Although these updates are now fewer and farther between, I appreciate that quite a number of our clients are still struggling - some even more so now that we are over the main "covid period". As mentioned before, I intend to keep these going for the foreseeable future to try and help clients as much as I can.
A recent tax case has highlighted how easy it is to make a mistake with the Enterprise Investment Scheme (EIS). The scheme allows investors to obtain a 30% set off against their income tax liability up to £1,000,000 investment each tax year, as long as they are not connected to the Company. Also, if those shares are held for at least 3 years, the gain on disposal of those shares is tax free.
If your company is located in one of the 24 or so enterprise zones, there are significant Government incentives to encourage investment. HMRC have added maps to their online guidance, showing sites within enterprise zones that offer 100% first-year allowances for companies investing in new plant or machinery until 31 March 2020.
According to the Government website, businesses basing themselves on Enterprise Zones can access a number of benefits:
I believe that we are really lucky in York to have such a close & friendly business community. One example of this is the First Thursday group. We meet...you guessed it...on the first Thursday of every month, straight after work - so from 5.30pm(ish) and people stay as long as they want. Some people have flying visits, while others (more hardcore than myself) have been known to stay until the bar closes (or the Indian beckons).
No matter what type of business you run, you need to network in order to build your business. Effective networking involves a lot more than simply handing out business cards. Here are a few tips to help your business development meetings produce the business relationships that you want:
Try to get a copy of the attendee list prior to the event. Cross check the list against your contacts and targets to identify individuals. Aim to meet each one and to get a follow up meeting in the diary.