There has been a great deal of focus on how the 2017 Spring Budget impacts the self-employed and SME businesses. We have looked at some of the key points on the news section of our site, and so wouldn’t want to repeat too many of them again here. What we believe to be interesting from our perspective as one of the leading accountants Taunton has is a look at just why these groups are so important to the national economic picture.
2016 saw a record 664,720 new companies formed. That’s a rate of just over 12,000 a week. The net effect of this has been to help push the overall number of businesses in Britain above 4,000,000 for the first time, with over 4,005,000 companies and businesses listed in the UK as of February 2017. A substantial percentage of this figure is made up of the self-employed, sole traders, and SMEs.
Whilst the value of businesses within this definition is respected and supported it is not always the case that tax compliance and related matters are straightforward. Factors such as the changes proposed in the Spring Budget and the ongoing MTD (Move to Digital) initative can see sole trader or smaller companies ending up spending more time on administration and less time on business. Appointing trusted UK tax advisors is cruical to easing this burden and allowing for economic activity to be conducted.
Over the years we, as accountants in Taunton, have made a crucial contribuition to business success with our comprehensive range of accounting and tax services. We’re very proud of our status as one of the leading and most successful UK tax advisors available, and it is always a pleasure to discuss how we can be of service to new businesses.
It is perhaps stating the obvious to say that announcements in any Budget will have an impact on business operations. Managing the affects is crucial to ensuring your business remains as a successful ongoing concern. Our team of tax and accounting experts look forward to hearing from you and discussing how we can be of the greatest benefit to you and your business.