Chiron Marketing Solutions: Could The Government be about to isolate UK Entrepreneurs?

With the governments' plans to cut tax credits hitting the news recently, Labour leader Jeremy Corbyn has stated in a recent speech that the move could have a huge impact on entrepreneurs. Chiron Marketing Solutions have reviewed the claims and looked at what the cuts could do to the UK's start up community.

Despite the recent revelation that George Osbourne's proposed cuts to tax credits has been blown apart in the House of Lords, the future of tax credits is still far from certain with the plans currently only being put on hold. This has put a large percentage of the UK population in jeopardy, including entrepreneurs who rely on tax credits to boost their income during the early stages of launching their business. In a recent Prime Ministers Question Time Jeremy Corbyn, leader of the labour party put forward his case on how a cut to tax credits could significantly damage UK entrepreneurship and the disastrous effects this could have on the UK economy in the future.

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Working tax credits are a form of state benefit, which are paid to working people on low incomes to help them make, ends meet. With many UK citizens currently earning below living wage these tax credits have in many ways become a vital lifeline, helping people stay above the poverty line. As well as being claimed by 40% of working families, entrepreneurs have also come to rely on tax credits, which are currently payable to anyone earning less that £14,000 a year. When starting a business - especially in a rural area where job opportunities are scarce and low in pay - entrepreneurs often turn to tax credits to ensure they have a steady income until the point of which their business is established and profitable. Jeremey Corbyn recently argued that by cutting tax credits, many budding entrepreneurs may be deterred from starting a business due to financial worries and not having the means to support themselves when starting out on their entrepreneurial journey. The conservative government believe that a cut to tax credits would in the long run save the economy money, as since 1999 spending on tax credits has almost trebled. However many entrepreneurs and business leaders, including sales and marketing firm Chiron Marketing Solutions are concerned that by taking away an integral safety net for entrepreneurs, the economy will suffer greatly and will lose a large percentage of the small business community.

Since the recession small businesses and entrepreneurs have played a key role in generating revenue and feeding funds back into the economy. Through business taxes, and the creation of diverse employment opportunities, entrepreneurs have helped to support economic growth and improve the state of the UK's highstreets. Chiron Marketing Solutions believes that a cut to tax credits could send ripples throughout the UK's small business communities and prevent new start-ups from achieving growth. Whilst the government is promising the introduction of an employment allowance and a cut in income tax for the self-employed, the firm are concerned that this will not be enough to convince entrepreneurs that they are fully supported in their endeavours.

Chiron Marketing Solutions is a leading sales and event marketing firm that specialise in providing engaging and innovative marketing campaigns. Through face-to-face communication the firm are able to deliver a quality, personalised service to their clients' customers, which encourages greater brand loyalty and helps their clients achieve a stronger market presence.