The EIS Navigator

In the last in the EIS & VC basics series for the EIS Navigator podcast we discuss exits and why they matter to investors. Symvan Capital are building a track record of successful exits. Co-founder Kealan Doyle also has prior experience in capital markets so has lots of knowledge of the different kind of exits, as well as some of the wrinkles that investors need to watch out for.Kealan covers all the different kinds of exits that an investor might come across. These include:why exits matter to EIS and VCT investorsfailures are still exitswhy failures come before successeshow trade sales workgetting shares versus cashwhat is a secondary salewhy IPOs are less popular than beforehow timing mattersKealan has had some unusual exit experiences in the past couple of years, so has some interesting examples to throw into the mix. Enjoy! LinksSymvan Capital - https://www.symvancapital.com/HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/gRXiZ8pTkwQThe playlist for all the videos of the Basics series will be found here. BioKealan Doyle Co-founder and CEO, Symvan CapitalBefore co-founding Symvan Capital and moving into venture capital investing, Kealan led a structured equity products team at HSBC, where he was responsible for developing and managing innovative investment solutions.Kealan holds degrees from the London School of Economics and the University of Toronto and his earlier career included roles at Deutsche Bank, Merrill Lynch, and UBS - where he gained extensive experience in capital markets and complex financial products.For over 20 years, he has worked closely with venture capital-backed businesses, initially in a corporate finance advisory capacity and more recently as a fund manager. This dual perspective has given him a deep insight into the challenges early-stage companies face and how best to support their growth and long-term success.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how investors and advisers can pick the right EIS fund or VCT. SyndicateRoom have moved into third-party management, so have good insight into how to pick a fund. Co-founder Tom Britton joins us to give his views on what investors need to look at and how.Tom covers lots of areas that investors and advisors need to consider. These include:the high level filtersstrategies and sectorswhat is the deployment timehow does it affect your venture portfolio diversificationwhere past performance and exits fitthe more detailed diligence after filteringthe existing portfolio and how it fits into current trendslooking at the fund manager and its stabilitydifferences in fees and fee structuresextra factors for VCTs - dividends and buyback policies, cash levelsWe cover a lot of ground so get your notebooks ready! Tom definitely has distinctive views, but also great knowledge so it's well worth a listen. Enjoy! LinksSyndicate Room - https://www.syndicateroom.com/Tom Britton - tom@syndicateroom.comHMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/27sHsBQRY70The playlist for all the videos of the Basics series will be found here. BioTom Britton Co-founder, SyndicateRoomAfter completing his MBA in Cambridge, Tom co-founded SyndicateRoom to give a wider audience access to venture capital investment. As co-founder, Tom works across all aspects of the business, with an emphasis on product development and marketing strategy, and as much direct contact with our super angels and investors as possible. He enjoys being plugged into the wider industry and sits on the board of the UK Business Angel Association. He also hosts SyndicateRoom’s Angel Insights podcast, interviewing key industry figures. Prior to founding SyndicateRoom, Tom was Product Manager at TheTrainline, where he headed up the launch of its mobile applications.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how companies can find the right EIS or VCT manager for investment. Symvan Capital has been investing through EIS for over a decade so has seen what happens when companies handle it well and badly. Investment manager, Michael Theodosiou talks us through the angles.Michael covers lots of important issues for founders and management. These include:how do companies approach the idea of raising moneythe benefits and expectations of getting venture capitalthe different types of managers sector and stage differenceshow targeting can make fundraising more efficientwhen companies should think about starting a fundraisinghow to approach fund managershow to choose between different offershow terms and value add can varyIt can seem daunting to a founder who is new to fundraising, but with a little guidance they can manage an effective process without making it too complicated. Enjoy!LinksSymvan Capital - https://www.symvancapital.com/HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/ImJJuHxGbm0The playlist for all the videos of the Basics series will be found here. BioMichael TheodosiouInvestment Manager, Symvan CapitalDisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how investors should choose between EIS and VCTs. Calculus Capital manage products under both schemes, so their Head of Investor Relations, Francesca Rayneu, is ideally placed to discuss the arguments for both.Francesca covers lots of different areas that may need to be considered. These include:how both have the same aim and company ruleswhy the different wrappers lead to different portfolios for investorswhat affects different investor profiles, such as risk profile, tax and liquidity or income needshow each gives different portfolio visibility and investee company contactthe different stage of investmenthow CGT or IHT reliefs figure into factorshow to look at feesWhile we cover a lot of areas, investors may wish to take financial advice to see how each