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Self-employed risking retirement disaster
Derin Clark

Derin Clark

Online Reporter
Published: 08/10/2021

The amount self-employed workers saved into their pensions during 2019/20 fell to its lowest level despite a growing number of people declaring themselves self-employed, figures released by HMRC suggest.

According to the figures, during 2019/20 the amount self-employed workers saved into their pensions fell to £830 million, down from more than £1 billion in 2018/19. Some experts believe self-employed pension savings could have fallen further in 2020/21 due to the pandemic.
Tom Selby, head of retirement policy at the investment platform AJ Bell, said: “While automatic enrolment has been successful in boosting pension saving among employed workers, it does precisely nothing for the self-employed.

“The Government has previously promised to extend the principles of auto-enrolment to the self-employed, but so far we have seen little by way of progress.

“Without a nudge into a pension scheme and a matched contribution, it is hard to see how policymakers can dramatically move the dial on self-employed retirement saving.

“People are always looking for the next big pensions crisis – this could be it. If the Government doesn’t step up and do something to boost savings levels among the self-employed, there risks being millions of people facing retirement disaster in the not-too-distant future.”

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The best business current accounts August 2021

A business current account will be the main account that business owners use for the everyday financial management of their business and, as such, for many having the right account is a vital aspect of managing their company’s finances.

To help business owners to select the best business current account for their financial needs, we’ve highlighted some of the best accounts current available in our business current account chart.

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Case study: commercial loan helps mother and daughter team to own their business premises

Article written by Watts Commercial Finance, a commercial finance broker.

Owning their own deli has always been a dream for mother and daughter partnership Deborah and Emma Gibson who have operated their successful business from the same shop for 10 years. Ironically, it was a global pandemic and national lockdown which contributed to an exponential business growth and the opportunity to purchase their business premises.

Bonnington Brunch is an independent deli based near central Edinburgh and offers a takeaway and delivery service to its customers including a wide range of breakfast, lunch, beverages, cakes and snacks. The business has a great reputation with locals which is backed up by their 4.4/5 star Google Reviews rating.

The business has its own website and is very active on social media – regularly posting videos of menu options and specials on Facebook and TikTok to appeal to audiences young and old.

During the course of the pandemic, the business realised a need to diversify and quite quickly introduced a full delivery service to compete with traditional fast food options by catering to a niche breakfast market. The business also started to use delivery agents Just-Eat and Uber-Eats to not only take their products directly to their customers’ door but also to market to a new audience while providing an additional dining option.

This foresight meant the business has seen a positive impact on trading performance resulting in their turnover more than doubling in 10 months. It also proved to be a huge turning point for the business, allowing them not only to survive, but to thrive through the pandemic.

 

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Stamp duty holiday drives bridging loans

The latest Bridging Trends data for quarter two, 2021 shows more landlords and investors used bridging loans to complete their property purchases quickly, before the Stamp Duty holiday savings started to reduce from 30 June 2021. Nearly a quarter (24%) of all borrowers used a bridging loan to make an investment purchase, an increase from 19% in quarter one, 2021.


The data also reports a change in the share of bridging loans secured on a first charge basis (no other loans held against the property). This increased to 90% up from 77.8% in quarter one 2021 and again suggests borrowers were looking to complete ahead of the stamp duty changes.
The second-most cited reason for using a bridging loan remained the same this quarter, with just over one in four borrowers using this to address a break in the chain.

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The best business credit cards during July 2021

Although the economy is starting to see signs of recovery from the pandemic and consumer confidence is increasing, many business owners are still facing a financially challenging time.

Business owners looking for a short-term solution to cover overheads may want to consider borrowing via a business credit card. Business credit cards work in a similar way to consumer credit cards, but are specifically designed with features to meet the needs of business owners and users.

To give an idea of the types of business credit cards available, we’ve highlighted some of the best cards currently available in our business credit card chart.

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6 ways businesses benefit from Invoice Finance

25th June 2021

While there is a wide range of commercial finance options available to businesses, few provide the versatility, flexibility and overall support package that invoice finance can.

Invoice finance provides a flexible finance option. Read more in this article.

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What are super deductions on capital allowances?

8th June 2021

Businesses planning to acquire plant and machinery between 1 April 2021 and March 2023 could claim the Super-deduction capital allowance to write off the cost of certain capital assets against taxable income.

Businesses planning to acquire plant and machinery between 1 April 2021 and March 2023 could claim the Super-deduction capital allowance

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Bridging lending increases as buyer demand outstrips supply

28th May 2021

The entire UK property market is currently seeing huge demand from buyers as a result there has been more demand for bridging loans, mortgages and secured loans.

The Uk property market is currently seeing huge demand from buyers.

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Case study: invoice finance helps energy firm to grow

19th May 2021

Invoice finance lender Satago recently helped Unyte Energy to scale its business by releasing cashflow to pay more installers and help it maximize returns from a new and large contract.

Invoice finance lender Satago recently helped Unyte Energy to scale its business by releasing cashflow......

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Most Popular Business News

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6 ways businesses benefit from Invoice Finance

25th June 2021

While there is a wide range of commercial finance options available to businesses, few provide the versatility, flexibility and overall support package that invoice finance can.

Invoice finance provides a flexible finance option. Read more in this article.

Read More
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Self-employed risking retirement disaster

8th October 2021

The amount self-employed workers saved into their pensions during 2019/20 fell to its lowest level despite a growing number of people declaring themselves self-employed, figures released by HMRC suggest

The amount self-employed workers saved into their pensions during 2019/20 fell to its lowest level despite a growing number of people declaring themselves self-employed, figures released by HMRC suggest

Read More
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What are super deductions on capital allowances?

8th June 2021

Businesses planning to acquire plant and machinery between 1 April 2021 and March 2023 could claim the Super-deduction capital allowance to write off the cost of certain capital assets against taxable income.

Businesses planning to acquire plant and machinery between 1 April 2021 and March 2023 could claim the Super-deduction capital allowance

Read More
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A review of invoice finance lenders 2020

27th October 2020

Cashflow has always been the lifeblood of any business, but in 2020 this has never been more important due to the impact of Coronavirus on the UK economy and the consistency of trade for businesses. Invoice finance is one way to increase cashflow in your business - our guide reviews some of the invoice finance lenders.

Our guide reviews some of the invoice finance lenders.

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