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Half of UK business owners pledge to hire if Chancellor boosts Entrepreneur’s relief

by October 28, 2024
October 28, 2024
Half of UK business owners pledge to hire if Chancellor boosts Entrepreneur’s relief

Half of the UK’s business owners have indicated they would hire more staff if the Chancellor increases Entrepreneur’s Relief in the upcoming Autumn Budget, according to new research by Helm, Britain’s largest founder network.

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.

The surveyed business owners represent a combined turnover exceeding £8 billion, with the average business turnover among Helm members around £21 million. The findings emerge just a week before Chancellor Rachel Reeves is set to unveil her Autumn Budget at the IMF meeting.

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. However, as the Chancellor seeks to raise up to £40 billion to address the national budget, there is speculation around further cuts to this relief, now formally known as Business Asset Disposal Relief (BADR), which may increase capital gains taxes on entrepreneurs.

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.”

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 and a rumoured National Insurance increase has raised concerns among entrepreneurs.”

Shah added that the Autumn Budget represents a critical moment for the government to “unleash growth” by supporting entrepreneurs, or risk diminishing the drive for innovation and investment with further tax hikes. He urged the government to reinstate the previous £10 million limit on Entrepreneur’s Relief, signalling that “Britain is ready to back business.”

In an earlier Helm survey, 60% of its members said they would consider relocating from the UK to avoid a potential Capital Gains Tax increase in the Autumn Budget, highlighting the delicate balance the government faces in supporting entrepreneurial growth while meeting fiscal needs.

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Half of UK business owners pledge to hire if Chancellor boosts Entrepreneur’s relief

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