applies to their own situation. They may wish to listen to or watch episodes 113 to 116 before this if they are less familiar with the schemes. Francesca gives a good explanation of what investors should think about. Enjoy!LinksCalculus Capital - https://calculuscapital.com/HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/zJxAr_OfhnkThe playlist for all the videos of the Basics series will be found here. BioFrancesca RayneauHead of Investor Relations, Calculus CapitalFrancesca joined Calculus in 2015 and leads the Sales and Marketing team, overseeing all aspects of fundraising, marketing, and investor communications. She began her career in financial services in Geneva, Switzerland.She holds a degree in International Management from the University of Manchester, during which she also studied at Bocconi University in Milan. Francesca has also earned the CISI Certificate in Wealth Management and the Client Assets and Money qualification.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss Knowledge Intensive EIS funds, sometimes called KI funds. These are still relatively new in the market, so it's good to get a full explanation. Committed Capital have launched a few KI funds now, so we asked their Head of Business Development, Glen Stewart, on to explain them. Glen covers all you need to know about KI funds and some things to be careful about when selecting one.. We cover:what is a knowledge intensive company?restrictions on what the company can be/dothe increased investment limits that KI companies havewhat is an approved knowledge intensive fund?how does the timing for income tax relief work?what is the EIS5 tax certificate?how does this structure affect the other tax reliefs?what are the attractions of KI funds for advisers and investors?what are the disadvantages?Glen gives a full picture, but those new to EIS may wish to watch episodes 115 and 116 for the basic structure and tax reliefs too. Enjoy!LinksCommitted Capital - https://committedcapital.co.uk/email - info@committedcapital.co.ukTelephone - 0207 529 1350HMRC page on KI EIS funds: https://www.gov.uk/hmrc-internal-manuals/venture-capital-schemes-manual/vcm16050HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/ZYz4ZZmMJX0The playlist for all the videos of the Basics series will be found here. BioGlen StewartHead of Business Development, Committed CapitalGlen has been raising capital for the best part of the last 20 years for businesses; utilising tax efficient investment wrappers such as Enterprise Investment Schemes and Venture Capital Trusts. During this time, he has raised capital for a number of diverse businesses and asset classes including multi-media, property, renewable energy and AIM listed companies ranging from startups to well established and profitable companies. Prior to this Glen spent the previous ten years at Coopers & Lybrand qualifying as a tax adviser, PwC and Deloitte specialising in High Net Worth, Expatriate tax, and cross border advice.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In our latest in the EIS & VC basics series for the EIS Navigator podcast we discuss the tax reliefs for the Seed Enterprise Investment Scheme (SEIS). Despite only launching its first SEIS fund a few years ago, Haatch Ventures has been successful in attracting funds and, now, getting exits. Director Olivia Drinnan joins the podcast to explain everything.Olivia covers all the tax reliefs for SEIS, how they work and how they link together. The topics we cover in the discussion include:what is SEIS income tax relief?the limits on the tax reliefhow carry-back workswhat is capital gains tax relief for SEIS?is CGT payable on exit?how loss relief workshow the reliefs add updividends in SEIS companieshow IHT relief works for SEIS companiesAs well as explaining the reliefs, Olivia gives lots of examples to make things really clear. Enjoy!LinksHaatch Ventures - https://haatch.com/HMRC page on SEIS: https://www.gov.uk/guidance/venture-capital-schemes-apply-to-use-the-seed-enterprise-investment-schemeHMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. The playlist for all the videos of the Basics series will be found here. BioOlivia DrinnanDirector, Advisor Fundraising, Haatch Ventures**DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the fifth of the basics mini-series for the EIS Navigator we discuss the Seed Enterprise Investment Scheme (SEIS). Jenson Ventures is one of the longest standing SEIS managers, and Jeffrey Faustin has been with them for over a decade so has lots of knowledge to share about the scheme. Jeffrey gives a good introduction to SEIS, covering what an investor needs to get started. The topics we cover in the discussion include:what is the aim of SEIS?how does the government ensure companies get new money?what sort of companies can investors buys shares in?what sectors are normalhow investors can access SEIS investmentshow do investors get their return? Watch out for the next episode which covers SEIS tax reliefs. Enjoy!LinksJenson Ventures - https://jensonventures.comHMRC page on SEIS: https://www.gov.uk/guidance/venture-capital-schemes-apply-to-use-the-seed-enterprise-investment-schemeHMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/**The playlist for all the videos of the Basics series will be found here. BioJeffrey FaustinManaging Partner, Jenson VenturesJeffrey Faustin is Managing Partner and Chief Investment Officer at Jenson Ventures with overall responsibility for the investment strategy and portfolio management of the Fund’s investments. With over 10 years of experience in venture capital, he has worked with over 150 early-stage high-growth technology companies across all sectors working with management teams to deliver growth through business strategy and board advisory support.