# To take or not to take? The self-employed bank holiday
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-08-24
Category: BANKING
Category URL: https://financedigest.com/category/banking
Meta Title: Maximise Your Self-Employed Potential: Bank Holiday Strategies
Meta Description: Discover the challenges and opportunities facing self-employed individuals in the UK when it comes to working on bank holidays. Make informed decisions for
Tags: featured
Tag URLs: featured (https://financedigest.com/tag/featured)
URL: https://financedigest.com/to-take-or-not-to-take-the-self-employed-bank-holidayhtml

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_Dominic Allon, Vice President and Managing Director,_ [_Intuit_](http://www.intuit.com/) _Europe_

Swathes of Brits are becoming self-employed, with nearly [five million](https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/trendsinselfemploymentintheuk/2001to2015) registered in 2016, equating to [16 per cent](http://www.telegraph.co.uk/finance/jobs/12106318/The-self-employed-will-overtake-the-public-sector-with-the-gig-economy.html) of the UK workforce. With the draws of better pay, flexible hours and control over work-life balance, it is no wonder that this form of business is [propping up the UK economy](http://www.telegraph.co.uk/news/2017/03/10/britains-self-employed-army-keeping-economy-afloat/), contributing more than £119 billion last year alone. With the quality and quantity of opportunities available, aided by advances in technology and the increasingly forward-thinking nature of employers, this is a trend set to continue at pace.

In fact, our own research has shown that the UK’s [self-employed](https://www.financedigest.com/disguised-employment-crackdown-who-will-be-caught.html) workers earn more, work less and are happier than those in traditional employment. However, that’s not to say that it’s all plain sailing. Nearly six in ten (58%) self-employed individuals worry about not having enough predictable income, while one in four (23%) say setting boundaries to [stop work](https://www.financedigest.com/the-pandemics-impact-on-working-mothers-new-research-reveals-that-two-thirds-have-stopped-working-or-now-work-less.html "The Pandemic’s Impact on Working Mothers: New Research Reveals That Two-Thirds Have Stopped Working or Now Work Less") becoming a 24/7 commitment is a challenge. With this in mind, those working for themselves regularly face a difficult decision: when and when not to put in the hours?

This [issue is particularly prevalent across the nation’s six fixed](https://www.financedigest.com/u-s-france-agreed-to-fix-u-s-subsidies-issues-says-macron.html "U.S., France agreed to “fix” U.S. subsidies issues, says Macron") bank holidays and two public holidays every year. Most staff on regular companies’ payroll take paid bank holidays for granted. However, the [self-employed](https://www.financedigest.com/disguised-employment-crackdown-who-will-be-caught.html) are not entitled to statutory paid holiday, and bank or public holidays cannot be taken as paid leave.

The self-employed are not tied to [traditional ways of working and do not automatically assume a bank](https://www.financedigest.com/the-role-of-fintech-in-disrupting-traditional-banking-services.html "The Role of Fintech in Disrupting Traditional Banking Services") holiday is a necessary break. [Our research](http://www.intuit.co.uk/r/news/the-face-of-britains-sharing-economy-revealed/) reveals that only 13 percent of Britain’s workforce expect to be working a traditional nine-to-five role by 2025, and 70 percent are considering adopting a less rigid working pattern. When you work for yourself you have a choice: seize the opportunity for an extra day’s income, or join the ranks of other Brits making the most of the free time.

**Option 1: Work and get paid**

One of the great benefits of being self-employed is the ability and freedom to be productive exactly when it suits. A recent poll flagged control over schedule (77 percent) and flexibility to work on one’s own terms (68 percent) as the most enticing factors.  However, some of the more stressful aspects of this form of work include getting paid and monitoring cash flow.

Each person’s situation is different, and each bank holiday can be looked at on a case-by-case basis. Do you have a strict deadline to [meet or do you need the extra income provided by working when everyone](https://www.financedigest.com/esg-innovation-allowing-everyone-to-meet-the-standard.html "ESG innovation: Allowing everyone to meet the standard") else has the day off? When you’re self-employed you can use this last point to your advantage and could even think about charging a higher ‘emergency, out of [office’ rate to boost](https://www.financedigest.com/workspace-says-utilisation-rates-boosted-by-post-lockdown-return-to-office.html "Workspace says utilisation rates boosted by post-lockdown return to office") income.

**Option 2: Take unpaid leave**

However tempting it may be to rack up the hours, taking regular breaks is important. In addition to personal mental and physical health benefits, a recent [study](https://www.gov.uk/government/publications/worker-wellbeing-and-workplace-performance) suggests improvement in wellbeing results in improved workplace performance in terms of profitability, labour productivity and the quality of output.

Research shows that the [self-employed](https://www.financedigest.com/disguised-employment-crackdown-who-will-be-caught.html) earn around [£6,000 more](https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/bulletins/annualsurveyofhoursandearnings/2015provisionalresults) per year than the average UK employee, despite working [10 hours less](https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/february2016) per week. This suggests that a work-life balance is being achieved, and the average self-employed professional can afford the [luxury of a day](https://www.financedigest.com/basic-material-luxury-stocks-drive-european-shares-to-a-third-day-of-losses.html "Basic material, luxury stocks drive European shares to a third day of losses") off with the rest of the country every so often.

**Understanding your finances is the first step**

To make the most of the financial gains, time savings and improved personal wellbeing that self-employment can offer, Britain’s self-employed workers must keep a keen eye on their finances. Without the backing of dedicated [finance experts](https://www.financedigest.com/the-rise-of-esg-experts-in-sustainable-finance.html "The Rise of ESG Experts in Sustainable Finance") present within larger-scale businesses, individuals can have the benefits of going self-employed undermined when timings of incomings and outgoings are not kept in line.

With the right organisation and attention to cashflow, the self-employed stand to be able to enjoy bank holidays whether for work or recreation: it’s just a matter of planning ahead, and looking at their business’ bigger picture.


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