Connect with us

BANKING

To take or not to take? The self-employed bank holiday

To take or not to take? The self-employed bank holiday

Dominic Allon, Vice President and Managing Director, Intuit Europe

Swathes of Brits are becoming self-employed, with nearly five million registered in 2016, equating to 16 per cent of the UK workforce. With the draws of better pay, flexible hours and control over work-life balance, it is no wonder that this form of business is propping up the UK economy, contributing more than £119 billion last year alone. With the quality and quantity of opportunities available, aided by advances in technology and the increasingly forward-thinking nature of employers, this is a trend set to continue at pace.

In fact, our own research has shown that the UK’s self-employed workers earn more, work less and are happier than those in traditional employment. However, that’s not to say that it’s all plain sailing. Nearly six in ten (58%) self-employed individuals worry about not having enough predictable income, while one in four (23%) say setting boundaries to stop work becoming a 24/7 commitment is a challenge. With this in mind, those working for themselves regularly face a difficult decision: when and when not to put in the hours?

This issue is particularly prevalent across the nation’s six fixed bank holidays and two public holidays every year. Most staff on regular companies’ payroll take paid bank holidays for granted. However, the self-employed are not entitled to statutory paid holiday, and bank or public holidays cannot be taken as paid leave.

The self-employed are not tied to traditional ways of working and do not automatically assume a bank holiday is a necessary break. Our research reveals that only 13 percent of Britain’s workforce expect to be working a traditional nine-to-five role by 2025, and 70 percent are considering adopting a less rigid working pattern. When you work for yourself you have a choice: seize the opportunity for an extra day’s income, or join the ranks of other Brits making the most of the free time.

Option 1: Work and get paid

One of the great benefits of being self-employed is the ability and freedom to be productive exactly when it suits. A recent poll flagged control over schedule (77 percent) and flexibility to work on one’s own terms (68 percent) as the most enticing factors.  However, some of the more stressful aspects of this form of work include getting paid and monitoring cash flow.

Each person’s situation is different, and each bank holiday can be looked at on a case-by-case basis. Do you have a strict deadline to meet or do you need the extra income provided by working when everyone else has the day off? When you’re self-employed you can use this last point to your advantage and could even think about charging a higher ‘emergency, out of office’ rate to boost income.

Option 2: Take unpaid leave

However tempting it may be to rack up the hours, taking regular breaks is important. In addition to personal mental and physical health benefits, a recent study suggests improvement in wellbeing results in improved workplace performance in terms of profitability, labour productivity and the quality of output.

Research shows that the self-employed earn around £6,000 more per year than the average UK employee, despite working 10 hours less per week. This suggests that a work-life balance is being achieved, and the average self-employed professional can afford the luxury of a day off with the rest of the country every so often.

Understanding your finances is the first step

To make the most of the financial gains, time savings and improved personal wellbeing that self-employment can offer, Britain’s self-employed workers must keep a keen eye on their finances. Without the backing of dedicated finance experts present within larger-scale businesses, individuals can have the benefits of going self-employed undermined when timings of incomings and outgoings are not kept in line.

With the right organisation and attention to cashflow, the self-employed stand to be able to enjoy bank holidays whether for work or recreation: it’s just a matter of planning ahead, and looking at their business’ bigger picture.

Continue Reading

Recent Posts

Protecting against man in the middle attacks with dynamic linking 28 Protecting against man in the middle attacks with dynamic linking 29
FINANCE1 week ago

Protecting against man in the middle attacks with dynamic linking

By David Vergara, Senior Director of Product Marketing at OneSpan In recent years, the booming growth of mobile applications has...

The Case for Banks to Digitally Transform: Iterating out of lockdown 30 The Case for Banks to Digitally Transform: Iterating out of lockdown 31
BANKING1 week ago

The Case for Banks to Digitally Transform: Iterating out of lockdown

By Sudeepto Mukherjee, Senior VP, Banking EMEA & APAC, Publicis Sapient. Before COVID-19 disrupted every imaginable part of society, banks...

Difficulties of Getting on the Property Ladder Post-Pandemic 32 Difficulties of Getting on the Property Ladder Post-Pandemic 33
LIFESTYLE1 week ago

Difficulties of Getting on the Property Ladder Post-Pandemic

There is a lot of talk about what’s going to happen to the housing market over the next few months....

Russian Doll: Building digital capabilities into a bank’s core 34 Russian Doll: Building digital capabilities into a bank’s core 35
BANKING1 week ago

Russian Doll: Building digital capabilities into a bank’s core

By Ian Johnson, Managing Director of Europe, Marqeta COVID-19 has left its mark on every industry, and banking is no...

How the US and Europe's COVID-19 Responses Have Affected Exchange Rates 36 How the US and Europe's COVID-19 Responses Have Affected Exchange Rates 37
TRADING1 week ago

How the US and Europe’s COVID-19 Responses Have Affected Exchange Rates

In living memory, few events have thrown the reputations of different countries and regions under such intense scrutiny as the...

Recognising the surprise PE investment potential in southern Africa 38 Recognising the surprise PE investment potential in southern Africa 39
INVESTING1 week ago

Recognising the surprise PE investment potential in southern Africa

By Martin Soderberg, partner at SPEAR Capital. An event of historic significance passed largely unnoticed in the world’s media recently,...

Why Banking is experiencing a second wave of transformation 40 Why Banking is experiencing a second wave of transformation 41
BANKING1 week ago

Why Banking is experiencing a second wave of transformation

By Keith Pearson, Head of Financial Services EMEA, ServiceNow The financial landscape has seen significant changes in the last six...

Making your mark: an introduction to trademarks 42 Making your mark: an introduction to trademarks 43
TRADING1 week ago

Making your mark: an introduction to trademarks

By James Turner, Director at  Turner Little  Are you looking to protect your brand? The chances are, you are –...

Tax evasion, avoidance and efficiency: which are legal? 44 Tax evasion, avoidance and efficiency: which are legal? 45
FINANCE1 week ago

Tax evasion, avoidance and efficiency: which are legal?

By James Turner, Director at York-based Turner Little Tax is a subject close to the hearts of most individuals, and...

Financial services firms must ‘cut the cord’ in order to weather the COVID-19 storm 46 Financial services firms must ‘cut the cord’ in order to weather the COVID-19 storm 47
TECHNOLOGY1 week ago

Financial services firms must ‘cut the cord’ in order to weather the COVID-19 storm

By Graham Brooks, Strategic Account Director, Cradlepoint This year, the financial sector’s plans have been thrown off course by a...

Strange new world: What next for banks? 48 Strange new world: What next for banks? 49
BANKING1 week ago

Strange new world: What next for banks?

By Simon Wilson, Director, Payment Solutions, Icon Solutions What’s next for banks in this strange new world we find ourselves...

Alone together: How to maintain a positive company culture while working remotely 50 Alone together: How to maintain a positive company culture while working remotely 51
BUSINESS1 week ago

Alone together: How to maintain a positive company culture while working remotely

By Paul Rowlett, from branded corporate gift specialist EverythingBranded, shares his tips for keeping staff morale and engagement high while...