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UK’s ‘crushing’ tax system means HMRC allowance ‘needs to be raised’

Harry J — Sun, 19 Jul 2026 23:20:57 +0000

Praveen Gupta UK Head of Tax at international accountancy and business advisory group Azets (Image: Azets/Deep South Media)

Britain’s tax system is crushing entrepreneurs and needs to be changed if the government wants more people to start, scale and sell a business, a tax expert has warned. Praveen Gupta, UK Head of Tax at international accountancy and business advisory group Azets, said the current system needed changing to encourage entrepreneurs to start businesses, hire staff and help the UK economy grow.

He said: “There is no incentive to set up, scale and sell a business in the UK. It costs more than ever to recruit staff and if you are able to sell your company, the Treasury takes a bigger slice of the proceeds than it has in decades.

“We understand the government needs to balance the books, but right now the tax system is preventing entrepreneurs from doing what they do best and the economy is suffering as a result. There’s a real risk the UK will lose the next generation of Bransons, Dysons and Bartletts unless something changes – either because they’ll go abroad or because they won’t take the leap and start their own businesses.”

HMRC is responsible for taking tax in the UK (Image: claudiodivizia via Getty Images)

Praveen proposes a four-part solution to take the shackles off would-be UK entrepreneurs:

Raise the Employment Allowance rate to £50,000
Slash the rate of Capital Gains Tax (CGT) to 10% for people selling a business
Restore the Business Asset Disposal Relief (BADR) lifetime limit to £5m
Introduce a two-year Employment Tax Roadmap

He said: “This approach would make it easier for businesses to hire, reward founders who have successfully exited a company – especially an SME – and provide stability for the UK business community about the government’s plans for Employment Tax policy. Any impact this would have on Treasury income would be offset by the fact that there would be more money going into the economy as a result of these changes, and more jobs created across the UK.”

Praveen explained that raising the employment allowance to £50,000 would give employers more confidence in managing their costs and improve their willingness to hire new staff.

He said: “A £50,000 employment allowance threshold would cut the National Insurance costs of the SMEs in the UK, as an employer wouldn’t have to pay anything unless their wage bill was more than £333,333 – currently NIC is due when a wage bill reaches circa £70,000. This small change would make a significant difference to SMEs – and to the UK’s employment figures – as firms would be more willing to hire people as they would know the NI costs could be managed and they’d have the funds to do it.”

When it came to changing CGT and BADR, Praveen argued that a new CGT threshold and a restored £5m BADR limit would enable successful entrepreneurs to benefit more from business sales – and potentially make them more willing to invest their earnings back into UK businesses.

He said: “Entrepreneurs typically don’t retire – many of them invest some of their hard-earned money from selling their businesses into start-ups or new companies looking to scale. Taking less of the money they make from selling a company would give them a larger amount to invest in new businesses, effectively creating an army of business angels who could help the entrepreneurs of the future grow.”

Praveen also called for a rolling two-year Employment Tax Roadmap, which he said would allow business owners time to plan ahead of any new changes being introduced.

He added: “The last two Budgets have had a significant impact on businesses and both have given them little time to get ready for any changes the new tax year brings. An Employment Tax Roadmap would enable business leaders to plan more effectively and budget more accurately, which creates more stability for businesses and the economy – in terms of growth, tax revenues and recruitment.”

Praveen concluded: “If the UK wants to avoid its entrepreneurs becoming an endangered species and really fuel economic growth, the government needs to take action now and evolve the tax system into something that encourages rather than stifles entrepreneurs and which gives them the stability they need to start and scale businesses.

“If it can achieve that, the economy and the country will be much better off.”

Figures from Companies House analysed by Azets show that there were nearly 13,700 fewer company incorporations in the 2025 calendar year compared to 2024. Data from the ONS shows there were an estimated 104,000 fewer payrolled employees between March 2025 and March 2026.

Based on data from the ONS, there were an estimated 29,000 fewer vacancies in the UK between January and March 2026 compared to October to December 2025 and there were an estimated 65,000 fewer vacancies during January to March 2026 compared to a year ago. Figures from the ONS show that around 75,000 more people aged 16 to 34 left Britain than arrived in 2025. This gap has grown every year since 2022.

