Creative Industry Tax Reliefs (CITR) are a collection of Corporation Tax reliefs that allow qualifying companies...
SEIS was introduced by Chancellor George Osborne in 2013, to help entrepreneurs find funding for startups and family businesses.
More than £85 million in much-needed seed capital has been raised by entrepreneurs during the past three years.
In 2014 a bounding 581,000 new startups were registered with Companies House, with London unsurprisingly leading the way for entrepreneurs with more than 180,000 new companies.
Most employees look at investing and tax schemes, only to conclude that there are no sensible options for middle-income earners like them. With SEIS, HMRC has opened up the scope for ordinary people to save taxes and take a chance to start their own family business.
Most of the difficulty in starting an investment business is matching a decent business proposition with people who have money. This combination is difficult to find, and is why so many crowdfunding and investor matching sites and hubs have been created.
In my opinion, SEIS is the short cut and the best option of them all. SEIS removes the need to find wealthy individuals looking to take large percentages of your business. It also removes the pressure to have the next Facebook or Google as an offering just to get their attention.
So many people in the past few years have lost their jobs or found themselves restricted in their career development. So we have seen a lot of talented individuals start up their business to prove themselves. Why would anybody not consider saving income tax for themselves and their family at the same time?
While there are restrictions on share ownership for SEIS investors (no parents, spouses or children), there is no restriction on siblings. My practice here at Key Business Consultants specialises in tax savings through this scheme. We ensure that the interests of all parties are secure throughout the investment period.
The average salary in London in 2014 was £26,500, with an income tax bill of £3,300. This means that a family structured SEIS investment company will save all income tax, for up to five average earning people, for four whole tax years if planned well.
Let us show you how to unlock your tax-saving potential: contact us today.