SJD Accountancy

Rise in the number of contractors with their own businesses

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Contractor’s with their own businesses will be interested to hear that latest figures from the government have shown small firms are experiencing continued growth. 

Findings from the Department for Business, Innovation & Skills (BIS) have shown that the number of UK private sector businesses has reached record figures at 4.9 million.

In the last year alone, the number of small and medium-sized businesses has grown by 102,000.

And, with such a high volume of people looking to take the plunge and become self-employed, there will be many small business owners who will be pleased to learn that starting from next April, businesses will receive a £2,000 Employment Allowance discount off their National Insurance bill, which will effectively remove the tax on jobs for around 45,000 small businesses.

Business Secretary Vince Cable commented on the findings, “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 Matt Hancock added, “Britain is turning a corner with a record 4.9 million businesses now trading across the country. There are now around 400,000 more businesses than in 2010, an increase of 9%.

“There is much more to do, not least to make it easier to employ people and create jobs, like with the new £2,000 Employment Allowance that from April will cut tax on jobs in every company, large and small.”

If you’re interested in making the move from permanent to contracting, why not download our FREE 60 page guide to Contracting through your own Limited company.

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