Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

COVID- 19 Leads To Sharp Rise In Independent Earning

Acclaimed Fintech company, Hnry is reporting a huge increase in the number of New Zealanders starting to earn independently during the COVID-19 crisis.

The award-winning company, which deals with financial administration for self-employed, contract and freelance workers, has had an influx in customers equating to a massive 260 percent increase in sign-ups to their services compared to the same three months last year.

CEO James Fuller says the increase has been noticeably driven by people looking to start earning independently, as many have been let go from permanent jobs and are seeking alternatives. Independent contracting and freelancing provides that opportunity without having to be reliant on a single employer for income, Fuller says. The increase has also been caused by permanent and salaried workers looking for ways of making up for shortfalls in earnings due to COVID-19, as well as those who were already self-employed.

“Our customer growth has been skyrocketing over the past few months, as more and more people look to independent earning whilst still staying compliant,” Fuller says.

“Independent earners, now more than ever, make up a large part of the New Zealand economy, with around 15 to 20 percent of Kiwis already earning some or all of their income outside of a permanent job. The sharp rise in these numbers clearly shows the impact COVID-19 has had on people who would have previously only worked in permanent or salaried jobs”.

Fuller said Hnry had also been inundated with queries about the government’s COVID-19 wage subsidy, with a lot of confusion among freelancers and contractors about how to apply.

“A lot of the rest of the financial services industry is focused on small businesses and larger organisations, and doesn’t cater for the needs of the self-employed at all,” Fuller says.

“This has meant that there are a lot of websites out there that are publishing inaccurate information for the self-employed, using the guidelines for small businesses rather than for individuals. As a specialist in self-employed tax, Hnry has been helping independent earners understand the application requirements and tax implications with content that is easy to digest, and is specific to their situation”.

Fuller said that while some individuals are turning to independent earning, there are still industries impacted by the nationwide lockdown with some people unable to work at all. He said around 30 percent of people who were earning before COVID-19 were currently unable to earn, with the wage subsidy their only access to income. Hnry’s advice for those struggling to get work at the moment is to be proactive, open-minded and positive.

“Looking for opportunities to use skills in different ways to keep earning is important, as is taking the time to invest in your networks, and seek out those opportunities,” he says.

“Remaining open to new ideas for work, perhaps outside your comfort zone, will also help. That percentage of independent earners currently experiencing difficulty earning could try repackaging their services differently, selling to new markets, online or at different prices. If you do find yourself with time on your hands with no work, this could be an opportunity to learn new skills, to improve your earning possibilities once the lockdown has been lifted”.

About Hnry:

Hnry aims to make life easier for the self-employed by removing all financial admin, and letting independent earners focus on their paid work. Hnry, winner of the Emerging Gold Service Award at the Wellington Gold Awards 2019, and a finalist in the New Zealand Hi-Tech Awards 2019, is an end-to-end accountancy service that uses cutting-edge automation to calculate, pay and file all tax obligations, charging just 1% of the self-employed income (capped at $2,000 p/a). Hnry’s mission is to give freelancers, contractors and self-employed their freedom back, by being their trusted financial sidekick - enabling them to get back to doing what they love. You can find out more at https://hnry.co.nz/.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

It’s All In The Genomes: New Study Reveals Scale Of Havelock North Campylobacteriosis Outbreak

When the campylobacteria outbreak hit Havelock North in 2016, no-one fully understood how widely it affected the local communities. Gene-sequencing technology used by scientists has shown the true scale of the outbreak. The joint study from ESR, Massey ... More>>

ALSO:

Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>

ALSO:

Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>

ALSO:

Taxation: Black-Market Tobacco Sidesteps $287 Million In Excise Tax

Year-on-year increases in consumption of illicit tobacco in New Zealand have seen illegal trade swell to 11.5% of the total market. If consumed legally, illicit products would have netted the Government $287 million in excise tax during 2019. Independent ... More>>

ALSO:

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:


ASB: Regional Economic Scoreboard Q1 2020

ASB NZ Regional Economic Scoreboard Gisborne still the place to be It has been Gisborne’s year, and the region comes out tops on our regional rankings for the fourth successive quarter. Like everywhere, question marks are about the COVID-19 impact on the future. ... More>>

RNZ: Economic Activity And Business Confidence Bouncing Back

Two surveys from ANZ show business confidence and economic activity have rebounded, but uncertainty about the future remains extreme. More>>

ALSO:

NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>

ALSO:

Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>

ALSO:

Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO: