World Entrepreneurs Day
20th August 2019
The 21st of August is a special day for us at RIFT: World Entrepreneurs' Day. It's close to our hearts because, whether they realise it or not, so many of our clients are actually entrepreneurs.
There are close to 5 million people in the UK working for themselves, and well over 2 million registered traders. Even people working PAYE jobs are getting in on the entrepreneurship action as a valuable second income. For some, that could mean something as simple as renting out a spare room in their homes, earning up to £7,500 tax-free each year. Others are setting up online shops, creating media content or even launching full-on businesses of their own.
UK construction has a largely self-employed workforce, with a massive 1.2 million people registered under the Construction Industry Scheme. You don't need to be the next Wolf of Wall Street to run a successful business (and, honestly, it's probably better for everyone if you aren't). However, with the right plan, advice and help, being your own boss can be the best feeling in the world.
World Entrepreneurs' Day is a way of calling attention to the changes taking place in how we choose to work. It's a celebration of the spirit of adventure that drives people to start businesses and take their careers into their own hands. There are challenges, risks and dangers involved, but the rewards are very real. The Startups 100 list for this year shows the clearest possible evidence that more and more people are taking the plunge and making a success of it. The list is designed to showcase the best of the UK's entrepreneurial spirit, and this year's stats are typically eye-opening. There are 13 brand new entries for 2018 in the top 100, for a start. Those 100 businesses alone have brought in over £1 billion of investment – 5 times as much as the figures 2 years ago - and have a combined turnover of £250 million for the last year. They range from the usual suspects like finance and technology right through to hospitality and education and they all have one thing in common: they represent the UK's best in planning, vision and innovation.
Setting up a business takes solid preparation and a good relationship with HMRC. Depending on the kind of business you want to run, you can decide how far to roll your sleeves up. Becoming a Sole Trader, for instance, can be relatively cheap and simple. The money coming in is all yours, but so are the risks if it all goes wrong. Limited Companies, on the other hand, are generally a little more costly and complicated to get going. They help keep your personal money out of harm's way, though, and can be more tax-efficient overall.
Whatever kind of business you want to run, you're going to have to keep yourself on good terms with the taxman. The Self Assessment Tax Return system can be a nightmare if you're not used to it. There's a whole world of jargon to get your head around, and penalties starting at £100 for getting it wrong. That's why it's always best to get advice and help from RIFT.
If you've ever claimed a tax refund through us, then you already know how easy we make filing your tax returns. In fact, we have a stand-alone service just for that. Meanwhile, our RIFT Accounting division goes even further, giving you everything you need to make your business grow.
At RIFT, we don't believe in one-size-fits-all packages. Whatever kind of entrepreneur you are, or want to be, we're there for you. From one-off tax rebate claims or tax returns to a full accounting service, RIFT has you covered. Phone or email to talk through what you need, and have a great World Entrepreneurs' Day.