All Press Releases for February 21, 2015

Could a Change In Policy Damage Entrepreneur's Growth? Thornton Dowson Investigates

British entrepreneurs drive economic growth. A policy implemented in 2008 rewards them for their efforts. Now, the policy might be at risk. Thornton Dowson say the government must support British businesses to enhance continuous economic growth.

    LIVERPOOL, ENGLAND, February 21, 2015 /24-7PressRelease/ -- In 2014, a record number of 581,173 start-up businesses registered with Companies House. Fast growing firms have created many of the 2 million jobs in the private sector since 2010. As recognition of their hard work and the risk entrepreneurs take every day, the government introduced a tax relief policy in 2008. Due to increasing cost, the relief's future could now be put in jeopardy. "British businesses have helped boost the economy over the past few years. They continuously create new jobs. Entrepreneurs should not be punished for their efforts and for taking a risk every day," say Thornton Dowson.

About Thornton Dowson Innovations:

Entrepreneurs' relief enables businesses to pay a lower rate of capital gains tax when they dispose of part or all of their company. With the policy implemented by the Labour party in 2008, business owners operate safe knowing they can build a company without paying penal tax rates when they come to cash in on years of hard work. In March 2011, the entrepreneurs' relief lifetime allowance was doubled to GBP10m by the coalition government. "This was a fantastic advantage for small businesses and encouraged entrepreneurs to put their business idea into action and were rewarded for their hard work," say Thornton Dowson.

A report published by the National Audit Office in November 2014 however shows that the cost of the tax relief has increased to nearly GBP3bn. These findings have now put the relief at risk. Thornton Dowson find that disposing of the relief would be a step backwards: "Instead of reacting rashly, we would appreciate it if the government could consider tighter guidelines to safeguard the tax relief policy from abuse." Businesses are particularly vulnerable to sudden shifts in the tax policy.

Thornton Dowson, a start-up sales and marketing company based in Liverpool, say they suspect that the trend of increasing start-up companies in the UK may decelerate if the government does not keep the tax relief policy in place. The UK has a flourishing entrepreneurial ecosystem with some of the most robust policies in the world to incentivise its entrepreneurs, which has a very positive impact. In fact, in 2014 the Global Entrepreneurship Index confirmed that Britain has become the most entrepreneurial country in Europe and fourth worldwide, just after the US, Canada and Australia. Thornton Dowson feel that changing the policy may indeed have a negative impact on Britain's economic growth and hope that the government will consider their findings carefully.

Thornton Dowson are an outsourced sales and marketing firm, supporting entrepreneurship by offering a Business Development Program for business-minded individuals. The program entails topics such as business management, entrepreneurship, sales and marketing, campaign management, leadership and public speaking. Having achieved a 35 per cent growth in sales for their clients and by providing opportunities to entrepreneurs, the firm is now planning to expand into at least two further markets this year.

Thornton Dowson help clients from a range of industries connect with their target audience through face to face marketing and promotions. Oh behalf of their clients, Thornton Dowson design and implement unique campaigns and engage with customers directly in order to build lasting relationships between brand and consumer.

Follow @Thornton_Dowson on Twitter, or 'Like' them on Facebook.

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Curtis Thornton
Thornton Dowson
Liverpool, Merseyside
United Kingdom
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