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Tax in the news – impacts on biotech and tech companies

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R&D tax credits: consultation response 2021

By CT Team | June 3, 2021

The Chancellor of the ExchequerHM Treasury1 Horse Guards RoadLondonSW1A 2HQ June 2, 2021 By email: RDTaxReliefs@hmtreasury.gov.uk Dear Chancellor, R&D Tax Reliefs: consultation Thank you for the opportunity to respond to the above consultation. Our comments follow. Respondent’s backgroundConfluence Tax is an 11-year established tax advisory firm; the only such firm to provide advice to businesses…

Enterprise Management Incentives (EMI): Confluence Tax response 2021

By CT Team | June 3, 2021

The Chancellor of the ExchequerHM Treasury1 Horse Guards RoadLondon SW1A 2HQ May 24, 2021 Dear Chancellor, Enterprise Management Incentives: call for evidence Thank you for the opportunity to respond to the above call for evidence. Our comments follow. 1. – 5. Respondent’s detailsConfluence Tax is an 11-year established tax advisory firm; the only such firm…

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R&D tax credits: PAYE cap implemented in 2021

By CT Team | November 18, 2020

But there is no need to panic as most companies, including those in biotech and tech, will be minimally affected by the changes.  The PAYE cap legislation around SME R&D claims has been released by HMRC (November 12). Crucially, the exemption to the cap that we, together with the BIA, lobbied hard for, has been included.  The key takeaway messages from today’s…

Entrepreneurs’ Relief and EMI: letter to HM Treasury

By CT Team | March 3, 2020

Given the speculation in the press regarding the withdrawal of Entrepreneurs’ Relief (ER), I wanted to bring to your attention that Enterprise Management Incentive (EMI) share options rely on ER for their tax efficiency, in enjoying a 10% rate of capital gains tax.

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R&D cap’s off!

By CT Team | November 4, 2019

SOME GOOD news has arisen from the Brexit maelstrom and the biotech industry in the UK has been handed an early Christmas present.  Given the forthcoming general election and closing of Parliament, there is no time this year for any proposed draft law on the PAYE cap on R&D tax credits to be released or…

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Confluence Tax: registered tax agents in Ireland

By CT Team | August 29, 2019

PRESS RELEASE August 29, 2019 We are delighted to announce that Confluence Tax is now registered as a tax agent in the Republic of Ireland. Many UK-based companies that need to retain a foothold within the EU following Brexit – for regulatory reasons, for example – are establishing Irish subsidiaries. This is driving the need for tax advice and support…

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2018 budget: a tax update for biotech and tech businesses

By CT Team | October 2, 2018

  Invitation to the essential 2018 post-budget briefing and general tax update for biotech and tech companies a free event We’ll keep it brief as you’re all busy but we’ll distill the significant bits of Chancellor Philip Hammond’s budget and discuss how they relate to biotech and tech businesses. The Confluence Tax team will be…

F-Star collaboration

By CT Team | May 31, 2018

As announced today (May 31), Confluence Tax is delighted to have assisted F-star on the acquisition of the asset-centric vehicle F-Star Gamma by Denali Therapeutics, leveraging F-star’s Modular Antibody Technology™ beyond immuno-oncology. Read the full press release here. 

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BREXIT AND TAX: WHAT’S IN STORE FOR BIOTECHS?

By CT Team | April 19, 2018

THERE IS no doubt that biotech fundraising rounds are getting bigger, companies are getting bigger and, as tax advisors, we are being faced with previously unheard of issues. Take profits – these could result in corporation tax liabilities, groups so large or profitable that they cannot claim SME R&D tax credits or future milestone income…

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Finalist in Tolley’s Taxation Awards 2018 – Confluence Tax

By CT Team | April 3, 2018

  CONFLUENCE Tax is delighted to announce the team has been shortlisted in the Tolley’s Taxation Awards 2018. The team is a finalist in the category Best Independent Consultancy Firm and is the smallest company to be selected. ‘It’s fantastic to be chosen as a finalist, especially as it’s the first time we’ve applied for an award.…