UK Small Business Statistics

Business growth is one of these areas which an accounting services company like Tewkesbury Accountants at can help you with along with also supporting you with all of your business accounting needs. Accountants do much more than file your tax returns at the end of the year. Accountants can help with business expansion plans or assist you in assessing the best financing options for your business.

Image credit

Small businesses are a major part of the UK economy. You might be surprised to learn that they do, in fact, make up the majority of businesses in the UK. Here are some interesting stats about small businesses in the UK:

  • Around 5.6 million UK small businesses were reported at the beginning of 2018. This was a reduction of 27,0000 companies compared to 2017. Federation of Small Businesses stated that the decrease was due to the fact that fewer small businesses employed staff. However, there was a 23,000 increase in companies who did. This is the first overall decline in the business sector that has been recorded since 2000.
  • Add all the UK’s private sector companies together and you get over 99 percent small businesses. They employ a total 16.3 million workers. As you can see, the role of small businesses is essential to the nation’s economy.

Image credit

If you hire an accountant, they will have all the latest statistics on small businesses in general and your particular business sector or industry sector. They will also be able to give you advice about any new markets you might want to enter or potential risks associated with markets and countries where you already provide products and services.

Their advice can be invaluable for businesses that are looking to expand and grow as well as maintain their current financial situation. An accountant can also help you with your bookkeeping, file your annual tax return, and deal with quarterly VAT returns. They will also be able to provide you with costings, projections, and forecasts that you can use for assessing where your business stands and where it is going.

Any size business must keep track of their financial health in order to make the most well informed decisions regarding their operations. Is it a good time to expand or should you be scaling back? Is it wise to hire more staff or not? Accountants can help you make these tough decisions.