As a testament to the shifting balance from the traditional nine-to-five to gig work, over five million UK workers are currently employed “on-demand” through platforms like Airbnb and Uber.

The UK has seen the rise of the freelancer business model over the past decade – in the last four years, 40 per cent of new jobs have been in self-employment. With the rise in popularity of service-based apps, gig work is now a mainstream employment option.

Even traditionally, small companies with large networks of freelancers have been more responsive and efficient in addressing consumer needs while keeping overheads low. However, for the gig economy to truly take off, administrative red tape and slow-moving government legislation on taxation, holiday pay and employer responsibility need to be addressed.

Freelancers must decide for themselves whether the instability and risk of the gig economy is worth the freedom and potential earning power it offers.

This infographic from Onstride Financial outlines the challenges and opportunities facing freelancers and authorities alike in the gig-economy.