More businesses were established in the UK in 2016 than in any other major developed economy, a new report reveals.
218,000 more businesses were set up last year, a six per cent rise year on year. That’s compared to just a two per cent rise across other major developed economies such as the US, France, Germany, Italy and Japan.
According to the report, Britain’s entrepreneurial environment was boosted by its access to alternative funding sources, as well as plans to lower corporation tax to 17 per cent by 2020.
“The figures suggest confidence in the economic outlook, despite Brexit, a spokesperson for the report says. “Whether this is sustainable, given the uncertainties that still surround the ongoing negotiations with the EU, will be something the government will want to watch”.
Beavis Morgan – Advisers to UK startups
Our business experts at Beavis Morgan work with many entrepreneurial businesses across a range of sectors, helping them set up and run their own businesses and guiding them through each stage of the process, whilst navigating the challenges and advising them in making the right decisions both now and for the future.
We also understand that whether you are a start up or a well-established business, cash is king and managing its flow is crucial to your immediate and long-term success. That’s why our independent finance brokerage, BM Structured Finance, is readily available to assist startups source the right funding for their individual needs.
What’s more, the government’s Research & Development (R&D)* tax credit scheme is essential in encouraging innovation and increased spending on research and development activities by companies operating in the UK.
If you would like to know more about how we can help you and your business, or to find out how we can assist in maximising the value of any potential R&D claim and manage the often-complex process on your behalf, contact Steve Govey or your usual Beavis Morgan Partner.