Key tax dates and deadlines for 2018/19
It is an inevitable reality that, for anyone earning a livin...
By Lynne Gowers on 30th January 2017
Non-employing businesses and small employers are dominating the UK private sector – there are now 5.5 million such businesses – that’s over 99% of the business population.
Such are the findings of a report* commissioned by the Department for Business, Energy & Industrial Strategy, showing that small business is well and truly booming in the 21st century.
Since the turn of the millennium, growth in the UK private sector business population has been mainly due to increasing numbers of non-employing businesses – including contractors, freelancers, sole traders and locums.
Over that period, non-employing businesses have accounted for 89% of the overall business population growth.
There are 1.8 million more non-employing businesses in the UK public sector than there were in 2000; they now make up 76% of all private sector businesses.
Widening the net to include SMEs, at the start of 2016 there were 5.5 million small businesses (0-49 employees), making up 99.3% of the total business population.
15.7 million people were employed by SMEs, accounting for 60% of the private sector workforce.
The combined annual turnover of SMEs was £1.8 trillion – 47% of all private sector turnover in the UK.
With non-employment businesses and SMEs accounting for over 99% of private sector businesses in each of the main industry sectors, small businesses are the engine-room of the modern UK economy. So who oils the engine?
Whether you are a one-man band or employ a team we have the ideal accounting solution to help your business grow. With Boox you are guaranteed cutting edge accounting technology backed up with a personal service from our team of client accountants.
Call us on 0208 168 0422 or find out more about our SME services here.
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