Small firms make up 47 of private sector employment

Date: 22nd October 2012

There were more businesses in the UK last year than in 2010, according to new statistics that show small firms continue to make up the majority of enterprises.

Indeed, the Federation of Small Businesses (FSB) looked at figures from the Department for Business Innovation and Skills and found that 23.9 million people are employed through these firms.

Smaller businesses made up 99.9 per cent of all private sector businesses last year, employing around 14.1 million with a combined turnover of ?1,500 billion.

And the smallest enterprises totalled 47 per cent of private sector employment as well as 34.4 per cent of turnover, showing their importance to the UK economy.

Finally, FSB found that London has more businesses than any other area in the UK, featuring 806,000, with the south-east a close second with 768,000 firms.

Meanwhile, HM Revenue & Customs found that the 2010-11 tax gap was 6.7 per cent, down from 7.1 per cent in the previous year.

Posted by Thomas Fletcher

Source: http://www.taxassist.co.uk/News/Small-Business/Small-firms-make-up-47-of-private-sector-employment-12963.html

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