Johnston Carmichael strengthens support for entrepreneurs with new appointment

Accountancy and business advisory firm Johnston Carmichael has strengthened the specialist support it offers to entrepreneurs with a new senior appointment based in the Central Belt.

Andrew Holloway is experienced in all aspects of corporate tax, but in recent years he has focused on fast growth technology businesses.

A strategic hire, he will focus on tax efficient company financing through government backed investment schemes, as well as boost the firm’s credentials in the science and technology sectors.

Prior to joining Johnston Carmichael, Andrew spent nearly eight years at Grant Thornton where he gained significant corporate experience; working with businesses ranging from young start-ups seeking their first seed funding to large privately owned companies.

His wider work involved advising on a whole range of corporate tax matters for early stage and large corporate businesses and his former client base at Grant Thornton stretched from Elgin in the North of Scotland to as far south as Lonon.

At Johnston Carmichael, Andrew will head up the firm’s entrepreneurial taxes team which includes advising clients on the Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS).

While these valuable reliefs are well known in the marketplace, most businesses require expert external advice in order to take advantage of them. Andrew will also help clients establish Enterprise Management Incentives (EMI) share option schemes which allow employees to acquire shares at a fixed price, with the employee accruing benefit through future growth in company value. EMI schemes are often utilised by business owners to retain and incentivise key staff.

Andrew said: “As technology is a strategic growth area for Johnston Carmichael I will be using my extensive experience in the sector to assist clients and maximise access to tax reliefs. Structuring appropriately and being aware of potential pitfalls in relation to SEIS and EIS are really important in allowing businesses to get the capital they need to grow their businesses, it’s risk reduced capital which has fantastic benefits.”

He added: “I take a strong interest in fast growth young companies; what makes them tick and how I can help them grow and make their lives easier so they can focus on running the businesses. You become a trusted adviser which is fundamentally important when you’re trying to give a growing business the best advice possible.”

Andrew will be based between Johnston Carmichael’s Glasgow and Edinburgh offices but will work across their 11 offices to help nurture younger businesses throughout Scotland and develop networks to help them grow.

Susie Walker, head of tax, said: “We are proud that we have attracted someone of Andrew’s reputation and calibre to lead Johnston Carmichael’s entrepreneurial taxes team. Andrew has worked with many successful start-up and growth businesses over the course of the past eight years so will be a valued addition to the team.”