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App to Help Social Care Staff work Flexibly

App to Help Social Care Staff work Flexibly

Health Tech World Published November 19th, 2021

Social care jobs marketplace Outt.com is developing an app to make it easier for UK social care staff to work where and when they want. CEO at Outt.com, Steve O’Brien, said the app will allow workers to choose their shifts, their rate of pay and when they get paid.

Care workers will also be able to speak with advisers 24/7 who will help them get better pay, more flexibility and improved their rights.O’Brien, said: “The social care sector is in the middle of a staffing crisis, over the past 18 months our team has been developing new technology to provide a real solution.“As a technology powered, people-based business, we thought it appropriate to crowdfund our launch into the market, offering the very people we aim to help an opportunity and a chance to shape the business. “This is a real chance to own shares in the business they work in and have a say in it’s future.

“We know how conventional care agencies work. We know how difficult it is because we’ve been there, and we know how many incredible social care professionals work crazy hours for low pay. This new online agency has been designed to support these workers who are the heart and soul of the care industry.

“Working with Outt.com will allow workers to choose the shifts they want to work at an agreed rate of pay and they can even choose when they get paid. Our ethos is about getting care professionals the pay and rights they deserve.

“The team at Outt.com continue to campaign on the behalf of care workers on the sleep-in pay debate, earning above minimum wage hourly rate, tax breaks for key workers and the flexibility to support a healthy work/life balance.

“At Outt.com we provide as much of this as possible, but want to ensure every care worker has access to improved rights and working conditions.”

In order to launch the app OUTT.com is asking investors to support the initiative via CrowdCube. The CrowdCube platform is regulated by the FCA and supports beginners and experienced investors to buy shares from as little as £10 to support Outt.com launch the app into the care industry.

A Social Solution To The Social Care Staffing Crisis Calls For Public Support

A Social Solution To The Social Care Staffing Crisis Calls For Public Support

Business Mondays Published November 9th, 2021

Outt.com, a social care jobs marketplace is raising funds using CrowdCube to launch an industry changing way for care professionals to work in the UK.

The Outt.com app will blend technology with real people at the end of the phone 24/7 with a mission to help care professionals get better pay, more flexibility and improved working rights.

CEO at Outt.com, Steve O’Brien, said, “The social care sector is in the middle of a staffing crisis, over the past 18 months our team has been developing new technology to provide a real solution. As a technology powered, people based business, we thought it appropriate to crowdfund our launch into the market, offering the very people we aim to help an opportunity and a chance to shape the business. This is a real chance to own shares in the business they work in and have a say in its future.

“We know how conventional care agencies work. We know how difficult it is because we’ve been there – and we know how many incredible social care professionals work crazy hours for low pay. This new online agency has been designed to support these workers who are the heart and soul of the care industry.

“Working with Outt.com will allow care professionals to choose the shifts they want to work at an agreed rate of pay and they can even choose when they get paid. Our ethos is about getting care professionals the pay and rights they deserve. The team at Outt.com continue to campaign on the behalf of care workers on the sleep-in pay debate, earning above minimum wage hourly rate, tax breaks for key workers and the flexibility to support a healthy work/life balance. At Outt.com we provide as much of this as possible, but want to ensure every care worker has access to improved rights and working conditions.”

In order to launch the app Outt.com is asking investors to support the initiative via CrowdCube. The CrowdCube platform is regulated by the FCA and supports beginners and experienced investors to buy shares from as little as £10 to support Outt.com launch the app into the care industry.

The Benefit of EIS for New Investors

The Benefit of EIS for New Investors

Outt.com is delighted to have received Advance Approval from The Enterprise Investment Scheme (EIS) because it means offering a tax perk to every investor who decides to join our crowdfunding journey.

The reality is that deciding whether to purchase equity shares – and the potential tax implications – can feel like a complex decision. EIS Advance Assurance, in essence, means that anybody who invests gets up to 30% tax relief every year on any crowdfunding investments up to £1 million.

Let’s clarify that our round on Crowdcube means you can buy shares in Outt.com from just £10, so there’s no expectation of large investment. Here’s what that means and how investing in social care sector innovation could happily benefit your tax bill.

Why EIS Advance Assurance is a Big Deal for OUTT.com Investors

The EIS is a UK government scheme designed to give a helping hand to newer businesses and those with influential ideas but not limitless pockets. Seasoned investors tend to search for crowdfunding projects with the EIS approval we’ve secured – it means they can lower their tax bill by choosing to invest with firms who have done the legwork to offer this distinct advantage.

