London has the largest number of VAT and/or PAYE based businesses, with 18.2 per cent of the UK total. The findings, published by the Office for National Statistics (ONS), show that London is still the best place for entrepreneurs and startup businesses to set up their operations.
Between 2014 and 2015 London experienced the largest growth of 6.9 per cent and between March 2014 and March 2015, the number of VAT and/or PAYE businesses in the UK is estimated to have risen by 89,000 (3.8 per cent).
In 2015, the professional, scientific and technical sector accounted for the largest number of businesses, with 17.8 per cent of all registered enterprises in the UK. Wholesale, retail and repair of motor vehicles was the second largest sector, with 15 per cent of all enterprises registered, although it experienced a decrease in percentage share of UK enterprises, from 15.7 per cent in 2014. The third largest sector was construction, with 11.6 per cent in 2015.
At Beavis Morgan, we specialise in working with startups and entrepreneurial people across a wide range of sectors, providing guidance and strategic advice to help in formulating plans for your business in order to strengthen its prospects of success, achieve growth and maximise wealth.
To find out more about how we can help you and your business, please contact Steve Govey or your usual Beavis Morgan Partner.
Further reading:
London still a favourite for tech startups, despite Brexit
UK startups alive and well despite Brexit fears
Many startups fail: Here’s what you should know