The UK Economy Improves When Small Businesses Succeed
And why we should celebrate them ...
POSTED BY JONATHAN VOWLES ON 09/08/2016 @ 8:00AM
The economy is all those businesses that employ people who then pay tax. The government might spend lots of money, but the only reason they have it is because of the tax that is paid ...
If we want the economy to improve, we should all support our local small businesses!
The UK has around 5.4 million businesses. Of this number, only around 54,000 are classed as 'big' businesses. The vast majority of businesses, 99.3%, have less than 50 employees. Another 0.6% employ between 50 and 250 employees.
"In fact 60% of all UK employment comes from these SMEs!"
We need those small businesses and actually we need them to be successful, to make a profit, grow and expand ... and then employ more people and pay more tax.
The UK has a bit of snobbery about financially successful people. I think that as a nation we need to stop thinking of how to penalise or put down people in this way. Instead, we should be looking for ways to encourage and celebrate those business owners that make it to the big time.
I know plenty of business people who have built a company and created employment for others and financial security for themselves and their family. More importantly, creating jobs generates both tax and increased spending.
"Spending supports business and thus creates more employment and so the nation becomes better off!"
So spend more with your local small businesses rather than those giant corporations, after all, they provide over half of all employment in the United Kingdom.
And that, dear reader, is what will encourage job creation and lead to more taxes being paid, and to a better world for both us and our children.
Until next time ...
More about Jonathan Vowles ...
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas, which can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.
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