We’ll explain the benefits in more detail shortly, but the crux of it is that:

  • However large or small, any investments made qualify for up to 30% income tax relief for every tax year.
  • Returns you make are free from Capital Gains Tax, provided you’ve kept hold of them for three years or more.
  • If you sell your shares, or they drop in value, any loss on your investment is offset against your income tax – it’s a worst-case scenario, but still, there’s the assurance that you won’t lose out either way.
  • Should you make a profit and decide to reinvest that cash in another crowdfunding raise or EIS-qualifying company, you can defer your Capital Gains liability.

It’s essential to point out that tax relief is depend on your tax status – for example, the amount of income tax loss offset depends on your regular tax bracket, so it might look a little different between investors.

However, whilst eligibility for tax reliefs can vary, any qualifying individuals will benefit.

What is the EIS Scheme?

EIS is a government-backed initiative, so fully HMRC compliant and streamlined to apply for along with regular tax returns and other declarations – using your tax relief reward doesn’t require any substantial amount of additional paperwork.

The idea is that investors who buy shares in small businesses get a bonus for their efforts through relief against their income tax. It’s a win-win situation, so we can reach out to interested investors, raise funds to scale up our ambitious business plan, and offer something back in return – immediately!

EIS schemes are designed for individuals, sometimes investing for the first time, wanting to:

  • Get involved in backing a business from the early days.
  • Keep their vested interest in a high-growth company.
  • Invest in shares with the potential to grow significantly.

Therefore, for Outt.com, EIS Advance Assurance is a fantastic achievement and takes us one step closer to realising our aspirations.

If you’re wondering about the ‘advance’ terminology, it purely means that the crowdfunding raise hasn’t finished yet. HMRC awards Advance Approval at this stage because the tax office can’t actively apply the tax relief till the investments are finalised.

WE ARE CROWDFUNDING!

*capital at risk

EIS Investment Tax Relief Examples

We appreciate that some investors will be well-versed with EIS tax relief, and it might be a new concept to others, so let’s demonstrate precisely how it works with some examples.

Scenario One: Shares Remain Stable

In our first illustration, we’ll consider an investment in £100 of shares, which remain worth a consistent value. Stable share valuations do not mean that you don’t qualify for tax relief since it applies to the investment made, not solely against returns or profits.

HMRC applies tax relief of 30%, so £30 on our example value, and that amount is knocked off your income tax. The calculation doesn’t change no matter how much or how little you invest – provided you’re within the £1 million investment cap.

Therefore, if you bought £10,000 of shares, you’d get a £3,000 tax reduction or repayment.

Scenario Two: Shares Increase in Value

Let’s look at it from another perspective and consider what happens if your Outt.com shares are worth double their value in three years.

If you invested the same £100, you’d get an equal £30 income tax deduction, but your shares are now worth £200 – so a total gain of £130. Given that you’ve retained your shares for three years, there is no Capital Gains Tax to pay on your £100 profit.

The same goes for a £10,000 investment. You’d receive your £3,000 income tax relief, plus the personal gain of £10,000 as your share ownership has doubled in value.

Scenario Three: Shares Drop in Value

It’s only right that we look at every angle to ensure all prospective investors understand how EIS Advance Assurance impacts their share ownership if they don’t perform as we anticipate.

Shares worth the same £100 always maintain eligibility for tax relief up to 30%, regardless of how equity investments perform. However, you’d also earn loss relief on any drop in value.

The exact relief depends on your tax bracket, but you will get 20% back on the £100 lost if you’re a basic rate taxpayer, so there’s an in-built safeguard, even if shares lose value at some stage.

Benefits of EIS Scheme Eligibility

EIS Advance Assurance reinforces the opportunity to invest in innovation and benefit from a range of advantages as an added incentive with a blend of upfront and continual tax reliefs.

Tax relief values depend on the amount invested but offer a considerable benefit against other crowdfunding opportunities at any level. And, if we can make a difference to your taxes, think about what else we can achieve!

 

Why We Are Fundraising Through Crowdcube

Why We Are Fundraising Through Crowdcube

With the news literally streaming coverage of social care staff shortages, the time has never been more relevant than right now, for Outt.com to launch.

The OUTT.com crowdfunding raise is the next phase in developing our market-leading business strategy and reconfiguring how the vital UK care sector operates. With substantial demand and reducing capacity, this opportunity comes at an optimal time, with the potential to generate rapid growth in the coming months and years.

Let us explain how crowdfunding works, the process involved, and why we’ve chosen Crowdcube as our preferred fundraising platform.

We appreciate that some potential equity investors may not have used a crowdfunding provider before, so we wanted to clarify why this form of flexible investment provides a secure, simple way to acquire an ownership stake in OUTT.com.

