Increase in start-ups as job cuts take hold

Tuesday 22nd February 2011, 10:02AM GMT.

More and more people are setting up their own businesses as public sector job cuts take hold, a local accountancy expert has said.

Small business tax and accountancy expert Andrew Morton from TaxAssist Accountants, which has offices in office in Ludlow and Craven Arms, has seen a rise in new start-up business inquiries.

Redundancies and a lack of job security have given people impetus to set up their new businesses, and Mr Morton said that was reflected in recent figures.

He said: “Research has shown that throughout last year there was a 19 per cent increase in start-up businesses across the UK.

“If you are thinking of adding to these positive statistics I would suggest first deciding whether you want to trade as a sole trader or limited company. You should seek advice on National Insurance requirements and exemptions and how to deal with HM Revenue and Customs.”