Running a business is exciting, and over the last few years, more and more people have looked to either start their own business or work on a freelance basis. Some of this has been as a result of the pandemic. People have enjoyed being able to work more flexibly and spend more time with their families. There are lots of ways that you can start and grow a business, and Cheltenham accountants can help with these plans. It is important to work with a company that can support your growth from a start-up right through to a large business. Cheltenham accountants Randall and Payne work with businesses of all sizes and legal structures. These types of professionals can help with everything from company incorporation through to applications for funding and acquisitions.
Here are some interesting business statistics that you might not be aware of.
Numbers
Statistics for the small business sector, noted by the Federation of Small Businesses for 2021, revealed that there were 5.5 million businesses (with 0 to 49 employees), 99.2% of the total number of businesses. Small and medium-sized businesses (SMEs) make up 99.9% of the total number of businesses in the country.
Employment
Three-fifths of the UK’s private sector’s employment and almost half of its turnover comes from small and medium-sized companies (SMEs). The total number of employees in SMEs amounted to 16.3 million (61% of the total), whereas the estimated turnover of SMEs was £2.3 trillion (52% of the total). During the last year, there were 12.9 million working in small businesses (with 0 to 49 employees), and their turnover was £1.6 trillion (36%), representing 48 per cent of the total workforce.
Type and setup
In 2021, there was an estimated number of 5.5 million UK-based private sector businesses. There were 1.4 million companies with employees and 4.2 million companies with no employees. A total of 3.2 million sole proprietorships make up 56% of the total number of private sector businesses in the UK, whereas 2 million active trading companies make up 37% and 384,000 ordinary partnerships make up 7%. There were 2.7 million private sector businesses registered for VAT or PAYE in the UK or 48% of the total population of the country.