KASHFLOW MEDIA STATEMENT
Response to Capital Gains Tax U-Turn
KashFlow is an accounting software company who have a significant share in the small to medium size enterprise market. The following is a statement from the Managing Director of KashFlow in relation to the Capital Gains Tax u-turn by Alistair Darling.
Speaking about the changes Duane Jackson, Managing Director of KashFlow said,
“As ever when it comes to this Government’s financial related announcements, what looks like a good deal does have its flaws with the devil firmly sat that there waiting in the detail. The fact is that this is a once in a lifetime allowance so if a entrepreneur only sells one business they are fine, but most entrepreneurs will re-invest the money in starting another company and then they face getting stung for the full 18% tax when they come to sell that one”.
“This means, in effect, the Government is encouraging UK business owners to have one good idea over here and then take their money elsewhere in the world to start their next company and I think this is incredibly shortsighted”.
“It is certainly true that business owners who hit the jackpot with one company in their career will be celebrating all the way to the bank as they no longer need to hold their business for two years in order to benefit from the lower tax rate”.
“What I find to be very unfortunate and disappointing is that it took a lot of signatures on petitions and immense pressure from organisations like the Federation of Small Business to make this happen. This isn’t consistent with the governments stated interest in promoting enterprise and reducing the barriers to forming new businesses.”
“We also need to spare a thought for the plight of accountants as they have a couple of days left of the crazy self assessment season and then they’re going to have a hectic two months dealing with their clients assets and making sure they’re eligible for the relief.”
KashFlow launched its flagship product, an online tool specifically designed to help owner-managers in small businesses manage their accounts, in mid 2005. Since that time it has quickly won a significant share of the valuable accounting software market along with launching a new direct to accountant division in late 2006.
In late 2007 venture-capital backed KashFlow won a Business Software Satisfaction Award, judged entirely by customer feedback, for the category of web-based accounting beating the likes of Sage and Netsuite.
Lord Young of Graffham, former Secretary of State for Trade and Industry and Chairman of Cable and Wireless was appointed to the role of Chairman of KashFlow in January 2008.
The KashFlow accounting package is securely hosted online, requires no installation and can be trialled for free by visiting http://www.kashflow.co.uk .
The site also displays examples of feedback from actual users.
For further information contact 10 Yetis Public Relations Agency firstname.lastname@example.org or 01452 527898.
In 2007 KashFlow won a Sift Media award, judged entirely by customer feedback, for the category of web-based accounting beating the likes of Sage and Netsuite
KashFlow has received two rounds of venture capital funding from Lord Young of Graffham, former Secretary of State for Trade & Industry and ex Chairman of Cable and Wireless
KashFlow won the 2007 Software Satisfaction Awards category of Best Web-Hosted Accounts
KashFlow is simple to employ, with users instinctively knowing where to click to perform almost any accountancy task
Owner managers are able to effectively manage their accounts with no need for software training or prior knowledge of accountancy
KashFlow has been featured in the likes of the Financial Times, Daily Mail, The Daily Telegraph, The Mail on Sunday and all the leading accounting magazines.
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