Tax breaks of up to twenty five per cent for UK entrepreneurs
RSM Tenon calls on HM Treasury to provide tax credits of up to 25% for entrepreneurs who take on additional employees. This would reflect their personal essential contribution to the UK economy. Entrepreneurs and private businesses are a source of growth, jobs and stimulus to ensure recovery from the downturn. Whilst the majority wish to prosper, the 50% top tax rate and added cost of NI is a disincentive. The risk/reward imbalance should be addressed by tax incentives to substantial shareholders in private businesses that create new jobs, directly relating the provision of benefit to contributors to the economy. This would cost the Government nothing and result in a net positive contribution through job creation, and removal of state benefits payments. The taxes, increased employment and new spending power would deliver a positive social benefit to that person, their family and community. Entrepreneurs should be encouraged and rewarded for sharing their wealth to create new jobs.
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