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How Boris’ manifesto affects start-ups

Posted 8 months ago

How Boris’ manifesto affects start-ups
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Boris Johnson has promised good regulation and support for British businesses, a £3Bn National Skills Fund, pledged to keep corporation tax at 19%, increase R&D tax credits and continue to support SEIS/EIS investing.

Their manifesto states “Good regulation is essential to successful businesses: we will strive to achieve the right regulatory balance between supporting excellent business practice and protecting workers, consumers and the environment.” It's early days as the new FCA crowdfunding rules came into force on December 9th however we happen to agree and that's why we have been calling for more regulation that compels platforms to be more transparent, which helps create a trusted alternative finance market place.

The skills fund is always welcome but let's hope it is spent considering start-ups. As a start-up, we love young fresh blood and welcome apprenticeship schemes. CEO Sacha Bright was once a YTS apprentice himself. But! Now as an employer he believes an apprentice can at times be a draw on resources. Start-ups need free apprentices and free training. Like our youth, start-ups are our future. The big businesses already have the resources to train apprentices, start-ups don't but they offer the most comprehensive training anyone can give.

R&D tax credits are the lifeblood of small start-ups and its amazing how many companies still don't claim their allowance. If you do any type of tech or research in your business you could be entitled to a tax rebate, especially as it's been increased to 13%; talk to your accountant ASAP.

SEIS/EIS has been a real success in the UK. It takes some of the risks out of investing in a start-up and if an investor is in the right tax position, they can get up to 64% of their investment back and if the business is successfully sold it is tax-free. If it fails the investment is tax-deductible. The SEIS allowance hasn’t increased in 7 years and we would like to see the SEIS allowance lifted to £250k instead of £150K. We would also like to see legislation that allows inheritance tax to be invested in a business under SEIS/EIS to a family member within probate. Inheritance tax is probably the most disliked tax and if a new business could be created on the back of a tragedy that employs people it would be great for the UK.

SEIS/EIS creates jobs and taxes and innovative companies that compete on a world stage. The UK has more unicorns which are early-stage companies valued more than £1Bn than any other country in Europe and with schemes like this, we can beat our Russian and American counterparts. Let’s use tax credits to fuel our start-ups and have more companies biting at the heels of Apple, Amazon and Google.

Advertised Equity Crowdfunding Pitch

Span Health is a digital care platform that aims to help people avoid lifestyle-induced diseases, symptoms, medication, and complications. The company has helped more than 10,000 people to live a better and longer life. Span Health's easy-to-use mobile application allows patients to chat with clinicians, order blood tests at home, book video consultations, and see results in the application itself. Moreover, in 2019, the company agreed on a National Health Service (NHS) pilot test for 100 patients in collaboration with the National Institute of Health Research in North West London. Span Health will use the investment to provide employees with blood tests to screen for health risk factors and recover from detected illness safely and sustainably, improve its platform data insights, prediction and machine learning to better structure the clinician's processes, and further reduce its operational costs.

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pledged: 133% days to go: Stretch investment: £133,564

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