Hard as it may be to believe at times, we have a relatively light touch regulatory environment. One of the upsides of the Covid crisis is that both businesses and regulatory organisations have had to find remote and therefore often more efficient ways of working.
UK recovery is being pinned on various parts of the economy springing back into life. In terms of a city such as York the return of tourists, opening of hospitality, leisure and retail operations is clearly of massive importance. Unprecedented support from government has helped many businesses in these sectors to survive, although it hasn’t been easy and not all will do so. Resurgent demand should encourage people to set up new businesses as well as revive established ones.
To a significant extent the recovery of the wider economy post – Brexit is based to the “knowledge economy”, commercialising new products and new ideas, using technology to find better ways of doing things and new things that can be done.
York and the wider Yorkshire region are well placed because of the number of Universities in the region that undertake research and which are becoming both increasingly adept at commercialising the products of the research and better integrated with business communities.
The UK also has a tax regime specifically designed to encourage and support new businesses, particularly those which are “knowledge intensive”. Investors looking for opportunities are able to benefit from tax relief under the Enterprise Investment Schemes. These allow significant offset against income tax in respect of money invested in Companies which qualify under these schemes. The Research and Development Tax Credit regime for companies is also extensive having been substantially increased in recent years for small and medium enterprises.
Spending by consumers and businesses has been curtailed over the last year. There is a lot of cash that will be looking for a home.
After all we have been through, perhaps the opportunities for businesses new and established have seldom been better.
If you wish to discuss this article further, please contact’s Lupton Fawcett’s Chairman, Jonathan Oxley, on 01904 561452 or firstname.lastname@example.org
Please note this information is provided by way of example and may not be complete and is certainly not intended to constitute legal advice. You should take bespoke advice for your circumstances.