Taking the leap into self-employment is a popular step for many entrepreneurial people, but the realities of running your own business can be hard.
The Institute for Fiscal Studies, an economic research organisation specialising in UK taxation, ran a study that has discovered: “most people who try self-employment fail quickly and very few go on to employ others or create significant ventures.”
Despite the gloomy statistics, between 2000 and 2015, the number of self-employed sole traders rose by 1.4 million — representing growth of about 50%.
The institute identified three ways to work for yourself:
The report states that:
On the plus side, 7% of self-employed partners are in the top 1% of income tax payers – with partners in financial services achieving particularly high incomes. However, generally, sole traders who remained in business during the economic downturn suffered a drop in profits.
It’s been claimed that the current approach to tax rates for business owners is an unfair ‘one-size-fits-all’ that fails to provide the support some businesses need, yet gives ‘unjustifiable’ tax breaks and incentives to others.
This is exactly why we support sole traders with tailor-made packages that encompass solid business growth support, along with the accounting essentials needed to encourage a profitable bottom line. We don’t number crunch; we help business owners to really grow their businesses with advice, guidance and strategic planning that works. Achieving success doesn’t need to be a struggle – chat to us and stay in the 40% that succeed!
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.
Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.
Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!
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