Are the costs of freelancing about to rise?

 In General

The costs of freelancing are set to rise in the immediate future. This is according to 92% of freelancers surveyed by The Association of Independent Professionals and the Self-Employed (IPSE).

It was the headline statistic from their Freelancer Confidence Index, which sampled a large group of UK-based freelancers in May and June 2017

Speculating on the causes of increasing costs, the report stated: “It is likely that the biggest factor behind this is the increase in the cost of imported goods and services following the post-Brexit drop in the value of sterling.”

Freelancers educated to degree-level, or higher, are most likely to be able to ride out these increasing costs. However, almost all managers and directors surveyed said they were making plans to cover the higher rates freelancers are likely to charge if these predictions come to pass.

How can you mitigate the rising costs of freelancing?

If you’re working as a freelancer in today’s climate, you’ve undoubtedly thought about how you can keep your costs down.

Pairing advanced accountancy software – such as Xero – with an accountant can make a huge difference. It can speed up your financial processes and provide a convenient overview of your costs. This will help you make more informed financial decisions.

In today’s employment market, you need every possible resource on your side to counter the rising costs of freelancing.

Get more expert accountancy advice for freelancers by calling on the friendly team at 3 Wise Bears.

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