The number of VAT and/or PAYE businesses rose by 96,000 (4.4%) in the year to March, according to figures released today (29 October) by the Office for National Statistics.

The number of companies and public corporations has continued to rise and now represent 66.1% of all businesses while the number of sole proprietors and partnerships has continued its decline and now stands at just under 30% of all businesses.

The largest industry group is professional, scientific & technical, at 17.5% of businesses registered in the UK.

London has the largest number of VAT and/or PAYE registered businesses, with 17% of the UK total and has also experienced the largest growth at 7.7% between March in 2013 and 2014.

The new companies brought the total number to 2.26million enterprises registered for VAT and/or PAYE. A year earlier there had been 2.17million.