Worries From Local Entrepreneur New Government Dawns
Wednesday, 12 May 2010
Marcus Simmons from iknow-uk said: "One thing I am very concerned about as an entrepreneur, now that the new Prime Minister and Government is in place, is the reported proposed hike in capital gains tax.
"I agree with the need to tax fat cats and bankers who wreck the economy and I am in favour of a fair tax system - I don't mind paying high tax rates for being on a high income. I'm also not overly concerned about the proposed rise in National Insurance, because I can simply account for the small rise when forecasting and adjust my plans accordingly.
"However, as an entrepreneur you work extremely hard and make extreme sacrifices to create a successful business, which pays taxes and employs people who also pay taxes. You do this because at some point you hope to be rewarded by selling your stake in the business - so making a significant and well earned capital gain. This should be encouraged by the government as it is what makes our economy grow. If entrepreneurs are treated the same as fat cats and bankers who wreck the economy then what is the incentive to work hard and grow a business in a way that benefits the economy?
"Also, many entrepreneurs use their company's share value to incentivise their management teams and help their business grow, and this proposed increase will have a big impact, penalising the very people who are helping the economy get back on its feet.
"Like the Liberal Democrats, I believe in a fair society and a fair tax system is fundamental to that, so lets make sure that genuine hard work and wealth creation is rewarded and not penalized.
"I am very interested to see how the coalition will work. In business it is regularly in your interests to form mutually beneficial alliances with other organisations so I hope all parties involved are mature enough to make this work."
Founded by Marcus in 2003, iknow-uk operates 14 regional websites for accommodation providers including hotels, guest houses, holiday cottages and B&Bs. The sites are visited by almost a million users each month.
Notes to Editors:
- iknow-uk ltd launched iknow-yorkshire in September 2003. They have since launched iknow-scotland, iknow-lakedistrict, iknow-northwest, iknow-cornwall, iknow-devon, iknow-wales, iknow-dorset, iknow-kent, iknow-somerset, iknow-sussex, iknow-hampshire, iknow-northeast and iknow-peakdistrict.
- April 2009 saw the launch of a comprehensive hospitality section to iknow-yorkshire, which is now also available on iknow-lakedistrict and iknow-northwest.
- Since their launch, the sites have received over 25 million visitors and created two million booking enquiries, which equates to £290 million worth of bookings, making iknow a leading authority on online bookings across the UK.
- For enquiries contact iknow-uk on 01772 521166.