UK Contractors: Smaller sized businesses contribute £2bn to UK economy
A new report has revealed that the UK’s business centres collectively have a high growing base of smaller sized firms, such as Limited companies, contributing £2bn to the economy.
The latest report, commissioned by the Business Centre Association (BCA), has found that around 80,000 UK smaller sized companies are based in business centres.
According to the BCA, ‘with flexibility at the core of the model, business centres are the natural home for businesses with major growth ambition’.
Jennifer Brooke, Chief Executive of the BCA, said, “Business centres are uniquely placed to respond to the evolving demands of innovative companies with growth ambition. The Report also shows that the perceived premium for flexibility is a misnomer with business centres representing better value than traditional leases.”
Of those sampled 13% of Business Centres are located in the South East. Around 70% of all those who work in businesses based within business centres are located in London and the South East.
Olly Olsen of the Office Group, which operates centres in London and the South East, commented, “The SME market will continue to thrive into 2015. Entrepreneurialism is very much the ‘thing’ at the moment. With the rise in success stories being embraced and success being applauded, confidence is high. The tech revolution is driving the idea that anyone can make it and wear what they want.
“New services that truly help businesses grow will test the older established operators. SME’s want to be located in a building that reflects their brand and not just a bland space that is cost effective.”
How does tax work for a Limited company? Read our plain English guide to Contractor Tax here.
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