We need help instead, says gin tycoon
THE boss of a gin distillery says the tax hike on top earners is preventing him from drawing a greater salary.
Seb Heeley and his wife Jen, who own Manchester Gin, pay themselves a £120,000 stipend through dividends to avoid the top threshold of tax. The business, which employs 55 staff, turns over £3.5million a year.
Mr Heeley said he understood why the Government wanted to tax higher earners but slammed the lack of support for the hospitality industry. ‘We pay ourselves up to the second [dividend] threshold,’ said the 3 -yearold from Manchester. ‘£125,000 shouldn’t hit us as we take out £10,000 a month, so that covers our expenditure.
‘It’s not as frustrating as the lack of support. Where is the support? You can’t just take and take. It is appropriate that you’ve got to raise taxes somewhere but they are choosing to raise them without offering support.
‘Businesses are being hammered without being offered anything. Tax a bit more on those who have made more profit is more
palatable than the lack of support in the hospitality industry. No one likes to be taxed but personally I would rather see more targeted relief for businesses that are going to struggle.’
Despite its success, Manchester Gin has been ‘kicked’ by eye-watering fees. The gin distillery will fork out £300,000 in energy bills next year with costs rising around four-fold. Mr Heeley said: ‘It’s challenging and I think the biggest thing for us is energy prices.’