by Nick Robinson | Oct 03, 2013 | Accounting, Bookkeeping, Business
One of the big changes brought about by the recent recession is the huge growth in the number of self-employed people in the UK, especially those running a home business.
There are several reasons why people have opted to work for themselves, and to set-up their business at home, with the main one being the opportunity to create a job for themselves when jobs are scarce and to do something that they love doing.
It also comes as no surprise to us here at Yorkshire Accountancy, that more than half of all enterprises created in the UK are being run from home.
That figure means that there are something like 2.5 million home-based businesses around the country.
Running a home business is often a thankless task since the business owner has all of the jobs to do for themselves.
Perhaps the most important job, after finding customers, is to keep and maintain the business’s financial records accurately.
For this reason alone, I would recommend that anyone running a home business should find themselves an accountant at the earliest opportunity.
With the increasing popularity of internet-based businesses, those running a home business will be aware that they do not have to live near to where their accountant has their office.
That’s why here at Yorkshire Accountancy we have a growing number of entrepreneurs wanting to work with us because we are cost-effective accountants and experienced in the help and advice we offer and we ensure that your books and financial records are HMRC-compliant.
For many people setting up in business, the process can be daunting but we are more than happy to help our clients, and potential clients, to achieve their dreams.
This trend of running a home business in the UK is likely to grow and they now make up around 52% of the small business population in the country and 8% of the U.K.’s total workforce.
The higher concentrations of people running a home business are found in the south-east and then the south-west of England with the highest numbers found in Herefordshire which has around 27% of its workforce running a business from their home.
In London, the figure is only around 9% but the numbers involved are much bigger. For instance, in Wandsworth alone there are nearly 33,000 home business owners.
There is still an imbalance between the genders when it comes to running a home business with men being twice as likely as women to do so. There are around 1.7 million men running a home business, compared to 818,000 women.
At Yorkshire Accountancy, we have generations of experience in helping small businesses become thriving businesses and we would urge those setting off down the path of self-employment not to ignore their obligations to keep financial records and pay their taxes and NIC.
If you are running a home business and would like advice on what accounts you need to keep and prepare, then contact is now for an informal chat and we will be pleased to help you.