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UK Entrepreneurial Activity Undeterred By Crisis

by Amanda Banks, Tax-News.com, London

08 October 2009

A recent poll undertaken by PricewaterhouseCoopers shows that despite the challenging business environment as a result of the ‘credit crunch’ many new businesses have established operations in the last twelve months.

The poll shows that 15% of respondents have set up, or know someone who has set up their own business in the last 12 months. Going forward, 10% of the 2,000 respondents polled said they are considering starting a new business, or know someone else who is considering doing so.

Leonie Kerswill, tax partner at PricewaterhouseCoopers, commented:

"The appetite for entrepreneurialism in the UK is alive and kicking, and is probably being fuelled by the current adverse and uncertain economic times which seem to be driving a large number of people to take their careers into their own hands. Our findings point towards a groundswell of private business development in the UK, which will undoubtedly contribute positively to the health of the economy in the longer term.”

Responses differed markedly depending on age group, with more than one in five (21%) 18-34 year olds saying that they have either set up or know someone who has set up their own business in the last year. This figure drops considerably among 35 – 54 year olds to 13%, and in the 55 and over age group to 12%.

Kerswill added:

“Younger people seem more involved in the concept of starting up in business. The findings show that the next generation of business people are developing their own opportunities and looking to drive their own futures.”

“The results are encouraging as setting up in business can be very rewarding, both financially and personally. But there are many factors to consider when starting up on your own, including how to structure your business, how to work out how much of what you earn is taxable and when this needs to be paid. It is important to prepare in advance to meet HMRC tax return deadlines to avoid any surprises or extra costs.”

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