With local politics in the spotlight this week, and a UK general election looming ever larger, Entrepreneur and Waterworld Group owner Mo Chaudry reveals what national policy he wants the Government to introduce – and why it would incentivise businesses.
If I had a golden ticket which promised I could choose one policy for our new government to implement… guaranteed… I’d choose the reinstatement of entrepreneurial relief.
A lifetime guarantee that if you own, grow and sustain a successful business, when you come to exit and cash in on your success, then taxation would be fixed at 10 per cent on, say, the first £10million.
It’s a driver of everything good about business. And here’s why.
Every year armies of individuals go into business with the primary aim of making money. As they do that, and grow over the years, their business and the individuals are taxed. The number of employees in a business grows and they pay tax too.
So, successful businesses create jobs and pay taxes. Taxes pay for the services the state provides from health and education to highways and defence.
Low tax income puts pressure on public expenditure and failing businesses don’t pay tax at the level successful businesses do. It is, as they say, a no-brainer.
So my policy would incentivise business success. It would do more to encourage entrepreneurs to work their socks off, day in, day out, year on year, to make profit, grow their businesses, create jobs and investment, safe in the knowledge that when they exit the business their success will be rewarded… that means rewarding them for the jobs they’ve created and sustained, the tax revenue they’ve created and paid.
It makes total sense, and that’s why I’d implement it on day one of the new government. It’s essential that national policies support entrepreneurs and do not appear to be anti-business.
I’d be interested to hear what other entrepreneurs’ and business leaders’ “golden ticket” request to the new government would be. Why don’t you drop [email protected] a line with your cast iron policy pledge?