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How grooming brand Rock Face is having a scent-sational effect

Harry J — Wed, 24 Dec 2025 02:54:01 +0000

All things to all men – grooming brand Rock Face is getting close with sensationally scented, premium quality ranges at mass-market prices that are sustainably produced in Britain too.

There’s none of the bigging up of six-pack, costly celebrities to promote its products here, rather disrupter Rock concentrates on elevating everyday essentials with a selection of body sprays, face washes, shower gels and moisturisers. Its standout refillable natural deodorant – good for 48 hours – is a UK men’s first and a new aftershave is nosing its way on to shelves. Perfect as gifts Rock has a bag crammed with goodies for around £25. Signature scents, featuring spicy, oriental Power, sophisticated Refined wafting heady cedar and sandalwood notes and citrusy, invigorating Original for warmer climes, are the cornerstones of its collections.

Slotting into an innovative scent systems model, customers can maximise their chosen fragrance across multiple toiletries. Today Rock is a retail superstar. Stockists include Tesco, Morrisons, Waitrose, Amazon, Sainsburys and Asda. Most recently WH Smith travel concept stores have also come on board. Direct to consumer sales are incentivised through subscriptions and exclusive kits.

This autumn the company saw a 308% sales surge and is forecasting a £12million turnover next year followed by £20million in 2027. First a skincare family business, in 2021 it pivoted into general grooming with son James Wilkinson, previously a fine fragrance developer for Armani and L’Oréal, its chief executive and business partner James Langdon the strategy advisor.

When looking at the market, “we found that male toiletries smelt cheap and the lacked the depth of quality aftershave, a stagnant category dominated by big players,” explains Wilkinson. “Men’s care brands weren’t speaking to men in a real way. There was a huge gap between the intimidating luxury players and the overly functional options. We set out to bridge that and create the greatest scents. We’re a life hack brand that men can genuinely relate to. That’s why we partner with the world’s best fragrance houses. Our products are down-to-earth and high performing and supermarket chains have really helped with their openness to a smaller brand.”

Smell is widely regarded as the most under-rated of the senses, yet has an extraordinary power to evoke memories. But bringing new scents and products together takes time and effort. Rock’s pioneering deodorant took 48 iterations. However using AI and 3D printing “makes innovation more viable than ever before”, observes Wilkinson.

The company kept to accessible pricing during recent price hikes in natural ingredients and packaging thanks to supportive suppliers. As shifting trading landscapes are now stabilising, a recent £2.5 million investment is the runway for Rock’s new product development, marketing and growing its team of 12.

A further raise is also on the cards for next year when expertise in international markets will be sought as Wilkinson considers the Middle East as Rock’s first port of call. Then his ambition is to create a series of companies with strong eco credentials in other categories – animal lovers get ready for rocking pet apparel. Rockface4men.co.uk

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The world’s richest company worth £4.9tn – more than Amazon and Apple combined

Harry J — Tue, 23 Dec 2025 06:00:54 +0000

In today’s age of mass, global capitalism, the world is dominated by huge companies making vast amounts of revenue. If you were asked to name which you think is the largest, you may name a large US firm, such as Apple or Amazon. They are indeed enormous firms, with assets of $344billion (£257billion) and $624billion (£466billion) respectively, according to Forbes. Its list of largest public firms in the world includes other obvious names, such as Toyota and HSBC. Apple is an American multinational technology company headquartered in Cupertino, California.

It is known for its consumer electronics, such as the iPhone, iPad and Mac computers, software and services. The company’s co-founder Steve Jobs became famous for presenting new products in jeans and turtle necks. He appeared in the 2023 film Blackberry, presenting the first iPhone in 2007. Amazon is another technology company, which dominates e-commerce. It also focuses on cloud computing, online advertising, digital streaming and artificial intelligence (AI).

The company was founded in 1994 by Jeff Bezos in Bellevue, Washington, and originally started as an online marketplace for books.

But the company gradually expanded its offerings to include a wide range of products.

