The National Minimum Wage has increased rapidly over the last few years. Shall we look at the figures so you can see how your rates compare?
- In 2014/15, the national minimum wage was £6.70 per hour (£13,065 per year)
- In 2019/20, the national minimum wage was £8.21 per hour (£16,009 per year)
- In 2024/25, the national minimum wage is £11.44 per hour (£22,308 per year)
That’s all well and good, but as a freelancer/self employed you need to set your own hourly rates.
Let’s look at what freelancers/self employed contractors were charging 5 and 10 years ago to work out what they should be charging now (if they’d increased their rates by the same percentages as the minimum wage).
- Looking at Google, it seems that a common hourly rate for the freelancer in 2014 was £14.
So this would be an increase from 2014 to 2024 of 170.75%!
Have you worked out what your rate for 2024 should be?
If you have been in business for 5 years, have you increased your hourly rate by sufficient? Is your hourly rate below £23? If so you need to consider inceasing today!
If you are a new business start-up and are struggling with knowing how much to charge; claim your 2 hours FREE business advice with Vicky. Contact us on 01609 882408. This offer is a one-time offer and is only available for businesses which are new start-ups or have not previously worked with us. Read about this offer here.