This was the first of what we expect to be many Instech London Clinics. It was encouraging to see so many people taking advantage of the clinics and getting involved in some interesting discussions. PKF Littlejohn investment and tax team were particularly busy on the night, here is a summary of some of the key points from their discussions
How can I make my fundraising offerings more attractive to potential investors?
Last year, nearly 6,000 companies raised an average of around £350,000 in new funding via the Enterprise Investment Scheme/Seed Enterprise Investment Scheme. If your fundraising meets certain criteria, EIS/SEIS can increase the attractiveness of the offering to your investors by giving them income tax relief of as much as 50% of the cost of the shares that they acquire. That's a significant extra incentive for them - and it comes at no additional cost to you. PKF Littlejohn’s guide to EIS and SEIS explains how you can boost your equity raising efforts by taking advantage of these HMRC initiatives.
How can I take advantage of all of the tax breaks available to me?
Numerous tax reliefs are potentially available to Insurtech businesses - but the conversations from this event suggest that very few of us know how to take advantage of them. PKF Littlejohn’s guide to R&D relief explains why you don't need a team of white-coat wearing scientists to be able to claim tax relief on research and development activities. And their guide to VAT for insurance companies outlines where you can potentially reclaim VAT, boosting your cashflow in the process.
What else do I need to think about when growing my business?
Setting up and sustainably growing an Insurtech business is a major undertaking: the range of issues that you’ll need to consider are extensive and there are no quick shortcuts. This guide to the Insurtech sector looks at some of the elements you might want to think about when planning ahead.
We hope that during the evening you picked up the odd piece of insight and wisdom as you plot your next steps – whether you’re starting out or looking to transform an existing business. If you require any further information, please don’t hesitate to get in touch with Chris Riley or John Needham at PKF Littlejohn