It now has its own TV, film and audiobook and podcast streaming services.

But one towers over the others.

The Industrial and Commercial Bank of China Ltd. has assets of $6,668.6billion – or £4.9trillion on this side of the pond.

Forbes says that the partially state-owned outfit specialises in the provision of commercial banking and financial services, and operates through corporate and personal banking and treasury operations.

The ICBC is the largest of the “big four” banks in China, and the biggest in the world going by total assets.

Bloomberg says the bank offers deposits, loans, fund underwriting, foreign currency settlement and other services.

It has a branch in London, which “provides a range of diversified financial products to its Chinese, UK and international clients”.

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We bumped into each other at a train station – now we’re shaking up the tech industry

Harry J — Mon, 25 Aug 2025 13:40:35 +0000

Louise (L) and Sarah (R) met at London’s Paddington Station (Image: Fyio)

Two female tech pioneers have revealed their remarkable tale of a chance meeting at a railway station that transformed their lives. Louise Marsh and Sarah Wrixon form the dynamic duo behind the groundbreaking Fyio app. Louise, 54, was at Paddington train station when she noticed a fellow passenger struggling to find his ticket on his mobile.

She offered assistance and made an offhand remark about unreliable apps. The traveller was accompanied by his daughter, Sarah Wrixon, 60, a seasoned public relations entrepreneur and founder of two PR companies, including Salix & Co, which she continues to run today.

“Lou and I met by happenstance,” Sarah revealed. “My dad had been to stay and he said he’d be perfectly fine to get himself on the Tube to Paddington – but it was clear to me it wasn’t going to be fine.”

“I was meant to be at a conference but decided to take him myself, and as we were queuing to get through the barrier, Dad was trying to find his ticket on his app. Suddenly, this voice pipes up saying: ‘An app’s got to work first time – I know, I’m building one.'”

Louise revealed to Sarah that she was developing a digital filing cabinet. At the time, she was in the initial phases of creating Fyio which was designed to help people store, organise, and safeguard their most crucial documents.

The app is made for everyone and anyone (Image: Fyio)

Louise then asked Sarah what she did for a living. “I told her I run a PR company,” Sarah recalled.

“She said: ‘I need some of that’ and thrust a card in my hand, and then kindly saw my dad onto the train. By the time I’d got back to the office, she’d found me on LinkedIn and that was that – we’ve been working together ever since.”

Louise, who had spent years in the life insurance industry, saw Fyio as a solution to the distress caused by disorganised documents. She explained: “It was when my husband left the armed forces after 25 years’ service that the distress caused by disorganised paperwork started in our own home. ‘Where’s my…’ started driving me mad.

“I wanted to create something that would change that and help him organise and take control of his paperwork and his new life.”

However, starting from scratch was a daunting task. She admitted: “I didn’t come from a tech background at all. I had to really do my research and work out how I was going to make this whole thing happen.”

Sarah, with her business acumen, became a sounding board and strategist after their chance encounter in 2019. She revealed: “Once we started working closely together, we worked through the vision, values and philosophy of the brand.

“We took quite a considered approach to not go too fast, which at that point was difficult because the tech world was on fire and everyone, investors especially, wanted things to happen at a gazillion miles per hour. But we stuck to our guns.”

She added: “If people were to trust an app to help them organise and protect their everyday paperwork and important personal documents, we had to be certain we were doing that properly and that the security was absolutely watertight.”

Both women are frank about the obstacles they’ve encountered entering a male-dominated sector later in life. Sarah said: “There aren’t that many that look like us, let’s put it that way. It’s been challenging – we don’t fit any kind of stereotype – but here we are with something incredibly exciting that’s going to change the paperwork paradigm.”

Louise added: “The fact that we’re two women, and we’re not young women, but we’ve taken on something and delivered a next-generation solution that’s being used by thousands of people and growing exponentially – I’m personally very proud of what we’ve done so far.”

Once the brand was completely developed, the two women officially became co-founders. Fyio now has users ranging from late teenagers to people in their eighties, including Sarah’s dad.

