Where Have All The Freelancers Come From?

With what seems like more freelancers are around than ever before

, new research has shown that University College London has the highest percentage of self-employed graduates out of the UK's top 10 institutions.

Data put together by the Higher Education Statistics Agency and The QS World University Rankings 2011/2012, shows that 2.4 per cent of the university's students who graduated last year have now turned to self-employment to earn a living. The universities website said the news reflects "the institution's focus on fostering entrepreneurship and turning ideas into business".

Thanks to the recession, an increasing number of British graduates are looking at self-employment as the way forward. Not only has competition for permanent positions increased but many employers are looking for freelancers and self-employed specialists to take on outsourced work.

In the three months to August the level of unemployment in the UK hit its highest level since the mid-90s. The figures revealed a record number of young people out of work, as youth unemployment hit 991,000.

Research carried out by insurance broker PolicyBee also found that nearly 40 per cent of small businesses and freelancers wait at least three months before taking out cover. Those most likely to hold off purchasing indemnity cover are to be found working in design, engineering or marketing and communications, the survey concluded.

Accountants were said to be the most likely group to take out insurance immediately in a bid to protect themselves and cover the cost of defending claims of negligence and to cover potential damages.

Valerie Hockley, Managing Partner at PolicyBee, said: "It's encouraging that more than half of the respondents clearly recognise the importance of professional indemnity insurance by purchasing cover immediately. However, we were shocked to discover that many other businesses waited until they'd been in business for some time, before obtaining cover. It is particularly striking that one in five respondents had been in business for two years or more before purchasing professional indemnity insurance, during which time they'd have been exposed to a considerable risk."

And if thats not enough, newly-established freelancers have also been offered advice by Her Majesty's Revenue and Customs (HMRC) this month, on how to avoid getting a surprise tax bill.

The department has compiled a new leaflet aimed at helping the newly-self employed to budget properly ahead of their first tax bill. HMRC said as people who become self-employed for the first time do not receive their first bill for a while, it is vitally important to make preparations straight away to avoid being caught out.

The leaflet contains a table showing the amount of tax and Class 4 national insurance contributions people should be making, depending on the level of profit their business generates per month.

Anyone who was self-employed during the 2010/11 tax year has been reminded by HMRC to file any paper returns before October 31. Those who miss the deadline will face an automatic penalty fine even if they have no tax to pay, or the tax that is due reaches HMRC on time. Those who plan to complete their self assessment online have an extra three months to submit it to HMRC. The deadline for digital forms is January 31, 2012.

by: Tim Bisley

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