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Sole traders struggle

09-07-2019

Institute for Fiscal Studies (IFS) research, which analysed tax records from HMRC, shows that one in five businesses set up by sole traders closes within a year and six in ten fail by their fifth year. It was also found that median sole trader profits are 7% below pre-recession levels and despite there being 25% more sole traders since 2007, their combined turnover is lower than before the recession. Helen Miller, deputy director of the IFS, said the Government may need to reconsider its policy of encouraging start-ups, saying: "Low and falling incomes among the self-employed and low levels of investment among small business more broadly should lead us to question why we are incentivising people to quit employment and start their own business.”

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