A quarter of Brits want to be self-employed

A recent survey estimated that approximately a quarter of all employees would like to become self-employed and hope to one day launch their own business. The poll, by Lloyds Bank Insurance, found that 1 in 4 is unsatisfied with working for someone else, with many stating that they wanted more control over how they spend their time.

The poll also researched why the majority of people who want to be self-employed, do not take the plunge and open their own business. The three greatest concerns for those dreaming of self-employment were managing cash flow, tax registration and financial processes – and many claimed to be overwhelmed with the idea of getting to grips with all of the legal and financial requirements of starting a business. While it is true, self-employment can be a complicated process when your business is starting up, taking the right precautions and getting advice from a qualified professional can be a worthwhile investment. Over 1 in 3 people questioned said that they would seek advice to make sure that they were prepared for the change, which is recommended by all financial experts. Damien McGarrigle, head of Business Insurance at Lloyds, said, “Getting the right advice and putting the right protection in place will help to get breakouts off to a flying start”, claiming that making the right choices to safeguard your business and finances at the start of your venture is the best thing you can do for your business.

Hiring a chartered accountant can help with this. They can help grow your business from a start-up to an established SME, advising you on the best way to develop your business along the way. They can make sure you comply with all the current legislation, help you structure your business efficiently and assist with day-to-day tasks such as bookkeeping, payroll, tax returns and VAT. However, as the success of your start up can depend on help from your accountant, it’s essential to find someone you can trust. As an SME ourselves, at MCC, we fully understand the pressures and challenges of running your own business, and the many tasks you have to juggle to be a success. We have been successfully helping small businesses for over 10 years and specialise in helping start ups and small to medium sized businesses get off the ground. To learn more about the services we have to offer, give us a call on 0161 707 1500 or send us an enquiry through our website.



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