Archive for the ‘Life Sciences’ Category

Brexit concerns for UK tech and innovation

Posted on: July 8th, 2016 by Mike Fenwick No Comments

Mike FenwickIn an age where disruption, innovation and adaptability are seen as everyday challenges in one of the UKs flagship sectors, is Brexit really a cause for concern for the tech sector, or is it already primed for such challenges?

It’s no secret that the majority of tech firms wanted a ‘Bremain’ result to carry forward the momentum for what has been a meteoric rise over the last six years. Just prior to the EU Referendum, The UK’s technology trade association, techUK, surveyed 277 technology business leaders and found that 70% were in favour of staying in the EU, with only 15% supporting a Brexit.

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Summer Budget 2015 – Life Sciences sector continues to benefit

Posted on: July 27th, 2015 by Denise Roberts No Comments
Denise Roberts, Tax Director, MHA Broomfield Alexander

Denise Roberts, Tax Director, MHA Broomfield Alexander

Did the Life Sciences sector emerge as a winner in the summer Budget on 8 July?

George Osborne’s overall aim was to tackle the deficit by reducing spending and boosting growth via fuller employment creating a further 2 million jobs.

According to the Welsh Government , there are over 350 companies in the Life Sciences sector in Wales employing over 11,000 people, and welcome news for the sector came when the Chancellor announced a lowering of the corporation tax rate from 20% to 18% by 2020 – a significant reduction compared to 28% in 2010.

There was further encouragement in terms of allowances for capital expenditure, which can be significant in many Life Sciences companies. The annual investment allowance (AIA) for eligible capital expenditure is currently £500,000 but was due to fall to only £25,000 from January 2016. The Chancellor announced there will now be a permanent AIA of £200,000 per annum. This will be very helpful to many small/medium sized companies in the sector.

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Launchpad competition

Posted on: April 14th, 2015 by Denise Roberts 1 Comment
Denise Roberts, Tax Director, MHA Broomfield Alexander

Denise Roberts, Tax Director, MHA Broomfield Alexander

Aged 16-25 and an aspiring engineering entrepreneur? Could you do with some extra support? Have you heard about the Royal Academy of Engineering’s Launchpad Competition?

The aim of the Launchpad Competition is to enable an aspiring engineering entrepreneur aged 16-25 to start a new business based on their engineering innovation.

The winner will receive the JC Gammon Award, a prize of £15,000 and the support from a money-can’t-buy Membership of the Royal Academy of Engineering Enterprise Hub.

The Enterprise Hub is an initiative that sees some of the UK’s leading technology entrepreneurs and engineering business leaders volunteer their time to mentor the country’s most promising engineering entrepreneurs, who in turn form a highly valuable peer-support network. The Hub also runs a year-long programme of training courses, exclusively for Hub Members.

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MHA Broomfield Alexander joins new Welsh Life Sciences Hub

Posted on: July 30th, 2014 by Denise Roberts No Comments

SJP_MAI_140714bills9843_01JPGA national and international Hub for life sciences has opened in Cardiff with MHA Broomfield Alexander set to take up a tenancy.

The Life Sciences Hub, at 3 Assembly Square was recently opened and is an initiative launched by the Welsh Government as a base for the Welsh Government Life Sciences sector team along with members of the Department for Health; clinicians and healthcare organisations; universities, academics and professional advisers.  The Hub will also accommodate the team from Arthurian Life Sciences Ltd who manage the £100 million Wales Life Sciences Investment Fund.

As part of Scinapse, an innovative collaboration between MHA Broomfield Alexander, Geldards and Withers & Rogers offering early stage and growing life sciences businesses advice and guidance, MHA Broomfield Alexander will have a permanent presence in the Hub.

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VAT: New Place of Supply Rules – a headache for Tech businesses?

Posted on: July 30th, 2014 by Denise Roberts No Comments
Denise Roberts, Tax Director, MHA Broomfield Alexander

Denise Roberts, Tax Director, MHA Broomfield Alexander

At present the place of supply of most B2C services is the place where the supplier belongs.

This is changing from 1st January 2015 such that the place of supply becomes that of the customer. This means businesses in the UK supplying telecommunication services, broadcasting services and other electronic services to consumers will need to be able to establish where the customer belongs.

This may not be that straightforward as, normally, a supplier will only have limited access to information about a customer. The supplier will however be allowed under the rules to make certain assumptions concerning where their customer belongs. Examples include the following:

  • Services are provided via a mobile network- The business can assume the customer belongs in the country corresponding to the country code of the SIM card used by the customer to receive the services
  • Where the services require the customer to be physically present at a location to receive a service, that location can be assumed to be the customer’s place of belonging.

