Almost half of the entrepreneurs in a Tenon poll said they have no idea how
to react to the 50% top rate of tax looming on the horizon.
The Tenon Entrepreneur Forum found many entrepreneurs have not yet considered
these issues at a time when they should be preparing for the new tax rate, which
takes effect in April 2010.
Entrepreneurs will be hit hardest by next year’s rise in the top rate of
income tax as they are 26 times more likely than the average person to earn over
£150,000, the mid-tier firm reported.
Additionally two in five business owners admitted that they were unaware they
would be affected by the reduction in tax relief on pensions for those earning
Andy Raynor, chief executive of Tenon said:
“The government aims to punish those responsible for the financial crisis but
has hit the group best placed to lead the way out of recession, raising yet more
questions about the government’s commitment to small businesses.
“This rise in income tax is self-defeating. It disincentivises wealth
creation and undermines owners trying to build up their businesses – the very
people who would provide a boost to the economy.”
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states