UK sharing economy to grow significantly in 2017

The UK sharing economy will get an £8 billion boost in 2017, according to a recent report.

Peer-to-peer (P2P) transactions generated by the UK’s five most prominent sharing economy sectors – collaborative finance, P2P accommodation, transportation, on-demand household services and on-demand professional services – could grow by 60 per cent or £8 billion in 2017 alone.

By 2025, it is anticipated that total transactions in the UK sharing economy could reach £140 billion, up from just £13 billion in 2016, showing just how progressive P2P businesses, such as Uber, Airbnb, eBay and Spotify, are.

Despite the current uncertainty generated by Brexit, the report explains that the UK’s sharing economy is on track for continued high growth this year “as activity is primarily driven by more structural, longer-term trends”.

A spokesperson for the report says: “Innovation will remain crucial to success in the sharing economy. A number of established players branched out into new service offerings in 2016 and we expect them to invest significantly in these this year. The success of these new services will be an acid test of whether sharing economy platforms can eventually become the established leaders of their markets or will forever be known as the ‘disruptors’.”

At Beavis Morgan work with many entrepreneurial businesses in the tech sector, 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 are also available to assist with ‘money back for research and development’ claims and our R&D tax credit specialists are on hand to maximise the value of any potential claim and manage the often complex process on your behalf.

If you would like to find out more about how we can assist you and your tech business, contact Steve Govey or your usual Beavis Morgan Partner.

Further reading: Research & Development – Tax Credits for SMEs: Money back for investing in innovation