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Can an investment be EIS qualifying if a company acquires intellectual property and/or generates revenue from royalties?
The Enterprise Investment Scheme (EIS) is an attractive option to those wishing to grow their business and attract the attention of investors (by offering tax reliefs to those who invest).
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With exceptional physical distancing requirements in place during Covid-19, witnessing a legal document has been proven very difficult if not almost impossible. Here, at The Jonathan Lea Network we are always looking for ways we can overcome any challenges and improve the service we offer our clients and therefore we’re pleased to announce that from today The Jonathan Lea Network can offer DocuSign eWitness electronic signing to our clients.
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UPDATE 5 November 2020: Chancellor Rishi Sunak confirmed that the CJRS will be extended until the end of March 2021 and that the Government will review the policy in January 2021.
UPDATE: Coronavirus Job Retention Scheme (“CJRS”) extended and the launch of the Job Support Scheme (“JSS”) postponed
The Government announced on 31 October 2020 that the CJRS will be extended by a further month and will remain open until December 2020 in order to provide additional support to employers through the second national lockdown in England which is due to commence on 5 November 2020. As a result, the start of the JSS has been delayed until the extended CJRS ends.
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UK intellectual property (IP) law encompasses several different forms and types of IP such as copyright, trade marks, patents, design rights and trade secrets. IP is defined as any intangible creative work and, therefore, for legal purposes is considered an asset.
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As the dust of the first and hopefully last wave of COVID-19 begins to settle and furlough schemes come to end, the damage to the job market is evidently palpable. The disparity between those looking for jobs and jobs available has been well documented. As more employees face redundancies and dismissal, knowing what rights you have as an employee will be paramount for navigating through this mess.
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WHAT IS A CONTRACT?
A contract comprises a “legally enforceable agreement containing terms and conditions, defining the rights, duties and obligations of the parties”.
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At its most basic level, property can be held either directly (by you as an individual, whether wholly or in partnership with another person(s)) or indirectly through a company or a discretionary trust. This note does not consider trust ownership of property or ownership through a self-invested personal pension (SIPP), but we can advise you on these areas if either is an option you would like to explore.
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Over the last few years there have been a litany of changes to the UK tax rules around the taxation of residential property ownership for business purposes. Many of the changes have been such that those who previously operated “buy-to-let” businesses in their personal capacity (as a sole trader or through a partnership) will have considered whether it is more tax effective to incorporate their personally held businesses into a company structure.
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From the 24th of July 2020, the UK Government announced that in certain public places, face coverings would be mandatory. This decision has generated considerable debate. Social media platforms have been instrumental in placing blame for the spread of the virus on those who choose not to, or those who cannot, comply with recent measures. However, it can be said that this blame is misplaced. Not only is there a lack of scientific evidence to suggest that masks are effective, the Government have also enforced these measures without the law to support them.
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When your company goes under the due diligence spotlight, an aspect that will be under intense scrutiny will be any form of share options/awards scheme. It is imperative that your company has met the HMRC standards in relation to these schemes, so as not to delay or adversely impact the sale of the company. This is because if a problem has been found then the time taken to correct the error with HMRC will likely be greater than the time span of the sale and with the added detriment that there is unlikely to be a tax-efficient solution and you can find that your buyer wants to escrow sale proceeds or obtain specific indemnities to protect against any uncertain tax costs for the company.
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