Following the news that the north west has the highest proportion of its residents classified as ‘inactive’ in respect to their employment situation, Manchester accountants can help some of those people to change their status, potentially by setting up as a sole trader or microbusiness.
The latest Regional Labour Market Statistics from the ONS were published on April 16th, and show the inactive rate in the north west is at 24.4%, more than any other region of Great Britain.
In effect, this means almost one in four people in the region are not only unemployed, but are entirely outside of the labour market, neither in a job nor actively looking for one.
The implications for the region’s economy are clear, and while some inactive individuals may have good reason for their status, such as a long-term disability or other medical condition, there may be ways for others to make the most of the current economic resurgence.
Manchester accountants can help you to understand the economic implications if you are setting up in business on your own for the first time – from the types of tax you may need to pay, to the process for registering as self-employed and filing your first set of accounts.