• What is next for the Northern Powerhouse?

    The oft-mentioned “Northern Powerhouse” was a key plank of George Osborne’s economic plans for the North. However, there are signs that the current administration may be less keen on the concept and that it may be diluted or dropped entirely. This briefing looks at what is in store for the Northern Powerhouse over the next few years.

  • Brexit for startups

    The U.K. has voted to leave the European Union (so called “Brexit”). This is likely to have a significant effect on the economy, policy and politics. This note addresses the impact on startups in the near term.

  • Changes to entrepreneurs relief

    In the Budget 2016, the Chancellor of the Exchequer announced changes to taxes relevant to startups and investors in them. This note summarises the key changes announced to capital gains tax (entrepreneurs relief), corporation tax and employee shareholder status.

  • NEW – PSC Register

    From April 2016 all UK companies will be required by law to maintain a register of persons with significant control over the company. This is called the “PSC Register”. From June 2016 an additional return will have to be made at Companies House disclosing the contents of the PSC Register.

  • Company structures for startups

    The current economic climate in the UK has been referred to as a “Golden Age” for startups. It is anticipated that more than 600,000 new businesses will be launched in 2015. Getting the right company structure is of huge importance to ensure that the new business is structured for growth, investment and tax efficiency.

  • EIS: Investment by Existing Shareholders

    In the Queens Speech 2015, HM Government announced changes to the availability of EIS relief to investors who already hold shares in the capital of the investee company. These changes are of relevance both to investors who have already invested in a company and to new investors.

  • Knowledge Intensive Companies

    HM Government have announced a number of changes to the EIS and VCT schemes this year including the creation of special preferential terms for “knowledge intensive companies”.

    This note looks at what knowledge intensive companies are and how they are now treated.

  • Dilution: a brief explanation

    Dilution in the context of investment rounds often causes confusion. For SEIS/EIS investors, anti-dilution protections are prohibited; for other shareholders, anti-dilution provisions are viewed as very aggressive and problematic.

    This briefing is intended to clarify the position and explain why dilution is not necessarily a bad thing.

  • Incentivising Employees

    Startups and more established SMEs have in recent years become ever more able to access a plethora of ways to incentivise key employees.

    This article sets out the main points both startups and SMEs should consider when deciding which type of scheme to set up.

  • Budget 2015 – SEIS/EIS Changes

    HM Government has announced a number of (mostly welcome) changes to the SEIS and EIS schemes. The changes should further encourage expansion of the schemes to the benefit of investors and founders alike.

    This briefing provides a summary of the main changes.