SMEs could increase their economic contribution significantly by 2025

(2 minutes to read)

SMEs currently contribute £202 billion to the economy – a yearly report has predicted that smaller sized businesses that are based in the UK’s top 10 cities will contribute an estimated £241 billion to the country’s economy by 2025.

Recent research has revealed that the smaller sized businesses based in the top 10 cities are predicted to contribute a staggering £241 billion to the UK’s economy within the next eight years.

The annual report, compiled by Hampshire Trust Bank in partnership with the Centre for Economics and Business Research (CEBR), shows that SME contributions to the economy will grow by 19% from 2016 to 2025.

Currently, SMEs contribute £202 billion to the economy, with the vast majority of this value originating from companies in London.

However, interestingly it is the SMEs in Leeds and Greater Manchester that are set to boost their contribution the most, with 26% growth expected in both cities in the 2016 – 2025 period.

Bristol follows closely behind, predicted to increase its SME contribution by 23%.

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Mark Sismey-Durrant, Chief Executive at Hampshire Trust Bank, commented, “SMEs are forecast to grow their economic contribution significantly over the longer-term, which serves as a critical reminder of the important role these businesses play in ensuring the success of the UK.

“We also should note from our study the lowering in confidence amongst some SMEs. If the UK is to be prosperous as we move away from the European Union, we need the government to keep the spotlight on smaller companies by creating conditions which will support their continued growth, as our research demonstrates how much we need these companies to develop and achieve their ambitions.”

Nina Skero, Managing Economist at CEBR, added, “This study demonstrates how SMEs are making a vital contribution to city economies across the UK. The importance of SMEs is on the rise, therefore we hope this research will boost confidence among business leaders in the UK so they may continue to support job creation and capitalise on opportunities for growth.”

To find out more about contracting please contact Jaime on 01442 759100 or email jaime.thorpe@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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