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UK tech start-ups increase by 14%

Last year, the number of UK-based tech start-ups rose by 14 percent overall.

This is according to figures provided by Companies House. The data shows that the number of tech start-ups increased in every region except Scotland. There, the numbers dipped by 4%. Plus, in the North East levels stagnated.

However, everywhere else the figures were up by a significant percentage. London recorded the highest number of new registrations with 4,752 new tech firms being incorporated there – an increase of 14%.

In the North West, 1,079 new tech companies were set up. That’s an increase of 48% on the year before. However, these firms face big challenges. The tech world is in a constant state of flux and changes quickly, a fact that prompted David Bletcher from RSM UK to make the following observation:

“The challenge for start-ups, particularly in the tech space is to develop at speed and to scale-up fast.”

Access to finance is essential for tech firms. Wirral and Liverpool accountants who take care of these tech start-ups are very aware of this fact. This is why, from an early stage, they should get their clients to think about how they are going to secure the funding they need.

Accountants should encourage their clients to put in place robust accounts as soon as possible. This ensures they have the data they need to put together the necessary financial reports to be able to make a successful funding application. Tech firms also need to be extra careful about cash flow, especially when they are developing new services, products or software, although there is still research and development tax relief available.

Posted by Louise
March 11, 2019
Research & Statistics

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