news 7
Are young entrepreneurs blooming or surviving?
Most entrepreneurs would like to have received more help from the Government now rather than later. In the Budget, corporation tax was cut by 1% to 20% – but not until 2015 – and the new employment allowance will knock the first £2,000 off the NI bill for every business from 2014. Meanwhile, start-ups and SMEs are battling against dwindling economic growth and difficult trading conditions
Young entrepreneurs also told Haines Watts that they felt more action could be taken to encourage the banks to lend to small businesses. However, business groups have welcomed Government proposals to introduce a new state-backed small business bank, in a bid to tackle the ongoing difficulties faced by small firms seeking credit.
The extension to the capital gains tax exemption under the Seed Enterprise Investment Scheme, announced in the Budget, is being received favourably. The capital gains tax holiday, which will be remaining for another year, will be encouragement for more investment in start-up businesses.
This could prove to be useful when many businesses are struggling to get hold of debt funding from traditional sources.
However, overall, young entrepreneurs continue to be concerned that strivers, innovators and savers are not being supported better.
As a way of helping young business people, Haines Watts has launched its Young Entrepreneur of the Year competition. It is free to enter and is open to candidates who will not have reached their 36th birthday on July 31, 2013. Young entrepreneurs who live/ work in the Thames Valley area, defined as Berkshire, Hampshire,
Thames Valley EIS Fund open for investment
VitalSix and The FSE Group have announced a new unique and innovative opportunity for individual investors to participate in a portfolio of businesses with growth potential based in the Thames Valley. The Thames Valley EIS Fund is intended as a complement to a £7.3 million initiative from the Thames Valley Berkshire Local Enterprise Partnership (TVB LEP).
Investors will be supporting the next generation of businesses with the intention of creating future jobs and prosperity in the Thames Valley. Investee companies will be chosen for their potential for strong capital growth and be expected to be eligible for Enterprise Investment Scheme (EIS) tax reliefs plus, where possible, the
Seed Enterprise Investment Scheme (SEIS) tax reliefs. Most of the investments from the Thames Valley EIS Fund will be matched with a loan from a £1.55m loan scheme funded by TVB LEP.
The fund will be managed by experienced EIS fund manager, FSE Fund Managers, which already provides growth finance to ambitious young businesses and is authorised and regulated by the Financial Conduct Authority.
VitalSix will deliver support to companies applying to the EIS Fund. Applicants will participate in a programme of development including leadership training through the High Growth Accelerator at Henley Business School and business
THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2013
David Smy (left), Julie Bryant and Stephen Edwards of Haines Watts ask if the Budget has helped young entrepreneurs to bloom or merely survive
Surrey, Buckinghamshire and Oxfordshire, are all invited to submit an online business case as to why they should win the competition.
Semi-finalists will be chosen prior to a 'grand final' in the Autumn. Finalists not only get a cash prize and free publicity for their
business but also free advice on all aspects of running a successful enterprise, with year-long mentoring sessions from a partner at Haines Watts.
Details:
www.hwye.co.uk
For further information about the Haines Watts Group visit
www.hwca.com
coaching from experienced entrepreneurs.
Investments will be made on a purely commercial basis, with the goals of maximising financial returns to investors and creating sustainable businesses and employment.
CEO of FSE Kevan Jones said: “Using FSE’s 10 years of experience in supporting small businesses, we intend to create and actively manage a portfolio of exciting high-growth companies in the Thames Valley, enabling them to develop the technologies of tomorrow and go on and compete internationally.”
Ed Cooper, director of VitalSix, said: “We’re excited that a number of factors have come together to assist ambitious local companies to scale up and thrive. Our team’s knowledge and know-how, the expertise of Henley Business School, FSE’s
fund management skills plus the new loan capital from the LEP, combine to deliver a powerful offer to vibrant local SMEs to ensure they have the skills and finance they need to grow and prosper.”
Refer to the Thames Valley EIS Fund Information Memorandum and Application Form for full terms and conditions. This can be obtained by contacting FSE as below.
Details: 01276-608510
www.thefsegroup.com/ investors-landing/thames- valley-eis-fund
An event to formally launch the Thames Valley EIS Fund will be held on Thursday May 23. Richard Benyon MP is supporting this initiative and will be speaking at this event.
Details:
ed.cooper@
vitalsix.co.uk
www.businessmag.co.uk
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