Nimesh Shah, CEO of accounting firm Blick Rothenberg, warned that recent changes have dampened the UK's reputation as a global leader in entrepreneurship. 'Following Brexit, political instability, and tax increases, the gloss has come off the UK's appeal. During the General Election, Labour proclaimed its support for small businesses, but the talk of a capital gains tax hike… is concerning for entrepreneurs fighting to keep afloat in this tough economic climate.'
Andreas Adamides, CEO of Helm, shared his members' perspective, stating, 'The message from our members to the Chancellor is clear. They are ready to invest in jobs, skills, and the economic growth of Britain. We look forward to her delivering a budget that supports Britain's entrepreneurs.'
In a recent poll of 400 business owners at Helm, 50% stated they would expand their workforce under a more generous Entrepreneur's Relief scheme. Additionally, 75% expressed that a boost in relief would lead them to reinvest in business growth.
Entrepreneur's Relief, now capped at £1 million from its previous £10 million under the last Conservative government, allows entrepreneurs to pay a reduced 10% tax on profits from selling their businesses. Typically, higher-rate taxpayers face a 20% rate.
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