New Changes to Home Working
Introduced on August 15th , the Home Business Initiative is a government package aimed at making it easier to start and run a business from home. Initiative headlines include:
- A reduction in the rules and paperwork needed to run a business from home
- Scraping business rates for the majority of home-based firms
- Removing the requirement for planning permission to run a home-based business
- Making it easier to start business from rented home
It’s not surprising that the government intend to boost confidence in home-grown businesses when you consider the recent success in these start-ups. Home businesses also booming. There are now 2.9 million with 500,000 being launched in the past four years. Seven in ten companies start off around the kitchen table, and home businesses make up a massive 59% of UK small companies, boosting the economy with a £300bn annual injection.
Self-employment in UK now at the highest level since records began, with more than 4.6 million people now working for themselves. Causes for this boom could be the lack of jobs in particular sectors, and at certain wage levels, but advocates of this type of entrepreneurialism argue that the advances in technology have allowed many to run their own business from home and outsource work when necessary.
Not only are these new start-ups good for pumping capital into the economy, but they are also seen as realistic sources of employment generation, offering huge potential. The Dept. of Business, Innovation and Skills figures indicate that more than 300,000 jobs would be created if even just one in ten home businesses took on an extra employee. If the future is small, we can all be hopeful.
If any of the issues raised in this article affect your business, please give us a call to discuss your options. We are happy to advise and find a solution that works for you and your business: 0800 912 7152