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“Rachel Reeves talks about growth – but her tax policies still punish the entrepreneurs driving it,” says FFT Chartered Accountants

by July 9, 2025
July 9, 2025
“Rachel Reeves talks about growth – but her tax policies still punish the entrepreneurs driving it,” says FFT Chartered Accountants

A leading Manchester accountancy firm has accused the government of sending “mixed messages” to Britain’s entrepreneurs, warning that tax policy is undermining the very business owners driving growth.

Adam Caplan, Partner at FFT Chartered Accountants, said that despite Chancellor Rachel Reeves’ rhetoric around supporting small businesses and fostering innovation, the reality for many SMEs was rising tax burdens, more red tape, and increased financial risk.

“Politicians love to talk about supporting entrepreneurs, but the numbers tell a different story,” Caplan said. “Personal tax thresholds are frozen, Corporation Tax has risen, and accessing R&D relief – which is supposed to incentivise innovation – has never been more complex or uncertain.”

Caplan warned that the government’s approach is actively discouraging enterprise, with small business owners facing disproportionately high tax bills and ever-tightening compliance rules.

“Entrepreneurs take all the risk, create employment, and drive innovation – yet they are the ones left footing the bill while the government chases headlines,” he added. “It’s no wonder many are questioning whether Britain is still a good place to run a business.”

The firm said its clients frequently cite R&D tax relief as an area of concern. Once seen as a key support for innovation, recent rule changes and a surge in HMRC scrutiny have made many business owners wary of claiming at all.

“R&D tax relief should be a straightforward incentive,” Caplan said. “Instead, it’s become a fragmented, risk-laden process. We have clients who are genuinely innovating, but they’re reluctant to claim for fear of a costly and stressful investigation.”

The government has said it is working to simplify and combine different R&D relief schemes, but FFT argues that the damage has already been done – particularly to SMEs without large in-house finance teams or expensive consultants.

Despite the challenges, the firm continues to help its SME clients navigate the landscape, offering strategic tax planning and advice.

“We can’t rewrite government policy,” Caplan noted, “but we can help business owners plan around it – whether that’s smarter remuneration strategies, Corporation Tax planning, or getting ahead of the next Budget U-turn.”

He urged entrepreneurs not to wait for government clarity before taking action.

“The sad reality is that tax policy is increasingly driven by politics, not economics,” he said. “Business owners need to act now to protect what they’ve built – because waiting for common sense from Westminster could be an expensive mistake.”

FFT Chartered Accountants is now calling on the government to match its pro-business rhetoric with meaningful reforms – starting with a simplification of R&D tax relief, a review of Corporation Tax for SMEs, and a renewed focus on certainty and fairness in the UK tax system.

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“Rachel Reeves talks about growth – but her tax policies still punish the entrepreneurs driving it,” says FFT Chartered Accountants

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