SJD Accountancy Contractors Thriving, Survey Reveals

SJD Accountancy, the UK’s largest accountant company for contractors, has revealed the latest findings from its survey, which has given a unique insight into the contractor market today.

SJD, which is the chosen accountancy firm for more than 11,000 clients, surveyed over 1,000 contractors with 30 questions based on their personal experiences and views on the freelancing industry.

The results found a great amount of positivity among contractors despite the dire economy, in fact, when asked their feelings on the current state of the contracting market, almost two thirds of responders scored 4 or above on a scale of 1 to 6, with 6 being the most positive.

Other findings revealed that 86% have positive feelings about being a contractor, 57% said that contracting improved their work/life balance and an impressive 97% of respondents said that they will definitely still be contracting in two years time.

Simon Dolan Managing Director for SJD accountancy, said of the findings, “We were delighted to find that so many of our clients took the time to complete the survey, and we have been pleased to be able to pass the findings back to them, to help them feel more a part of the contractor community in which they work.

“The statistics we have gathered clearly show that the contracting industry is still doing well and that this way of life offers huge benefits for people who choose to step away from full time employment – preferring a more flexible and rewarding way of life instead.”

Being self-employed comes with many advantages compared to working as a permanent employee. Although contractors do not have the same benefits, such as holiday and sick pay, the survey found that 76% of respondents don’t actually miss these at all.

In fact, over 80% of contractors said that they are earning more than they were as a permanent employee and over one third are earning more than £500 a day, with almost another third earning between £400 and £500 a day; two thirds of those surveyed said they have seen rates increase, or at least remain the same.

Out of the 1,000 contractors surveyed, the majority said that they enjoy working for themselves rather than as a permanent employee due to the financial benefits, such as being able to set their own rates, general higher rates of pay and being able to claim back on contractor expenses; and of course for the increased freedom and flexibility.