UK home business owners top 2.5 million mark

There is now more than 2.5 million home business owners operating across the UK, representing more than half (52 per cent) of the total number of SMEs, according to a study by insurer Direct Line for Business (DL4B).
 
The analysis highlights a fast-evolving UK workforce which has developed in a challenging and uncertain economic environment thanks to an increasingly digital, mobile and flexible business landscape.
 
Millions of workers are choosing to take control of their own destinies, improving their work-life balance and turning an existing hobby into a full-time career.
 
Jazz Gakhal, head of DL4B, said: "Self-employment has been on the rise for several years and our research now shows that a great number of these people work for themselves from home."
 
DL4B’s analysis revealed that the South East and South West has the highest concentration of home business owners, both representing a tenth of the total workforce in both regions.
 
London’s home business owner community also accounts for nine per cent of the total four-million-strong workforce, with 32,800 home-based firms in the borough of Wandsworth alone.
 
The largest concentration of home business owners in the UK is found in Herefordshire, where more than a quarter (27 per cent) of its 92,000 total workforce is located at home.
 
Pembrokeshire is second with 23 per cent of its total workforce, with Eastbourne ranked third at 20 per cent.
 
When asked about how these home business owners prioritised key actions when they first became operational, sorting tax arrangements and organising insurance ranked sixth and eighth on the list.
 
Thinking of starting out in business? Whether you launch your company as a sole trader, partnership or limited company, at TaxAssist Accountants we can help you create a solid business plan and outline your options for the best tax savings available.
 
Why not arrange your free initial consultation with us today by calling us on 0800 0523 555 or drop us a line using our online enquiry form.

Date published 20 Aug 2013 | Last updated 20 Aug 2013