The OUTT.com Crowdfunding Offer

Our objective is to make investment an accessible option and not only available through brokers and high-cost investment frameworks that create a barrier for millions of people interested in buying shares.

As a relatively new way of raising finance, crowdfunding has a range of considerable advantages over conventional business financing. Those benefits include the chance to offer shares to a much wider pool of investors and be more adaptable in the way we work.

What is Crowdfunding?

Crowdfunding has become increasingly prevalent in the modern investment landscape because it is hugely more efficient and means OUTT.com can invite early investors to get on board.

Investors contribute small amounts and collectively raise sizable amounts of finance to ensure we can advance our business approach with conviction. As an investor, buying crowdfunding shares means you have a tangible stake in OUTT.com with access to tax incentives and returns as we grow. For our team, crowdfunding will help us engage with investors excited about the potential for care industry-wide innovation.

The power of crowdfunding means that investors have an opportunity to participate with a business on a steep growth trajectory without a minimum investment.

How Does Crowdfunding Work?

If you’ve not used crowdfunding before, or aren’t sure how it works, let’s run through the process.

Crowdfunding is an incredible resource for challenger businesses and newer companies looking for more productive ways to develop their offering. Traditionally, investments have only been available to those with substantial amounts to invest, so crowdfunding means that anybody can get involved.

This form of capital fundraising brings together investors attracted by earning potential and contributing to dynamic businesses they’re passionate about.

Crowdcube works like this:

  • You sign up and create an account (it takes about 60 seconds, and there is no obligation to invest if you decide otherwise).
  • Next, you can browse pitches and review the business proposal, equity shares available, and the potential for the raise to deliver profitable returns.
  • If you decide to go ahead, you can buy equity shares from just £10 in increments per share, depending on how much you’d like to invest.

Now, the pitch isn’t indefinite and will close when it is fully funded. However, there isn’t a specific time pressure.

If the raise is oversubscribed and we know some investors would have liked to buy in, we will keep you informed if we expect to launch a further crowdfunding project for our next initiative.

WE ARE CROWDFUNDING!

*capital at risk

What is Crowdcube?

We’ve mentioned Crowdcube, which is the platform we felt best aligned with our business aspirations and overall culture of inclusion and transparency. The firm is an established crowdfunding platform based in the UK, aimed at entrepreneurial businesses raising finance to make groundbreaking ideas a reality, so we felt at home!

Although crowdfunding is still somewhat new, Crowdcube has already delivered returns in the millions to investors and backed some incredibly successful start-ups, so it has an impressive track record of promoting high-growth businesses. Hence, it’s an excellent place to raise capital and be a part of a growing community.

Why Did We Choose Crowdcube Over Seedrs?

If you’re a seasoned crowdfunding investor, you might wish to know how we landed on Crowdcube – and it wasn’t a quick decision – it’s massively important to Outt.com we get this right!

Seedrs and Crowdcube collectively handle more UK transactions than any other. We knew we wanted a British crowdfunding site since it means there aren’t any complications for investors – such as trying to convert pricing from dollars or manage extra costs such as international transaction charges. We also felt that a local crowdfunding platform would be advantageous for streamlined communications and provide complete control over the process.

In addition, we felt that it was essential to crowdfund with a platform that aligns with our overall business aims. Benefits such as Crowdcube Rewards offer a better deal for investors and mean that the platform is available to everybody – and isn’t solely about raising commission. The Rewards Programme includes free digital memberships, event invitations, branded merchandise and complimentary restaurant meals.

If you invest through Crowdcube, you own a direct equity investment in Outt.com – you’re a fundamental part of the operation, not a distant bystander, which is the case with many crowdfunded shares. That means we can welcome more investors, offer more advantages, and make a more significant mark on the care industry.

Investing in OUTT.com as a Stakeholder

A small capital contribution from a more significant number of investors makes sense for companies focused on social inclusion.

Crowdfunding was an obvious choice for Outt.com because we thrive in an environment of mutual effort, advocating for and supporting our staff. Having gained support from InnovateUK grant funding and EIS Advance Approval from HMRC, this recognition solidifies the validity of what we’re working towards.

Using a respected fundraising partner in Crowdcube ensures that private data is protected and investments made are secure, crucial to ensuring individuals can purchase shares with confidence. With a simplified investment structure and easy account management, it’s straightforward to see how your shares perform and decide how to reinvest or withdraw any profits made.

Please get in touch for more information about the Outt.com crowdfunding raise, investing through Crowdcube, or the potential investment returns available. We’d love to have you on board.