The recession has led to increasing number of people starting their own business. In the UK, the recession has hit hard.
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England - The recession has led to increasing number of people starting their own business
In the UK, the recession has hit hard. Whilst unemployment rates are nothing like those being seen in Greece and Spain, getting a job is proving quite difficult for the vast majority of the population. This is especially true of the young. However, there is growing evidence that the UK population are not simply sitting on their hands. Instead, they are really showing their entrepreneurial spirit.
Since the recession began the number of people, who have registered themselves as self-employed has gradually risen. Today 4.2 million people have registered themselves a self-employed in the UK. Many of them are trading as sole traders. However, those who are successful will soon be contacting Companies House to register themselves as a Limited Company.
For those that do there is good news because Companies House have announced the fee for registering a company will drop from October 2012. This drop is to reflect the fact that the vast majority of registrations now take place online. The law obliges Companies House and all other government departments to accurately reflect the cost of providing their service in their fees. Because more online registrations have taken place the cost of running the department overall has dropped, so a drop in fees is warranted. They also plan to drop cost of submitting the obligatory annual return.
Firms who help people to register their companies such as The Formations Company welcome these changes. They know that keeping the process simple and the fees to a minimum encourages people to take the step of setting up their own business and formalising it. Every week, they provide help and support to hundreds of would-be new business owners, so are in a position to fully understand the positive impact these changes will have.
Why people are becoming self-employed in the UK
It is interesting to note that one of the reasons people are turning to self-employment is that they believe it makes them more attractive as potential permanent employee. In addition, many people find that firms who are not willing to offer a part-time contract will employ them as a contractor or freelancer instead. This is a trend that is expected to continue. We are likely to see even more self-employed and small companies being formed.
The Formations Company
First Floor 15 Britannia Building
12 Ebenezer Street
Zip: N1 7RP
Tel: 0845 880 8180
Email: online form