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Wildbyte Technologies Ltd

Posted on: October 1st, 2013 by Denise Roberts 1 Comment
Denise Roberts, Tax Director, MHA Broomfield Alexander

Denise Roberts, Tax Director, MHA Broomfield Alexander

A spin-out from Swansea University is using its electronics expertise to record animal movement and behaviour in various parts of the world.

Electronic tagging of animals proves particularly useful in monitoring the long-term health of the ocean’s wildlife and surrounding landscapes and monitoring resulting changes from disasters such as the oil disaster from the failed Deepwater Horizon rig.

‘Daily Diary’ is a tag that uses sophisticated electronics to monitor the movement and behaviour of animals in their environment. It was initially developed as a research tool by Swansea University’s Swansea Laboratory for Animal Movement (SLAM) research group, but as a result of the rapidly growing interest in these devices and their applications, spin-out Wildbyte Technologies Ltd was formed to commercialise the tag.

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What is the future for life sciences in Wales?

Posted on: September 30th, 2013 by Denise Roberts No Comments

The Welsh Government has recently announced plans for a life sciences hub, located at 3 Assembly Square to act as a central resource for the whole of the life sciences sector in Wales. Alongside this hub is the now operational life sciences investment fund which is the largest dedicated investment fund of its kind for any sector in Wales. It has the potential to make a real impact in driving business growth, creating jobs and raising the profile of the sector internationally.

We interview Professor Gareth Morgan, the chair of the Welsh Government’s Life Sciences Sector panel about both the fund and the hub and gauge his opinions on the future of life sciences in Wales.

Gareth is Deputy Pro-Vice-Chancellor and Professor of Immunology and Paediatrics at Swansea University and has an established reputation not only in his field but in the larger life sciences sector.

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New Pilot grant scheme announced to support collaborative Research & Development in Wales

Posted on: August 1st, 2013 by Mike Fenwick No Comments
Mike Fenwick, Director, MHA Broomfield Alexander

Mike Fenwick, Director, MHA Broomfield Alexander

The Collaborative Research Innovation Support Programme (CRISP) offers help to companies and other organisations, including university and public sector departments, which can demonstrate real innovative potential.

Aimed at encouraging collaboration between businesses conducting Research and Development (R&D), the process involved in bringing new technologies to market, up to £90,000 will be made available this financial year through three separate funding strands via the CRISP.

Those looking to engage with partner firms on R&D projects could be eligible for up to £5,000 to help facilitate knowledge sharing or workshops, while companies looking to secure funding from bodies outside of Wales could receive up to £5,000 to help with the costs of employing consultants to assist with the application process.

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Welsh Government funding support for businesses in Wales

Posted on: August 1st, 2012 by Mike Fenwick No Comments
Mike Fenwick, Director, MHA Broomfield Alexander

Mike Fenwick, Director, MHA Broomfield Alexander

In the current economic climate raising finance in particular for SME’s and early stage businesses, continues to be challenging.

In recognition of this the Welsh Government has recently announced the establishment of 3 new funds aimed at supporting SME’s, micro businesses and businesses operating in the Life Sciences sector.

Wales SME Investment Fund

The new £40 million Wales SME Investment Fund is a 4 year fund managed by Finance Wales that provides debt, mezzanine and equity finance to SME’s throughout Wales.

The fund consists of £20m from the Welsh Government and a further £20 million from the private sector. The new fund is able to provide support to a wider range of SME’s than were previously eligible for support under the £150 million Finance Wales JEREMIE fund.

The fund is currently open for applications.

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Recent Changes to Grant Support in Wales

Posted on: October 11th, 2011 by Mike Fenwick No Comments
Mike Fenwick, Director, MHA Broomfield Alexander

Mike Fenwick, Director, MHA Broomfield Alexander

Following the introduction of the Economic Renewal Programme (ERP) in 2010 there have been a number of significant changes to how grant support is delivered to businesses in Wales.

The principal changes introduced by ERP were as follows

  • Targeting support by focussing on a number of key priority sectors
  • Moving to a model of mainly repayable business finance
  • Reallocating a significant proportion of the grant budget to investment in infrastructure and high speed broadband

The initial proposal contained in the ERP was to limit support to the following key 6 sectors

  • Creative industries
  • Information, Communication and Technology (ICT)
  • Energy and Environment
  • Advanced materials and manufacturing
  • Life Sciences
  • Financial and Professional services

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