The digital ‘filing cabinet’ is separated into sections for different types of documents like work, school, and more.

Educational, medical, and pet documents can be uploaded swiftly, shared securely, and can be set to expire after a chosen period.

“The real ultimate vision is that Fyio would be a word almost in the English language – a bit like how WhatsApp is to instant messaging,” Sarah said.

Sarah still chuckles at the memory of their meeting. She added: “If Dad had managed to find his ticket straight away, who knows? We might never have met.”

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Growth looks good for British luxury fashion brand Lalage Beaumont

Harry J — Fri, 20 Jun 2025 06:00:27 +0000

Carried away by chic handbags and elegant frocks in dazzling colours, fans of British luxury fashion brand Lalage Beaumont (LB) and its effortless styling will be turning heads amid the social whirls and finery this summer. But for all the company’s achievements, notably manufacturing many products in the UK and selling collections through its own shops as well as online, it’s a label still under the radar.

Founded and run by Beaumont herself since launching 21 years ago Lalage Beaumont continues to grow – 30 per cent last year – all despite wider economic challenges and in a sector dominated by international giants. Beaumont’s own pedigree includes strong heritage connections designing for Aquascutum, Mulberry and Burberry. “Working for them made me want to have my own business and after travelling overseas I came back and did it,” she explains. After progressing from producing women’s ready-to-wear and wholesale for other retailers, she opened her own boutique in Mayfair. Others have followed in Knightsbridge, Belgravia and bijou Burlington Arcade while a franchise in Riyadh, Saudi Arabia is doing very well too bringing in Gulf region clientele. On the domestic counties front she has also expanded with retail group Hoopers which features LB in its Tunbridge Wells, Wilmslow and Harrogate department stores.

Now with a team of 15, bold colours – flattering turquoise is a favourite – and bags are LB’s big attractions. “Our clothing niche is timeless, sophisticated formal wear for business and special occasions, everything from Royal Ascot to Wimbledon, investitures and weddings,” says Beaumont who is self-funded. “Customers do visit us to browse but the majority have a clear purpose and intent to buy. Our handbags stand out for their one style in a myriad of colours, which become talking points, and for their relatively accessible prices. Our customers create collections of them. Most of our clothing customers are from the UK while those for our bags, which are 80 per cent of our business, are more from the Middle East, the US and south east Asia.” The bags (from £695) are made in Europe with small batch runs of clothing, scarves and hats produced in London and Nottingham.“Being close to the manufacturing supply base enables us to react quickly to changes in demand and has given us the opportunity to offer made-to-order so our clients can customise and have something unique,” says Beaumont who is self-funded. “Our business model is convenient, efficient and sustainable. Making in the UK can be more expensive but it’s offset by the proximity.”Having an online channel saved LB during lockdown but post-pandemic the blow of losing tax free shopping is one it is still struggling with. “Extending our retail base has been one way to counter the loss, but the regulation has hit us hard like it has many others. Restoring it would make such a difference to our growth,” adds Beaumont who has now set her sights on developing a global wholesale business with Canada, and northern Europe first in line. www.lalagebeaumont.com

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Santander to give away £15,000 to businesses – see if you’re eligible and how to apply

Harry J — Fri, 30 May 2025 06:15:37 +0000

Santander is offering early-stage startups and small to medium-sized enterprises (SMEs) across the UK the opportunity to compete for a share of £135,000 in funding and business support through the Santander X Awards. As one of the UK’s leading pitch competitions for emerging businesses, the Santander X UK Awards has already provided over £1.1 million in vital funding and support to thousands of UK companies.

This year the competition has three categories to support businesses at critical points in their business journey:

University: for new businesses looking to launch
Startup: for early-stage businesses looking to grow
SME: for growing businesses looking to scale

By September 1, 150 businesses (50 in each category) will be shortlisted to take part in a series of online pitch workshops. These shortlisted businesses will then compete in a mix of online and in-person pitching heats, culminating in the selection of the final nine — three from each category.

On November 13, the nine finalists will deliver their live pitches at the National Final, hosted at Unity Place – Santander UK’s headquarters in Milton Keynes – in front of a prestigious panel of judges, including Santander UK Chief Executive Mike Regnier.

