SJD Accountancy

UK Contractors: Small business confidence on the up

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According to recent findings small and medium-sized business, such as Limited company contractors, are becoming increasingly confident about their future prospects.

A new report from Albion Ventures has revealed that 62% of UK small businesses expect to grow ‘dramatically’ or ‘moderately’ over the following two years – this is up from 59% last year.  Just three per cent of respondents said that they expect business to shrink or ‘wind down’. 

With regards to regional analysis, the Albion Growth Report shows that businesses in the North-West are the most confident about the future, with 83% predicting growth by 2016, closely followed by London with 81%.

Looking at the various business sectors, it was found that production businesses have the highest levels of confidence, with 83% expecting growth. 

Patrick Reeve, managing partner at Albion Ventures, said, “The evidence from this year’s Albion Growth Report points to a growing sense of confidence among UK SMEs.  The next 12 months promise more jobs created, improved productivity and a stronger appetite for raising finance to support growth as opposed to survival.

“What’s particularly striking about this year’s report is the emergence of so-called threshold businesses, which are on the cusp of blossoming from start-up to established business. Threshold businesses have tremendous potential to drive forward the UK’s economy in the years ahead but face serious challenges: for them, cash is tight and they need finance for growth; they value skilled staff but find it difficult to recruit them.  Recognising their own weakness and vulnerability they are much more likely to give up equity for hands-on support.” 

How does tax work for a Limited company? Read our plain English guide to Contractor Tax here.

Considering switching accountants? Read our simple guide to switching accountants here or alternatively speak to a member of our new enquires team who can guide you through the process. Call 01442 275789 or email  newbusiness@sjdaccountancy.com.

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