Time is right to start a business
Jul 15 2010
More people are opening businesses
The number of new companies has started to rise again following two years of steep falls caused by the banking crisis.
Businesses registered with Companies House surged by 10 per cent to 362,300 in 2009/10, up from 330,100 in 2008/9.
In 2007/8 company incorporations fell by 17 per cent to 372,000 in 2007/8, followed by a drop of 11 per cent to 330,000 in 2008/9.
Roger Williams, partner at accountancy firm Wilkins Kennedy, says: ‘These figures show how quickly the small business sector has been able to get back on its feet despite being hit particularly hard by the recession. ‘Hundreds of thousands of people have lost their jobs since the banking crisis started but what we are now seeing is that many of those have dusted themselves down and are starting up their own business.
The accountancy firm states that some measures in the emergency budget should encourage entrepreneurship further, such as the 1 per cent reduction in corporation tax to 20 per cent for small firms and the threshold for entrepreneurs’ relief on capital gains tax rising from £2 million to £5 million.
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