The nine winners (three per category) will win a share of £135,000 which is £15,00 each in funding and secure an automatic place in the Santander X Global Awards, the bank’s international entrepreneurship competition, where they will have the opportunity to compete against some of the best early-stage startups from across Europe and Latin America in Spring 2026.

Mike Regnier, CEO, Santander UK said: “The Santander X UK Awards are back – and this year with a brand new category, opening the competition up to small and medium-sized enterprises (SMEs). At a time where business confidence has been hit by global economic uncertainty, the X Awards offers a unique opportunity for entrepreneurs to come together, develop important business skills, and be in with the chance of winning vital funding.

“We are proud to celebrate 15 years of championing entrepreneurs and supporting hundreds of UK businesses each year through the Santander X Awards programme. If your business is disruptive with the ability to grow or scale, look no further and apply today.”

Sarah Bailey, founder of Even, and Santander X Awards 2024 winner, said: “We first participated in the Santander X Awards in 2022 and loved the pitch training and community of founders so much, we returned in 2024 – and won! I highly recommend applying to any early-stage founders. The visibility and network has been exceptional, and the Santander X team have been incredibly generous with creating opportunities for Even.”

For more information, and to apply to enter the Santander X UK Awards 2025, visit Santander’s website. Applications close on July 16 2025.

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Shellworks’ ingenious eco packaging forges a future beyond plastic

Harry J — Tue, 29 Apr 2025 17:57:39 +0000

Thinking outside the box has opened up global opportunities for UK packaging pioneer Shellworks and its ingenious natural material Vivomer that’s a compostable replacement for plastic. Based on polymer substances grown in bacterial cells and involving a fermentation process, Vivomer is durable enough to withstand heat and humidity. Crucially it also has a long shelf life and is biodegradable in any environment. With those key capabilities in place they form the bedrock of a sustainable production cycle. The brainchild of Imperial College graduates Insiya Jafferjee, Shellworks chief executive, and director Amir Afshar, the business launched six years ago. After a £1 million turnover last year, it is aiming to hit £10 million come 2026. Among the brands it collaborates with are People Care.Planet Care and Wild which sells in Boots and Tesco.

“This is nature’s answer to plastic. Our approach to the plastic waste problem combines material science, biology, design and manufacturing. We offer both rigid and flexible materials so deliver a complete packaging solution,” explains Jafferjee. “Clients come to us actively seeking change and our ability to meet retail standards has been a key factor in our growth. We have shipped over a million units with Wild. “Initially we catered to more luxury brands but now we’ve scaled and reduced costs we’re able to serve a broader, mass-market audience. So far we have replaced 40 tonnes of plastic with 1.2 million packaging solutions that would otherwise have relied on petroleum plastics.”

The raw ingredient is produced internationally then Shellworks and its team of 20 manufacture the material in the UK with actual products made globally. A major tech pivot led to the business using animal-free polymers, but perhaps the hardest task has been confronting the packaging industries scepticism. “There were concerns of all kinds about our technology mimicking plastic’s functionality – could it scale, would it sell, even if it might contaminate recycling centres,” says Afshar.

Verification tests to underline Vivomer’s credentials have taken some £100,000. After strong seed venture capital backing, the company is now in the throes of its first institutional Series A funding raise which will be used to scale up manufacturing internationally and expand output to a billion units.

With the potential too to supply packaging to the food and supplements markets, recognition of the inspirational creativity it has taken so far has now earned Jafferjee a place on Champagne superstar Veuve Clicquot’s Bold Woman Award’s shortlist with the winner announced in May.

The awards, spanning 53 years, are the longest-running international recognition of female entrepreneurship celebrating exceptional UK women in business. In 1805 Madame Clicquot, a courageous widow, took over the business her husband left her and introduced innovative industry techniques still used today. One of her famous quotes, “The world is in perpetual motion, and we must invent the things of tomorrow”, is a perfect fit for what Jafferjee is achieving right now. www.shellworks.com, www.veuveclicquot.com

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