A new independent review has provided a number of recommendations to the Government to consider in order to improve the prospects of the UK’s self-employed.

A key aim of the review was to understand the motivations and challenges of the self-employed across the UK so the Government can better support them.

Is there a lack of finance knowledge among the self-employed?

Conducted independently by fashion entrepreneur Julie Deane OBE, the report makes a number of key recommendations, as well as outlining the need for the private sector to recognise the increasing economic potential of the self-employed.

Julie Deane said: “With record numbers representing 15% of the workforce and growing, the self-employed is a diverse and important sector. Having long been part of this group I wanted my recommendations to be both practical and impactful.”

During the review many self-employed talked about their concerns around a lack of knowledge regarding finance, cash flow, bookkeeping and taxation.

Taxation – an administrative burden?

In fact, although outside the remit of the review, taxation was repeatedly raised by all of those interviewed by Deane – as an administrative burden and a barrier to growth.

These are skills that would benefit many adults regardless of their employment status.

It is important that the advice and support available is as accessible as possible. We are pleased the review cited this website (the ICAEW Business Advice Service) as a great source of such information.

Key recommendations

The review also suggests:

• While there is advice and support available on it, the official Government website isn’t easy to navigate or use and they should consider reviewing how well information is signposted for the self-employed
• More flexible financial solutions for the self-employed should be offered, and trade organisations should play a key a role in signposting these
• The location and availability of shared work spaces should be better communicated, and consideration should be given to incorporating such spaces in local libraries and community centres.

To download the review go here.