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the fourth of basics mini-series for the EIS Navigator we discuss Venture Capital Trust (VCT) tax reliefs. Mercia manage the three Northern VCTs, so we asked their head of investor relations, Paul Mattick, to come on and explain how they work. VCTs are the most popular of the tax advantaged schemes, so it's great to get someone with such deep knowledge to explain the reliefs.The topics we cover in the discussion include:what is income tax relief?what are the limits on the tax reliefhow offer periods interact with thatwhat is the tax position on dividendswhat dividend strategies do we see in the marketwhether capital gains is payableAs well as explaining the reliefs, Paul brings in a few important nuances which will help many investors. Enjoy!LinksMercia Asset Management - https://mercia.co.uk/HMRC page on Venture Capital Trusts: https://www.gov.uk/hmrc-internal-manuals/venture-capital-schemes-manual/vcm50000HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. The playlist for all the videos of the Basics series will be found here. BioPaul MattickHead of Sales and Private Investor Relations, Mercia Asset ManagementDr Paul Mattick heads the Sales and Investor Relations team for the Mercia EIS Funds and VCTs. He works directly with private clients and advisers to build the EIS fund raising capacity of Mercia. Paul oversees the administration and development of the EIS funds, and ensures that investors receive a high level of service, much of which is delivered through Mercia’s award-winning Investor Centre.Paul has a variety of experience in early-stage businesses (including being a founder), and formerly worked at another leading EIS fund manager, where he built close relationships with top tier clients, and significantly grew both fund and single company assets under management. Paul has a PhD and Post-Doctorate from the University of Oxford and a 1st Class Bachelor of Science from the University of Leeds.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the third of basics mini-series for the EIS Navigator we introduce Venture Capital Trusts (VCTs). Foresight Group manage four VCTs, so we asked Nel Isaac to come on and explain what they are about. VCTs are the most popular of the tax advantaged schemes, so it's great to get someone with such deep knowledge to give us a primer.The areas we cover in the discussion include:what is a Venture Capital Trust?what a VCT can invest in?the restrictions on a VCT's cash holdingsthe different strategies that we see in VCTswhat areas VCT managers invest intocomparing EIS and VCT strategieshow an investor can buy sharesreturns from dividendshow to sell sharesAs well as explaining the reliefs, Nel brings in lots of examples. Enjoy!LinksForesight Group - https://www.foresight.group/Contact Nel - https://www.linkedin.com/in/nel-isaac/ HMRC page on Venture Capital Trusts: https://www.gov.uk/hmrc-internal-manuals/venture-capital-schemes-manual/vcm50000HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. The playlist for all the videos of the Basics series will be found here. BioNel IsaacSenior Strategic Partnerships Manager, Foresight GroupNel Isaac is a Senior Strategic Partnerships Manager at Foresight, based in London. Nel has been with the business for 10 years and is currently responsible for managing relationships with key networks and national advice firms across the UK.Nel holds a BSc in Anthropology from the University of Southampton and the Investment Management Certificate (IMC) qualification part one.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

This is the second in the new basics mini-series for the EIS Navigator. This episode follows on directly from episode 115 and we go into the tax reliefs that are available on investments using Enterprise Investment Scheme (EIS). For many investors, these are one of the main attractions of the scheme and the reliefs are amongst the most generous in the world. Remember, video is also available alongside the Hardman Talks videos on youtube so check them out there.In this episode, host Brian Moretta flies solo, giving a run through of the reliefs. These include:what is income tax relief?how capital gains deferral relief workswhat is loss reliefwhat is the tax position on dividendshow Business Relief can give EIS investments exemption from IHT As well as explaining the reliefs, Brian brings in lots of examples. Enjoy!LinksHMRC page on Enterprise Investment Scheme: https://www.gov.uk/guidance/venture-capital-schemes-apply-for-the-enterprise-investment-schemeHMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. The playlist for all the videos of the Basics series will be found here. https://www.youtube.com/watch?v=Dl7R2kXs_0I&list=PLuaVVfQg5eE8sL-3R2c25u7jcIgqJAxLvBioBrian MorettaHead of Tax Advantaged Research, Hardman & CoBrian Moretta is the Head of Tax-Advantaged Research at Hardman & Co, and also covers Financials stocks and Investment Funds.In addition to his role with Hardman & Co, Brian is an Honorary Fellow at Heriot-Watt University, where he lectures on actuarial science and financial economics. He has also been an examiner for the Faculty & Institute of Actuaries.Brian has had a 25-year career in Financial Services, including more than a decade as a fund manager. He specialised in analysing financial services companies at SVM Asset Management, as well as managing two traded endowment funds and an equity fund, and working on hedge funds. He has also been a Trustee and Board Member for Scouts Scotland.Brian joined Hardman & Co in 2013. A qualified actuary, he holds a PhD in Applied Probability and a BSc in Actuarial Maths and Statistics from Heriot-Watt University.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer