- Assessing viability: Accountants can help you evaluate the financial viability of your business idea, ensuring it has potential for long-term success.
- Mitigating risks: Starting a business comes with risks. An experienced accountant can identify these risks and offer practical advice to mitigate them.
- Setting up your business: From advising on the most suitable legal structure (e.g. sole trader, partnership or limited company) to registering with HMRC, accountants simplify the administrative process.
- Financial management: Accountants help set up bookkeeping, financial reporting and cash flow systems, ensuring you maintain control over your finances from day one.
- Ongoing advice: Beyond the numbers, accountants often act as trusted advisers, offering insights into business strategy, tax planning and even connecting you with other professionals in their networks.
Time to go it alone – is 2025 the year to become your own boss? by James Pinchbeck, partner at Streets Chartered Accountants
James Pinchbeck, partner at Streets Chartered Accountants, dives into the growing appeal of entrepreneurship.
As we move into 2025, an increasing number of individuals are choosing to step away from traditional employment to carve out their own paths as entrepreneurs. Whether it’s turning a side hustle into a full-time business, making the leap from employment to self-employment, or launching a business straight out of education, the allure of becoming your own boss has never been stronger. But what’s driving this trend and how can aspiring entrepreneurs ensure their ventures succeed?
The rise of self-employment and small business creation in recent years reflects both economic and cultural shifts. The COVID-19 pandemic accelerated changes in work patterns, fostering a surge in remote working, freelancing and online ventures. People began to reassess their priorities, with many seeking more autonomy, flexibility and purpose in their careers.
Current data from the UK shows a notable increase in start-ups. According to Companies House, nearly 810,000 new businesses were registered in 2024, reflecting a growing appetite for self-employment and entrepreneurial ventures. Popular motivations include:
Pursuing passion projects
Many individuals want to transform hobbies or side hustles into sustainable businesses, aligning their work with their interests.
Economic opportunities
With new markets opening up, particularly in tech, creative industries and sustainable enterprises, entrepreneurs see opportunities to capitalise on emerging trends.
Flexibility and freedom
Starting a business offers control over working hours, location and work-life balance, which is increasingly appealing in a post-pandemic world.
Start-ups today are as diverse as the entrepreneurs behind them. Some of the most common routes include:
Side hustles turned businesses
From selling handmade goods online to offering consultancy services, what starts as a passion project can quickly grow into a viable enterprise.
Switching to self-employment
Many individuals are leaving the confines of employment to freelance or start their own ventures, especially in creative, tech and professional services sectors.
Graduating to enterprise
For students, the idea of starting a business after graduation is increasingly a meaningful alternative to entering traditional employment.
While passion and ideas are critical to starting a business, so too are sound financial planning and strategic decision-making. This is where accountants play a vital role. Here’s how they can support entrepreneurs:
Derby-based railway electrification design and engineering consultancy acquired
Egis has acquired Overhead Line Engineering Ltd (OLE), a Derby-based railway electrification design and engineering consultancy. This acquisition will allow Egis to expand its transport design capabilities in the UK and globally while supporting the industry’s drive towards decarbonisation.
OLE’s team of engineers has successfully delivered complex infrastructure projects across the UK.
The two companies have previously collaborated on major projects such as Midland Metro and the Great Eastern Main Line OLE Renewals, demonstrating a strong alignment in technical capability and approach.
By joining Egis, OLE will benefit from new opportunities for growth, and expanded client offering and access to international markets. The partnership will enhance the breadth and scale of services available to clients, enabling them to deliver large-scale electrification projects more effectively while driving forward sustainable and low-carbon rail solutions.
Tim Galvani, Managing Director of Transport, Egis in the UK, said: “The acquisition of OLE is a significant step in our strategy to expand our transport design and engineering capabilities.
“Electrification plays a crucial role in the decarbonisation of the railway industry and by bringing OLE’s expertise into Egis, we strengthen our ability to deliver innovative and efficient electrification solutions. OLE has an outstanding reputation for technical excellence and practical delivery and we are delighted to welcome their talented team to Egis.”
Keith Orgill, Director of OLE, added: “Joining Egis is an exciting opportunity for OLE. We have built a strong reputation for delivering high-quality, cost-effective solutions and this partnership allows us to scale our expertise to larger and more complex projects.
