4 Predictions For UK Small Businesses in 2022 - Top Business Advice
06 Jan 2022
Advice For UK Small Businesses
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4 Predictions For Small Businesses in 2022
- Will There Be A Clearer Focus On Wellbeing
In April 2021, small business owners expresses their feelings and showed they were optimistic about what the future holds. Despite renewed uncertainty, 2022 has the potential to continue the UK’s recovery both financially in the workplace and at home– and bring with it a greater focus on wellbeing.
Here’s what the self-employed said last year about the future of their business and the economy:
- 36 per cent said they felt positive about the future of their business
- 31 per cent were confident about their business’s ability to adapt to new conditions
- 39 per cent felt optimistic about the economy picking up again
And here’s what they said about boosting their wellbeing and health:
- 64 per cent planned to do more exercise
- 67 per cent were spending more time outside
- 64 per cent planned to dedicate more time to connecting with friends and family
- Is cash now a dirty word for both consumers and businesses?
Following coronavirus restrictions being lifted in July 2021 and more recently, there were calls to boycott businesses that refuse to accept cash payments. Campaigns from Which? and Telegraph Money aimed to highlight the problems with going completely cashless before the country is ready.
While businesses appear to prefer digital payments, making sure people have access to cash protects some of the most vulnerable customers in society.
The shift to cashless has been accelerated by the pandemic, but this risks leaving some customers behind. This will become a bigger issue in 2022/23.
- Will new business entrepreneurs make additional income?
Simply Business research from November 2021 revealed that more than one third of people in the UK now run their own side hustle. Some savvy entrepreneurs even expect to make more than £5,000 each in additional income in the next year.
So side hustles show no sign of slowing down. A recent survey highlighted that approx. 30per cent of people are thinking about setting up a side business but haven’t got it up and running yet, so expect to see more new businesses in 2022.
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- What new tax changes are coming?
Tax has been in the spotlight as the government looks at ways to pay for its coronavirus support package. Let’s focus on changes we know are being introduced in 2022:
The amount you can earn tax-free is frozen at £12,570 (until 2025-26)
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