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While latest ONS figures show that GDP rose in November, SMEs are more focussed on the fact that the costs of running a business are now significantly high.

Data from the Office for National Statistics (ONS) shows that GDP rose by 0.3% in November 2023 compared to the previous month, as Black Friday resulted in more customers seeking out the latest sales.

However, while increased retail trade growth led to somewhat higher consumption, the Federation of Small Businesses (FSB) says that there are still many concerns for UK SMEs.

Martin McTague, National Chair of the FSB, explained, “Small businesses are still in the thick of it with this modest rise in GDP in November, which indicates an economy still bouncing along the bottom.

“Increased retail trade growth induced by Black Friday led to somewhat higher consumption in November as customers sought sales. But that doesn’t take away the core problem: the costs of running a business are now markedly up.

“High base rates have led to subdued consumer demand, greater costs of finance and soaring rent. Employment costs remain challenging due to labour shortages, impending rises in the National Living Wage and forthcoming changes to pensions legislation.”

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Martin added, “With growth volatile and the lingering threat of a recession, this is not the time for celebration. Small businesses are looking for all sorts of ways to get through this challenging time.

“Uplifts in the Employment Allowance to cope with rising labour costs; lifting the VAT threshold to £100,000 to unleash economic potential; Tax-free shopping to attract high-spending international visitors back to our retail and hospitality sectors – all of these would help spur economic growth.

“Government did the right thing taking a stand against late payers in the Autumn Statement. Now, we want to see actions apply to the private sector to stop the growing prevalence of late payments.

“Small businesses are a resilient bunch and will throw everything they have at attempts to keep going before having to call it a day. They are the main engine for economic growth – something the Government and all political parties across the UK should keep in mind as we head towards election year.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Thousands of Contractors Choose Dolan Accountancy

With over 25 years experience in contractor accountancy helping thousands of contractors, freelancers and the self employed, Dolan Accountancy has the specialist skills, reputation and credibility you can trust.

Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours
  • Free use of Contractor Umbrella – With IR35 Legislation changes we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams
  • Free Access to FreeAgent – We offer all of our clients access to FreeAgent, free of charge
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few
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