UK small business statistics

3 min read

Running a business can be incredibly rewarding but equally as stressful with all of the different elements that you need to focus on. Business growth is one of these such areas which an outsourced accounting services company like can help you with along with also supporting you with all of your business accounting needs. Accountants are much more than just the people with the necessary skills and expertise’s to file your end of year tax return. They can also help you with your plans for business growth or help you look for and assess the best options for you when it comes to financing your business.

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Small businesses play a big part in the UK economy and make up a large proportion of the businesses that exist here in the UK. Here are some interesting statistics about small business relating to last year, 2017 and this current year, 2018.

  • At the start of2018 there were reported to be around 5.6 million small businesses in the UK which was actually a decrease of 27,0000 businesses compared to the start of 2017. The Federation of Small Businesses reported that this was due to a decrease in the number of small businesses that did not employ staff however there was an increase of 23,000 in the companies that did employ at least one member of staff. The overall decrease is thought to be the first in the business sector since 2000.
  • When adding all of the UK private sector businesses together over 99 percent of them over 99 percent of them are small businesses and they employed a total of 16.3 million people.

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When employing the services of an accountant they will be aware of all of the latest statistics relating to small businesses and your business sector in particular so will be able to advice you on any markets that you may want to move into or any potential risk factors associated with the markets and countries that you are already providing products and services to. Their advice is invaluable to businesses looking to grow and expand as well as sustain their current financial position. As well as these consultancy type services an accountant will be able to file your end of year return, deal with your quarterly VAT returns, help with bookkeeping as well as provide you with some costings and projections for forecasting that you can use to assess where your business is currently and where you are progressing to.

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