Tag: start-ups

University supported companies celebrate EDGE Awards success

Innovators to share in £150K prize fund and other business growth support measures

A host of University of Edinburgh students and alumni who have founded their own startup companies are celebrating after taking honours at this year’s Scottish EDGE Awards.

Xiaoyan Ma, founder of Danu Robotics, an innovative business focused on developing sustainable technological solutions for the benefit of the environment, was named among this year’s main award winners. The company secures £75K in grant funding to accompany its award.

Three other company founders, which have also been supported by Edinburgh Innovations (EI), the University’s commercialisation service, were named as Young EDGE winners. They include Alex Hodson of Podspectrix; Niall McGrath of Robocean; and Elena Höge of Yaldi Games.

Meanwhile Ioannis Stasinopoulos of Prozymi Biolabs, a further EI-supported startup, was named as a Wildcard EDGE award winner. Between them, the four companies will share a further £45K in grant funding along with their awards.

The annual Scottish EDGE Awards, aimed at identifying and supporting Scotland’s up-and-coming, innovative, high-growth entrepreneurial talent, recognises and supports entrepreneurs and startup businesses.

Funded by the Hunter Foundation, the Royal Bank of Scotland, the Scottish Government, Scottish Enterprise and private donors, the competition is delivered twice annually and has to date supported 395 early-stage Scottish businesses with over £15m in award funding.

The winners from this year’s Scottish EDGE Awards will share in more than £150K ingrants and benefit from other forms of support and mentoring to help them maximise their growth aspirations.

John Lonsdale, Head of Enterprise Services from Edinburgh Innovations said: “We congratulate all the University of Edinburgh students and alumni in their success at this year’s Scottish EDGE Awards.

“We are delighted to have supported these emerging companies, all of which are focused on developing innovative solutions to some of the key challenges facing society.

“As an organisation committed to helping University of Edinburgh startups reach their full potential, Edinburgh Innovations is proud of its role in supporting entrepreneurs who are driving economic growth in Scotland and beyond.”

Tech firms lined up for Turing Fest

One of Europe’s leading tech conferences for start-ups and scale-ups, Turing Fest is set to welcome around 700 in-person delegates to the EICC between 2nd and 4th November 

  • Turing Fest CEO Brian Corcoran: “Turing Fest is a practical learning and networking event, primarily aimed at helping people build better start-ups and scale-ups, and it’s a win-win dynamic because the audience is keen to learn, and the speakers are keen to teach” 
  • Speaker line-up includes: Hannah Fleishman, Director of Employer Brand & Internal Comms, HubSpot; Nilan Peiris, VP Growth, Wise; Ashley Faus, Content Strategy Lead, Atlassian; Saille DaSilva, Head of UX, Cazoo; Chris Savage, co-founder and CEO, Wistia; Varun Nair, co-founder or Two Big Ears and former Head of AR/VR Audio Software at Facebook, and; clinical psychologist Dr Suzanne Brown.  
  • A major theme at Turing Fest is around diversity and inclusivity, building on its inclusion at the tech conference over the last few years with this year’s conference speaker line-up is 50% women and 20% People Of Colour – rare for a tech conference Turing Fest’s partners for 2021 include Current Health, FanDuel, Administrate, GearedApp, FreeAgent, Bureau, Avaloq, CodeClan, Baillie Gifford, Creative Informatics, Harper Macleod, Purpose HR, Turing Trust, Wistia, and the Freer Consultancy 

Turing Fest, one of Europe’s top tech conferences for start-ups and scale-ups, has announced its partner and speaker line-up for 2021, taking place next week from 2nd – 4th November at the Edinburgh International Conference Centre (EICC). Event organisers are expecting around 700 in-person delegates this year, with a similar number of attendees joining online.  

A major theme at this year’s Turing Fest is around diversity and inclusivity, building on its inclusion at the tech conference over the last few years.

Past speaker Check Warner, co-founder of Ada Ventures, shared: “We started Ada Ventures with the key objective of investing in overlooked founders and markets, following years of not seeing anyone be truly proactive at making a difference in this space. This was also my key focus for co-founding the non-profit, Diversity VC.

