Accountancy Live have been discussing how the Institute of Directors (IoD) are calling on government to simplify the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) tax breaks for businesses, to help encourage more investment in small to medium sized businesses and start-ups, as not enough businesses are aware of the reliefs.
According to the IoD report, tax reliefs are being under-used; with less than 38% of IoD members, many of whom are directors of companies that could potentially use the scheme and benefit from it, had heard of SEIS.
Tax Manager at Sedulo, David Evans, says…
“I wonder if this lack of awareness is a case of SME’s not being informed about these reliefs from their professional advisers. I find the article a little surprising because our team have already helped a large number of our own clients raise finance via EIS and SEIS. However, we would certainly support the articles suggested higher regional rates of SEIS relief for the North West. It would certainly fit well with the Governments Northern Powerhouse plans.”