Form submitted!
Thank you for getting in touch. A member from our friendly team will aim to get back to you shortly.
All the best,
The SK Accountants team
More than 90 businesses created every hour
A new survey has revealed that 93 new businesses were created every hour across the UK in the first half of 2022.
According to the data, despite economic headwinds, rising inflation and rocketing energy costs, the number jumped by 18 per cent year on year.
Data from Companies House shows over 402,000 businesses were registered between January and June 2022.
Highest rate in London
The survey was carried out by small business lender iwoca, which found that London had the highest business creation rate per capita with 1,587 new businesses per 100,000 residents, followed by the West Midlands with 571.
Other data from the Office for National Statistics indicates that the driving force is that many workers are just quitting their jobs and chancing their arm to strike out on their own, rather than being driven by redundancies.
The iwoca analysis also revealed significant growth in the number of new businesses outside of the main cities. The Isle of Wight saw the highest percentage increase year-on-year with a 125 per cent increase, followed by Blackpool (98 per cent) and Oldham (87 per cent).
Seema Desai, iwoca’s chief operating officer said: “Despite the prevailing headwinds of an impending recession, we are encouraged to see that so many businesses have been created during the first half of this year.”
Starting up a new business and what you need to know
Set up a business plan
The old phrase failure to prepare is preparing for failure. So, prepare a roadmap for the future which should set out long term objectives, estimates and forecasts and keep it updated.
Know your market and research it
Imitation is the sincerest form of flattery, so see what your competitors are doing and borrow their methods, and even talk to their suppliers or customers if you can.
Get your finance in order
Interest rates are creeping up, so whatever you borrow you need to know you can pay it back.
There are many business lenders available, and grants may be available for start-ups, particularly in the R&D area.
Find the right premises with the best IT facilities
Should you buy or lease or will you operate from home? Are there access points for the latest technology and is the internet speed adequate for IT requirements? What are the business rates?
Everyone needs a helping hand
Your professional adviser can support you through the tricky early period and provide support with business planning, R&D information, HR advice and finding premises.
Starting a new business? For help and advice on related matters, contact our team today.
Business 
Small business confidence dips ahead of new customs controls coming into force
Four in 10 exporters have reported a fall in international sales since the end of the Brexit transition period, a major study has revealed. According to the tracker, four in 10 – around 41 per cent of traders – have reported a “drop off” in international sales in the three months to September 2021.
Business
Compliance
HMRC asks sole traders to correctly report SEISS grants or “repay in full”
Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.
Compliance
Economy
Small businesses call for Government support to tackle climate change
According to new research, many are addressing energy usage, increasing recycling and investing in microgeneration, but only a third of those have a formal plan to tackle climate change within their business.
Economy
Tax Planning
Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal
Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. According to the report, HMRC responded to 797,010 referrals of suspicious contact from the public in the last year. Around 358,000 of these involved scams where taxpayers were offered bogus tax rebates.
Tax Planning
