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Freelancers experience drop in income

14 Aug 2020

Freelancers experienced a drop in income during the coronavirus (COVID-19) lockdown, according to research published by the Association of Independent Professionals and the Self-Employed (IPSE).

The research showed an average drop of 25% during the second quarter of this year.

The drop in income was driven by a record fall in the average number of weeks freelancers worked this quarter. Between March and June, the average freelancer went five and a half weeks out of 13 without work.

This, combined with a 3% fall in freelancers' average day rates, lead to a decline in average quarterly earnings from £20,821 in the first quarter of 2020 to £15,709 in the second quarter.

Inna Yordanova, Senior Researcher at IPSE, said: 'It's been clear for some time that the economic impact of coronavirus has fallen particularly hard on freelancers.

'Freelancers are a vital and extremely productive part of the workforce who have historically always been essential to recovery from economic depressions. If they are to play this crucial role, however, the government must make sure that in the event of a second wave, all freelancers have the support they need. Otherwise, going through another full lockdown and the resultant slump in work and income could be utterly devastating for them.'

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Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.