New figures indicate that the number of self-employed people working within the UK continued to increase during the year to November 2016. Turner Little reports.
Rising self-employment
Britons are increasingly choosing to become their own bosses. Data released by the Office For National Statistics (ONS) shows that by November 2015, a record 4.62m Britons were self-employed, rising from 4m in October. Also by November, the nation’s total employment rate hit a new high of 74%.
Fresh government data indicates that British self-employment rates climbed by 213,000 in the year between November 2015 and November 2016. This means that a total of 15.1% of all British working adults are now their own bosses.
Meanwhile, these statistics also suggest that 23.34m Britons are now working full time, rising by 350,000 from November 2015. The volume of people working part time also increased within this period, rising by 110,000 to hit 8.56m. Additionally, lobbying group the Federation of Small Business’ (FSB) latest Small Business Index indicated that small firms are now hiring more staff.
Supporting small firms
Commenting, FSB Chief Executive Mike Cherry said: “More people in work is testament to the hard work of small businesses… The fall in the unemployment rate is especially welcome. Those moving from unemployment into work are much more likely to become self-employed or work for a small business than a large business.
“If progress is to continue, the Government must use the Autumn Statement to support small firms and the self-employed. That means prioritising much-needed infrastructure investment, including access to superfast broadband, and making clear there will be no increase in the small business tax burden. Small businesses need Government to reaffirm the commitment to permanently increase business rate relief.
Going on, Cherry argued: “As an organisation set up to represent both small business but also the self-employed, we are acutely aware the UK has so far failed to keep pace with the rapid rise of self-employment. These figures are another signal that more needs to be done to support the self-employed, including on developing a clear legal definition of self-employment and on issues like access to mortgages and income protection, and addressing the discrepancies between the self-employed and employees in the social security system, such as on maternity pay.”
Become self-employed
If you want to join this increasing number of Britons and become self-employed, it is key that you choose your business structure very carefully. You may wish to form a limited company, instead of becoming a sole trader, to ensure that your personal finances are shielded from your business operations. As a Company Registration Agent, Turner Little can advise you on forming limited companies, so you can build a successful venture when entering the world of self-employment.
Turner Little
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