“Our clients will benefit from a broader range of services and our team will have access to new opportunities for career growth, collaboration and global projects. We look forward to working with Egis to shape the future of railway electrification.”
Melton Building Society appoint new Non Executive Director
Melton Building Society has appointed a new Non Executive Director.
The organisation has welcomed highly experienced Kath Myers to their Board of directors.
Kath has joined the Society’s Board bringing with her a wealth of experience in financial services, having spent over 40 years working in the financial services sector with ten of those being in senior executive roles at National Australia Group, Barclays and Cumberland Building Society.
Kath, who is a graduate of the Chartered Institute of Bankers (FCIB), has extensive experience in commercial lending, banking, credit analysis, foreign exchange (FX) options, and credit cards.
Kath said of the appointment: “I’m delighted to join Sue and the rest of the Board and CEO Simon Taylor in what is set to be an exciting year for the Society.
“I’m thrilled to be joining the organisation as we start to celebrate turning 150 years old and work towards the delivery of the next stages of the Society’s digital transformation. It’s a crucial time to represent the views of our membership and guide the organisation in forging a Society fit to serve our members for the next 150 years.”
Sue Douthwaite, Chair of the Board, said of the appointment: “On behalf of the board, I would like to extend a huge welcome to Kath as she joins us on the Board of directors. Kath’s expertise and experience within the financial services sector will be invaluable as we embark upon this transformational year for the Society.”
Leicestershire surfacing company wins city centre highways contract
A South Leicestershire surfacing company has won a £600k contract with Leicester City Council to help transform the city’s paving as part of its highways improvement scheme.
HMS Decorative Surfacing has been awarded a two-year contract to install and maintain decorative resin bound and bonded finishes to city centre footpaths, open spaces, cycle lanes, tree pits and greenspace landscaping.
This contract will guarantee a 5% increase in profits for the North-Kilworth based company.
Martin Fletcher, Leicester City Council Director of Highways, said: “It is important that our highways improvement projects are finished to the highest standard and help create safe and attractive spaces.
“HMS Decorative Surfacing have real expertise in resin bound surfacing and working with them under his new contract will ensure projects are finished to the highest standard. We look forward to seeing the impact this will have on our city centre.”
The resin bound and bonded surfacing used by HMS is durable and low maintenance, creating non-slip and aesthetic spaces for the public.
Laura Wilson, Director at HMS Decorative Surfacing, said: “We are delighted to be working with Leicester City Council to transform our local city centre. As a Leicestershire-based business, the accessibility and appeal of the area is important to us, so we are proud to be making improvements that will make a real difference to the tourism and business investment here.
“We take care to provide safe, sustainable and attractive spaces for the public, using the very best materials, and are committed to working closely with Leicester City Council over the coming years on these exciting regenerative projects.”
Plans submitted for 547-house development in Bolsover, boosting local infrastructure
Plans have been submitted for a significant housing project in Bolsover, Derbyshire, which could see the construction of 547 new homes. The development, part of the local housing plan, includes 212 homes as the next phase of Persimmon’s ongoing Castle Walk project, located near the town centre. The proposed homes, ranging from two to four bedrooms, will be built to meet new energy efficiency standards and feature solar panels and electric vehicle chargers.
The development will also incorporate a 10-acre town park, public spaces, and significant investments in local infrastructure. Under section 106 agreements, Persimmon has committed £3.5 million for a new school, £1.8 million for primary and secondary education, £700,000 for park development, and further contributions to road upgrades and community projects.
The project also includes provision for a primary school and an extra care facility, as well as a new spine road to alleviate traffic congestion on Welbeck Road.
New waste separation rules for businesses Starting March 2025
Under the new Simpler Recycling legislation, businesses with 10 or more full-time employees in North East Derbyshire will be required to separate their waste into three categories from March 31st, 2025. Micro-firms with fewer than 10 employees have until March 2027 to comply.
The changes are part of the government’s efforts to simplify recycling and help achieve the national recycling target of 65%. Businesses must arrange separate collections for mixed dry recycling, food waste, and residual waste. Mixed dry recycling covers glass, plastics, paper, cardboard, and metal. Food waste includes leftovers and prep waste like peelings, tea bags, and coffee grounds, while residual waste consists of non-recyclable items such as hygiene products and contaminated packaging.
