Estimates of the number of enterprises registering and de-registering for VAT in 2007 have been published by the Department for Business, Enterprise and Regulatory Reform (BERR). The stock of VAT-registered enterprises at the start of 2008 has also been released.
The stock of VAT-registered enterprises increased by 57,900 (three per cent) during 2007, to reach 2.03 million at the start of 2008. There has been an increase in the stock of VAT-registered enterprises in every year since 1995, resulting in a 26 percent rise in the number of VAT registered businesses between the start of 1995 and the start of 2008.
In 2007, there were 205,700 new registrations - an increase of 13 percent on 2006 levels, and the highest number recorded since the series began in 19941. There were 147,800 de-registrations in 2007 - an increase of two per cent on 2006 levels.
All regions and countries, and all but two major industrial sectors (agriculture and manufacturing), saw an increase in the stock of VAT- registered enterprises in 2007. All regions and countries and most industrial sectors saw an increase in the number of VAT registrations compared with 2006, and most regions, countries and industrial sectors saw an increase in the number of de-registrations.
Obviously, these statistics relate to the pre-downturn period. It will be interesting to see if there is a reduction in business start-ups when the next statistics are released or whether redundancies will spawn a whole new influx of new company formations.
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