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Creating a team spirit


Government-backed tax schemes can help young companies attract and retain talent


BY WILLIAM PEAKIN


Technology start-ups and com- panies beginning to scale-up in Scotland are increasingly competing with large corporates by offering flexible remunera- tion packages, some including share options. “For these younger, more


entrepreneurial firms, finding talent and securing it can be difficult,” said Andrew Hollo- way, a Tax Director at Johnston Carmichael in Edinburgh. “A lot of these companies don’t


have the clout to pay the salaries that, in the tech space, the larger banks and insurance companies are paying. You see a lot of people taking very good salaries, with benefits and a straight-forward working pattern in a big team,” said Holloway. “But the flipside is that there


have a huge impact, not least significant regulatory overhaul, while increasing digitisation is having a profound influence on everything we do. “Our new division will be


able to ensure businesses across the UK are able to find the best people to help them deal with these issues. We have experience building other teams operat- ing in the same market and are confident this new focus will be of great value.” Be-IT’s expansion comes after the firm’s latest financial results


saw gross profit up by 55% and turnover increase to £11.2m in its fourth full year of trading. It also follows the opening at the begin- ning of the year of the new head- quarters in Glasgow, which forms part of the company’s UK and international expansion plans. “It was a significant landmark


in the journey of our business,” added Biggerstaff. “Te new facil- ity will allow us to cement our position in Scotland and aid our expansion plans into Ireland.” l


www.be-it.co.uk


are some fantastic start-ups and scale-ups in Edinburgh, Glasgow and Aberdeen, indeed throughout Scotland, who are looking to grow quickly, raise external finance, can offer people the reward of being part of the company’s success story and to be able to share in the value it creates.” Te companies are looking at


‘cash runway’, and the most ef- fective ways to grow their teams while maximising value from investment. Holloway is Head of Entre-


preneurial Taxes at Johnston Carmichael. His team’s work encompasses a number of different tax reliefs that are available to individual investors as well as share option schemes that can be implemented by


companies to incentivise, moti- vate and retain staff. Te UK Government-backed


Seed Enterprise Investment Scheme (‘SEIS’) and Enterprise Investment Scheme (‘EIS’) both help smaller, unquoted business- es obtain the funding they need to invest in their infrastructure, whilst also providing generous tax relief for individual investors. “Structuring appropriately and


being aware of potential pitfalls in relation to SEIS and EIS are really important in allowing businesses to get the capital they need to grow their businesses,” said Holloway, “it’s risk reduced capital for investors, given im- mediate tax repayments on offer, and the cash received can have fantastic benefits for the recipi- ent companies.” In addition, share option


schemes can be used within owner managed businesses to provide employees and manage- ment with equity incentives. Holloway is experienced in


helping clients establish Enter- prise Management Incentives (EMI) share option schemes which allow employees to acquire shares at a fixed price, with the employee accruing benefit through future growth in company value. EMI schemes are often utilised by business owners to retain and incentivise key staff. “Te team is integral to the


success of any business and these schemes go a step further in creating a mutual understanding that everyone is working towards the same goal,” said Holloway. l


www.jcca.co.uk / https://bit. ly/2QifrpC


FUTURESCOT | WINTER 2018 | 29


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