{"id":4006,"date":"2018-11-05T04:21:37","date_gmt":"2018-11-05T04:21:37","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/self-employed-face-high-debt-levels-says-charity\/"},"modified":"2018-11-05T04:21:37","modified_gmt":"2018-11-05T04:21:37","slug":"self-employed-face-high-debt-levels-says-charity","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/self-employed-face-high-debt-levels-says-charity\/","title":{"rendered":"Self-employed face high debt levels, says charity"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape no-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"flower shop\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/128C6\/production\/_104147957_gettyimages-903735842.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Getty Images<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p class=\"story-body__introduction\">The tendency for more and more workers to become self-employed is leaving thousands of people deeply in debt, according to a charity.<\/p>\n<p>The Money Advice Trust said that nearly a quarter of those contacting them last year had debts of more than \u00a330,000.<\/p>\n<p>The Trust, which runs Business Debtline, also said just under half of its clients owed more than \u00a310,000.<\/p>\n<p>Around <a href=\"https:\/\/www.ons.gov.uk\/employmentandlabourmarket\/peopleinwork\/employmentandemployeetypes\/articles\/trendsinselfemploymentintheuk\/2018-02-07\" class=\"story-body__link-external\">15% of the UK workforce<\/a> is now classified as self-employed, compared to 12% in 2001.<\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/newsbeat-45970106\" class=\"story-body__link\">Be your own boss by the age of 25<\/a><\/li>\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/business-46036189\" class=\"story-body__link\">Contractors get higher tax bill<\/a><\/li>\n<\/ul>\n<p>The main reasons given for business failure include:<\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\">Low and irregular income. A third of workers have annual turnover of less than \u00a325,000<\/li>\n<li class=\"story-body__list-item\">Late payments<\/li>\n<li class=\"story-body__list-item\">Lack of essential business management skills<\/li>\n<\/ul>\n<h2 class=\"story-body__crosshead\">Breathing space<\/h2>\n<p>Individual insolvencies have risen significantly over the last three years according to the <a href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/752501\/Commentary_-_Q3_2018.pdf\" class=\"story-body__link-external\">latest official figures<\/a>, although they have fallen over the last quarter.<\/p>\n<p>&#8220;Self-employment and small business ownership continues to grow and play a crucial role in driving forward our economy,&#8221; said Joanna Elson, chief executive of the Money Advice Trust.<\/p>\n<p>&#8220;While many of these businesses are able to flourish, a growing number are struggling with high levels of debt, putting both their business and personal finances at risk.&#8221;<\/p>\n<figure class=\"media-landscape no-caption full-width\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                 <span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Getty Images<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p>However those with debts will eventually benefit from the government&#8217;s plans to allow them a &#8220;breathing space&#8221;, during which they would be protected from creditors.<\/p>\n<p>Last month the Treasury announced that the protection period would be extended from six weeks to two months.<\/p>\n<p>The Money Advice Trust wants to ensure that the new financial guidance body serves self-employed people properly.<\/p>\n<p>It is also asking for more powers for the Small Business Commissioner.<\/p>\n<p>Business Debtline can be accessed <a href=\"https:\/\/www.businessdebtline.org\/\" class=\"story-body__link-external\">here<\/a>.<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-46072906\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images The tendency for more and more workers to become self-employed is leaving thousands of people deeply in debt, according to a charity. The Money Advice Trust said that nearly a quarter of those contacting them last year had debts of more than \u00a330,000. The Trust, which runs Business Debtline, also said &hellip; <\/p>\n","protected":false},"author":0,"featured_media":4007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4006"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4006\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/4007"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}