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Impact of the Budget on Technology based businesses | |
Successive Governments have identified technology and innovation key to the UK’s economic growth and have implemented tax measures and incentives to encourage development and investment in technology-based businesses. So, has that focus continued under the new administration and has this been reflected in the Labour Government’s first budget? | | | |
Industry focus
The Government has repeatedly stressed the importance of technology and innovation. The recent Green Paper – “Invest 2035 – the UK’s modern industrial strategy” issued for consultation on 17 October identifies eight key sectors for focus. Included within these eight are:
Advanced manufacturing Clean energy Digital and technologies Life sciences
The Budget
From a business perspective, the impact of a Budget is typically split into – taxation measures and investment/funding proposals. From a taxation perspective technology-based businesses will be affected by the increase in Employers’ National Insurance to 15% and the lowering of the threshold in the same way that other businesses will be. For earlier stage technology businesses this will impact on their funding runways and in some cases could make it even more challenging to meet investor milestones. | |
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| Sign up to our upcoming webinar: From Concept to Commercialisation - A Holistic IP Strategy | |
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Join us for a free webinar where experts from Mills & Reeve and James Cowper Kreston discuss some of the legal, commercial, tax and accounting components of a strategy to maximise the potential of your intellectual property.
During the webinar we will briefly cover some of the following topics: - Accounting for IP and tax consequences
- R&D tax relief and Patent box tax incentives
- Why an IP strategy matters and how it should look
- What investors (and other stakeholders) really care about in terms of IP
- Legal and commercial strategies to maximise IP (and broader intangible) value and minimise leakage
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Date: Wednesday 20th November 2024
Time: 13:30 - 14:15 | |
Venue: Your desk (Zoom)
Cost: Free
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If you happen to miss our webinar, we will email you a recorded version. | |
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Thames Valley Technology Forum - Networking drinks | |
This exclusive Drinks Reception will bring together the latest and greatest tech companies in the region. Held quarterly, this is an informal meet up and a great opportunity to network with others from within the Tech Sector.
Each session we will invite a guest speaker from one of the thriving companies within this space. | | | |
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Date: Tuesday 26th November
Time: 18:00 - 20:00 | | Venue: Malmaison, Reading
Cost: Free | | | |
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James Cowper Kreston has worked within the life sciences and technology sectors for over 30 years. We have a team of specialists who bring the depth of our expertise to advise on financial, accounting and taxation issues affecting businesses and their stakeholders throughout the life-cycle of technology-based businesses from spin-out or start-up to exit. Our expertise is recognised by our engagements to advise technology transfer institutions and investors as well as by our involvement in policy consultations affecting the broader sectors.
To discuss this in further detail, please contact one of our Technology team members here. Alternatively you can email us on info@jamescowperkreston.co.uk, or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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