Small businesses vital to UK economy

17th October 2017 General CHW Accounting

SMEs accounted for 99.9% of all private sector businesses in the UK at the start of 2017, according to government statistics. Nicola Roby, Director at CHW Accountants Bolton reviews recently published national statistics.

Annual figures from the Department for Business, Industry, Energy and Strategy showed there were 5.7 million private sector businesses – up 197,000 on the same time in 2016.

Small businesses alone accounted for 99.3% of all private sector businesses at the turn of the year, with that figure rising to 99.9% when factoring in medium-sized firms.

SMEs contributed £1.9 trillion to the economy in combined annual turnover last year, accounting for 51% of all private sector turnover in 2017.

60% of the UK business population is made up of sole traders, while 33% are companies and 7% are partnerships.

At CHW Accounting based in Bolton, we recognise that small businesses are vital in today’s economy and as experienced accountants and business advisers we specialise in helping them grow and prosper.

Our team at CHW understand that the rise in the number of small businesses brings a huge benefit to society. Not only do firms provide jobs when they are established, but as consumer demand increases, the business can continue to create more jobs to help them cope with demand, thereby reducing unemployment. We thrive on working with our small business clients and are delighted to be a part of their success.

Small businesses are also invaluable to society as they very often grow into larger businesses, especially when they are successful in identifying niche areas or ‘gaps’ in the market.

Recently, Margot James, Minister for Small Business, commented “The UK now has nearly 200,000 more small businesses since last year – meaning more jobs, more opportunities and more choice. Small businesses are the backbone of our economy and our Industrial Strategy is building an environment in which they can continue to thrive.”

Here at CHW Small Business Accountants Bolton we echo these sentiments and look forward to continuing to work with our SME clients both existing and new. We’ve recently launched our start-up package LaunCHWorks to help small businesses get their feet off the ground and focus on growth.

To discuss any issue relating to small business accounting contact Nicola Roby, Director at CHW Accountants Bolton via our contact us page.

DID YOU FIND THIS USEFUL?

Share it with your network: