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Capital Gains Tax (CGT) Reforms

Jon Davage

As we await the Budget, still scheduled for 3 March 2021, speculation continues in the press as to whether it will bring a rise in tax and in particular Capital Gains Tax (CGT).

CGT is currently paid at a rate of 20% by higher rate taxpayers on most gains but can be reduced by various reliefs such as Entrepreneurs Relief (which allows business owners to take the first £1 million of gains at a CGT rate of 10%). A recent Treasury report recommended aligning the CGT rates with the Income Tax rates including top rates of 40-45%, a shift that would take us back to the position in early 2000s when the rates were much more closely aligned.

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A helping hand to resolve shareholder disputes

Barney Leaf

It was sadly inevitable that the Covid pandemic would push the UK economy into a recession. Unfortunately, the money worries that result from a recession can and often do affect relationships, whether they be personal or business relations.

Even the strongest of relationships have been known to breakdown when finances are tight and the current situation may well have caused the most severe financial pressures that some business owners have ever experienced.

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Is it time for some much needed business housekeeping?

Jon Davage

The last six months have presented significant challenges to business owners who have grappled with continuing their businesses in the face of restrictive lockdown rules imposed to combat the spread of Covid 19. Many business owners are now operating with a workforce of home workers and their typical working day differs significantly from their life pre-March 2020.

As face to face meetings, corporate events and travel have been stripped from the schedules, business owners may finally find some free time during their day to review the nuts and bolts of their business. That long-awaited review of the shareholding structure, the employee share scheme that has been in the offing for years, the review of key commercial contracts, for some there is now enough time in the working week to get around to these projects.

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Future Fund – access to growth capital for high growth companies

Jon Davage

Future Fund – access to growth capital for high growth companies

The Coronavirus pandemic has seen a reduction in the usual funding streams for some businesses and has forced the Government to think creatively about how they can support promising, infant companies. The result is the new Future Fund.

What is the Future Fund?

On the 20th May 2020 the Government launched another Coronavirus short term rescue package to support business. The Future Fund is aimed at helping pre-revenue or pre-profit companies that were struggling to qualify for other Government rescue packages.

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New arrivals in Bermans Corporate team

Barney Leaf

Bermans has made two appointments to its Corporate team. The team, led by Jon Davage, welcomed Barney Leaf as a partner and Simon Nolan as a Solicitor from Laytons LLP.

Barney has over 20 years of corporate law experience and acts for international and domestic businesses in many sectors ranging from retail, online, law firms, insurance, finance and investment funds.

Joining Barney from Laytons will be his assistant solicitor, Simon Nolan.  Simon will undertake the variety of corporate instructions that are generated by the varied portfolio of clients that Bermans acts for.

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Locking in Human Capital (EMI Scheme)

jon_davageLocking in your key employees is always a balancing act between work life balance, remuneration packages and showing employees they are valued and part of the very fabric of the organisation.

One of the most effective ways of imbedding employees into your business is through capital ownership, which provides a shared goal towards exit and increasing value.

This is a powerful way to tell a key employee of their value to the business and can create an “in this together” attitude.

Such a structure creates rewards for all on a fair basis through the eventual sale of the business.

One of the most popular types of employee share option schemes with SMEs is enterprise management incentives (‘EMI’).

EMI schemes are a popular way of attracting and retaining employees and they can provide significant tax benefits.

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Is Employee Ownership an Option for your Business?

robin-hastings-1-1What do Riverford, the organic vegetable box company, Richer Sounds, the hi-fi chain and Turleys, the planning consultancy have in common? Well, as from May 2019, they are or are about to become employee owned businesses with Julian Richer being the latest business owner to announce he is transferring 60% of his shareholding into an Employee Ownership Trust (EOT).

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