The new rules apply to businesses and workplaces producing waste similar to household waste, including offices, retail, hospitality, education, and healthcare sectors. Micro-firms are exempt until March 2027. Businesses should review their waste management systems to ensure they are prepared for the new requirements.
Lidl increases pay for 28,000 UK workers ahead of minimum wage hike
Lidl will raise wages for 28,000 UK employees next month as part of a £15 million investment in staff pay. The new rates, which take effect in March, will exceed the upcoming National Living Wage (NLW) by more than 50p per hour.
Entry-level staff outside London will see hourly wages increase from £12.40 to £12.75, with the potential to rise to £13.65 over time. In London, starting pay will rise to £14 an hour, increasing to £14.35 with tenure. The changes apply to Lidl’s 970 stores and 14 distribution centers across the UK, including locations in Nottinghamshire and the wider East Midlands.
These pay adjustments come ahead of the NLW increase on April 1, which will raise the minimum hourly rate for workers aged 21 and over from £11.44 to £12.21. The move also follows concerns from retailers about rising operational costs, including increased national insurance contributions for employers set to take effect alongside the wage hike.
Barron McCann’s brand new Innovation Hub demonstrates the technology of tomorrow
A LEADING tech business has created a state-of-the-art innovation hub showcasing the most advanced technologies transforming the retail, stadium and hospitality sectors.
Barron McCann, which lists Pets at Home, Papa Johns and Iceland among its clients, has created the cutting-edge facility in its Derby headquarters where customers and partners can experience firsthand the technologies shaping the industry.
From loss prevention and smart checkouts to hospitality point-of-sale solutions, colleague safety measures and sustainable initiatives like EV chargers, the Hub highlights innovative solutions.
They are all designed to enhance customer experiences, boost operational efficiency and drive sustainability.
The Hub also strengthens Barron McCann’s partnership with schools and universities by creating opportunities for students to learn and use the very latest technologies.
Companies being showcased in the Hub include VoCoVo, leaders in wireless headset communication and specialists in WiFi solutions InCaptiv.
SML, which annually provides three billion radio frequency identification (RFID) tags to the retail sector, has a stand in the centre alongside Bizerba, innovators in hardware and software for the retail and logistics industries.
The Hub also features a working bar which is designed to showcase the technology delivered by Kappture, a pioneering software provider specialising in cloud-based Electronic Point of Sale (EPOS) and mobile payment systems.
From the smart retail solutions such as automated checkouts to the networking and infrastructure cabling, the state of the art space was built by the company’s in-house specialists.
It also demonstrates the firm’s commitment to sustainability by incorporating the latest green technologies and promoting life cycle management and hardware recycling solutions.
The Innovation Hub was officially opened by Barron McCann’s Executive Chairman and Owner Alan Watson in front of representatives from many of the firm’s key partners and stakeholders, as well as key community associates – including the University of Derby and Derby County Community Trust.
Nottinghamshire industrial unit sold in quick turnaround
A 6,601 sq. ft. industrial unit on Moorbridge Road Industrial Estate in Bingham, Nottinghamshire, has been sold in a deal completed by FHP. The buyer has not been disclosed.
The detached property includes two-story office space, a front car park, and a secure rear yard. Previously held on a 999-year lease from 1989, the unit had undergone maintenance, including a roof replacement. It is located near the A46, providing access to Nottingham, Newark, Grantham, and Leicester.
The unit was listed for sale on October 18, 2024, and attracted multiple bids. A cash buyer was secured above the asking price, with the transaction finalised on December 19, 2024.
Major housing development in Rutland moves closer to approval
A 75-home development in Ketton, Rutland, is expected to gain final approval next week. The project, led by Vistry Group, is the largest housing scheme proposed for the village and follows an outline planning approval granted in November 2022 after an appeal.
The site, located on agricultural land off Park Road, will feature a mix of one- to four-bedroom homes, with 30% designated as affordable housing. Rutland County Council’s planning committee will review the revised plans on February 18.
A council report states that the development layout, scale, and landscaping have been adjusted to address feedback from planning officers and stakeholders. If approved, the scheme will add to ongoing housing growth across the East Midlands, including nearby Nottinghamshire, where demand for residential development remains high.
