Click here to
Get an instant quote

BIS survey suggests number of limited company contractors is higher than thought

According to the results compiled in a recent government survey, the number of limited company contractors operating in the UK may be higher than current figures suggest.

The survey, put together by the Department for Business, Innovation and Skills, has confirmed that there are around 800,000 one-person limited liability companies here in the UK.

While the survey acknowledges that many of the companies are not engaged in contracting activities – including building and manufacturing – the figure does suggest that the total number of contractor limited companies is higher than existing estimates.

Exploring the UK Freelance Workforce 2011, which is the Professional Contractors Group’s latest ‘Kingston report’, proposed that a little over 150,000 freelancers and contractors define themselves as the sole directors of their own limited companies.

Many of the one-person limited companies fall into the category of ‘lifestyle businesses’ with no plans for growth, as only around a fifth had a greater sales turnover than a year before, and just under a third thought it likely that sales would increase over the next year.

However, more businesses (41%) in the communications and information sector were found to be forecasting an increase in sales over the next year, and around 20% of construction companies predicted increased sales in the same period.

Whether sales are predicted to increase or remain steady over the coming year, contractors across the UK are advised to outsource monetary concerns to providers of specialist contractor accountancy services.

Posted by Peter
March 27, 2013
Research & Statistics

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment