New UK business owners are getting younger

(2 minutes to read)

Entrepreneurial spirit is getting younger according to a new report, with 69% of new businesses being set up by 18-34-year-olds in the last five years

According to latest findings from accounting software company Xero, 27 is the magic number when it comes to the age that Brits decide to set up their own business for the first time.

The survey of 1,000 SMEs shows that 20 is the average age that young business owners (18 – 34) decided they would like to set up shop compared to those aged over 45 who had the same ‘lightbulb moment’ at 35.

Nine in ten SMEs say setting up their own business is one of the accomplishments they are most proud of, as nearly half liken the feeling to buying a first home (48%). One in five compare it to the birth of their child (19%) and some to their wedding day (16%).

The research also found that entrepreneurs are driven by a need for more flexibility (36%) and to take control (35%), while other reasons include not enjoying working for somebody else (23%) and wanting to make their family proud (19%).

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Interestingly, respondents named Bill Gates (25%), Richard Branson (24%) and James Dyson (17%) as the three living business icons they most look up to – beating out US Business tycoons Donald Trump (6%) and Elon Musk (14%).

Gary Turner, MD and co-founder of Xero, said, “Small business owners don’t always have an easy run of it. But, despite this, every day I see just how passionate and eager they are to turn their dreams into realities. While this passion is fantastic, it will only get you so far. We know that survival rates of small businesses with watertight business plans and the right processes are far greater than those who fail to put the right provisions in place – so it would be a huge shame to see this enthusiasm go to waste.”

To find out more about contracting please contact Sophie on 01442 795 100 or email sophie.lewis@dolanaccountancy.com

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, 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 £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. 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 changes in Public Sector IR35 Legislation 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 – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that 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.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

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 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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