s a great overview of the Gig Economy, from Due.com. It’s US-centric, but the findings are transferable. UK readers will just need to translate the tax and pension information.

Many Americans are saying goodbye to the traditional 9-5 lifestyle in favor of a much more flexible schedule that works around what they need. In 2016, nearly 53 million Americans were freelancers, that’s 34% of the workforce!

Much of the recent press in the UK has centred on the negative aspects, particularly of large “employers” possibly bending the rules to define workers as self-employed to reduce the employers’ cost base.

We shouldn’t ignore the very real benefits that the growth of freelancing brings for willing workers and for the economy as a whole.

Well worth a read.

Image credit: https://unsplash.com/@alejandroescamilla