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A shake-up of the tax system is needed to turn the UK’s small companies into job-creating machines, according to a report from the Institute of Directors, Grant Thornton UK LLP and the Prelude Group.
A shake-up of the tax system is needed to turn the UK’s small companies into job-creating machines according to a report from the Institute of Directors Grant Thornton UK LLP and the Prelude Group.
Britain Unlocked: a tax code for global ambition examines the lifecycle of an entrepreneur from start-up to eventual exit and finds the pinch points in the tax system that prevent firms taking on more staff moving into larger offices or pitching for bigger contracts. Although each individual tax and relief may have logic behind it the authors argue that they add up to a daunting labyrinth that many sole traders are either too scared to enter or lack the resources and time to navigate.
Drawing on the experience of successful entrepreneurs the paper suggests the following measures:
- Raise the cap on the seed enterprise investment scheme to...