“So, when I was asked to be a part of Turing Fest in both 2018 and 2020, I learned about their self-set targets and tactics to provide a diverse and inclusive experience for all. From the range of speakers (gender, POC, background, you name it), to ensuring underrepresented groups could get access easily – and free – to attend the conference, I knew I had to be a part of it.

“I’ve recently found out that they are hitting and exceeding their targets this year – with over 50% of the speakers being female or non-binary and 20% being POC – I couldn’t be prouder of having been on their stage speaking about diversity and would happily do it again.”

Turing Fest’s partners for 2021 are Current Health, FanDuel, Administrate, GearedApp, FreeAgent, Bureau, Avaloq, CodeClan, Baillie Gifford, Creative Informatics, Harper Macleod, Purpose HR, Turing Trust, Wistia, and the Freer Consultancy.

Tickets for Turing Fest 2021 are available via the website: 

https://www.turingfest.com 

Selling online? Here’s what you need to know about taxes

With online shopping becoming more and more popular, e-commerce and online business start ups are growing at a rapid rate. In fact, according to the Business Data Group, the UK’s e-commerce start-up sector is booming at levels not seen before.

Its research showed that in the week before the UK’s COVID-19 lockdown was announced, more than 500 e-commerce start-ups were formed. Five weeks later, that figure had risen exponentially to almost 1,300 e-commerce start-ups per week – around 800 more than the same week in 2019.

If you own an e-commerce business, or you’re thinking about starting one, then there are special rules and regulations for operating. Here, Zoe Gibbons (above), partner and e-commerce specialist at Perrys Chartered Accountants, explains what you need to know about selling online:

Do online sellers have to pay tax?

Setting up as an online business is a great way to keep overheads to a minimum and benefit from flexible working arrangements. However, like any other business, an e-commerce business will be subject to paying taxes.

If you are self-employed, including as an online seller, then you’ll need to complete an annual self-assessment tax return to disclose any income and expenditure and submit it online to HM Revenue & Customs (HMRC).

However, there are some exceptions. For example, if you are selling items online and it is not part of a business activity, such as selling second-hand possessions on eBay, then you won’t need to pay tax. However, if you plan to do it regularly, this could count as a business even if you already have a job.

As of 2016, the Finance Act gave HMRC the authority to investigate selling sites of individuals who do not appear to be declaring income. This is assessed based on the following criteria:

  • Intention to make a profit as opposed to selling for fun or to raise emergency funds
  • Repetition of similar transactions over a short period of time
  • Borrowing money to fund transactions
  • Inability to prove items sold were pre-loved or used before being listed
  • Items sold at a fixed price in a similar way to other retailers
  • Limited time between purchase and selling of items
  • Modification of items in order to sell them for profit

How much can you sell online before paying tax?

If you’re hoping to make a small amount of money from selling online, then the good news is HMRC currently allows for £1,000 to be earned in sales before any tax is payable.

However, even if you’re selling online on platforms such as eBay, Depop and Gumtree, and you’re not a registered business, once you pass the £1,000 earnings threshold you may be liable for tax as a self-employed individual.

What taxes do online businesses need to pay?

Depending on how your business is set up, the following taxes may apply:

  • Income Tax
  • Corporation Tax
  • National Insurance
  • VAT
  • Employers’ PAYE
  • Business rates

It is recommended that you seek the advice of a professional accountant for any e-commerce business tax related matters.

Is there an online sales tax?

In March 2020, HMRC introduced the Digital Services Tax – a 2% tax on the revenues of search engines, social media services and online marketplaces, which derive value from UK users. The majority of businesses affected by this tax are large multi-national enterprises, such as Amazon, Facebook and Google.

However, the UK Treasury is also investigating the options for introducing an online sales tax in response to the recent shift in shopping patterns and online consumer behaviour. Currently, it is considering a 2% online sales tax on e-commerce sellers and marketplaces.

This could mean that e-commerce businesses will need to pay 2% of tax on their online sales to UK customers.

Do you pay taxes when selling online to other countries?

If you sell goods online to customers who are overseas, then other considerations will apply. For example, your goods may require accompanying documentation and could be subject to customs duty and sales tax on arrival at their destination.

If you are in any doubt, then you should seek the assistance of a qualified accountant who has experience dealing with e-commerce businesses.