7 Tax Incentives for Uk Technology Startups

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Having taken the risk and side-stepped the typical job route to come to be a tech entrepreneur and wealth-creator, its a good job that there are still some tempting Uk tax incentives out there to sustain you.

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Here are just 7 tax ideas or tips that you should be reasoning about for your start-up business:
Entrepreneur's Relief - if you hold 5% or more of the shares in your enterprise for 12 months and work as an officer / director or employee, then when you sell the shares your productive tax rate will be just 10% on the gain. This is minuscule to the first £5m of gain over your lifetime. Sure beats an earnings tax top rate of 50%! Make sure you take this into inventory when setting up your enterprise to ensure founders (and key employees) maximise this needful tax relief - theoretically 20 founders / employees could collectively protection £100m of gain at the 10% tax rate. Conversely, you or your key team would be gutted if you unwittingly held just 4% of the shares! R&D tax due - get rewarded by the tax-man for innovating in your sector by claiming this lucrative tax relief. Many entrepreneurs mistakenly believe that this tax incentive relates solely to industries where scientists wear white laboratory coats but this couldn't be added from the truth. This relief applies over industries - the tech sector, in particular. I recently secured a £10k tax reimbursement for a tech startup that had been (wrongly) advised by its accountants that it wouldn't qualify for this relief! Most repayments are processed by Hmrc within 30 days of a claim and you only have 2 years to make a claim before you're time-barred. Don't leave this cash on the table. Enterprise venture project - angel investors and secret individuals are incentivised to invest in (perceived) higher risk investments like early stage secret start-up associates with tax breaks like the enterprise venture project (or Eis as its more commonly called). There is insufficient space here for the exact detail suffice to say that many tech or digital startups would fall within the qualifying criteria thereby allowing smart investors to reclaim 20% earnings tax relief branch to obvious limits. For now, plainly be aware that this tax break is out there to tempt investors. Temporary National assurance (Nic) Holiday - for new businesses there is a temporary Nic holiday for the first 10 employees minuscule to £5,000 per employee or £50,000 overall. The project officially kicked off in September 2010 and runs until September 2013. It is location exact with most of the South East of England barred so you need to check qualifying locations. So now is a good time to start construction your team. Get paid at mouthwatering productive tax rates compared to most employees - once you get past the pre-revenue stage and start making profits, shareholders of small associates have the flexibility to structure their remuneration holder to optimize take-home pay. Why pay up over 20%, 40% or even 50% earnings tax and incur potentially huge National assurance costs on employee salaries when you can pay yourself a aggregate of a small salary, dividends (and pension contributions) which, if determined managed, can follow in significantly higher take-home pay. Get 100% tax relief on your new tool - so you need to invest in new netbooks, laptops, servers and other gadgets for your business. You can claim 100% tax writing down allowances ('Annual venture Allowance') against profits on your 'first' £100,000 of capital expenditure each year - this will be reduced to £25,000 with follow from 1 April 2012, although this downgrade should not adversely work on the majority of growing tech businesses. Patent innovation box - advent soon will be a 'patent box' which will allow earnings or profits on registered Uk patents to attract lower enterprise tax rates of 10% (as opposed to a current lowest corporation tax rate of 21% or 20% from next April 2011). Bad news is that it is likely to be 2013 before this new tax break sees the light of day.

Remember, this is just a handful of the incentives ready for smart and well advised tech entrepreneurs to help build tomorrow's thriving Uk businesses.

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