If you are considering setting up your own business, now could be a very opportune time. According to the latest official figures published by the Department for Business, Innovation and Skills, the number of new private sector businesses in the UK has increased by 102,000 in the last 12 months. This has eclipsed the record levels of last year.
The total number now stands at an estimated 4.9 million private sector businesses, employing 24.3 million people, and having a combined turnover of £3,300 billion. Impressively, 99% (4.8 million) of the total number comprise of small and medium sized enterprises (SMEs), that is businesses employing fewer than 250 people. Those employing fewer than 50 employees make up nearly half of all businesses and account for a third of private sector turnover – it is interesting to remember that these SMEs employ 14.4 million people and have a combined turnover of £1,600 billion.
Business secretary, Vince Cable says that the numbers justify the current government policies and clearly shows that the government is doing all it can to charge the economy and aspire entrepreneurs to do better.
Speaking at the announcement he said, “Today’s figures are a timely reminder of the number of people willing to try their hand at business. They also show an encouraging regional story with the figures for the North West and Yorkshire and the Humber particularly positive.”
Enterprise minister, Matthew Hancock, added that Britain has seen a 9% increase in the number of businesses since 2010 alone and that the upcoming £2,000 Employment Allowance from April 2014 will reduce tax on jobs in every company, making it easier to employ and create new job openings.
He further added, “The Government wants to make the UK the best place to start and grow a business. In the autumn it will launch a public campaign to celebrate great British business success stories. The Government wants to inspire other small businesses and point them towards the support that can help them grow.”
How can Bradleys Accountants help your small business?
At Bradleys, we are passionate about small and medium businesses because we know what it is like to be one. We believe in a tailored service for every business with a range of services that will help you get your business off the ground. Whether you need business start-up advice to secure the right level of funding, write a business plan, keep accurate books, get on top of finances or just stay in the good books of HMRC, we can help.