SOFIAH NICHOLE SALIVIO

News Editor

Tax Systems has rebranded as Alphatax, aligning the business with its flagship corporation tax compliance product.

The London-based company described the move as the next phase in its development as an AI-focused tax technology provider. Alphatax is a long-established corporation tax software product that many customers already associate with the organisation.

The new brand will span the company’s portfolio across corporate tax, Pillar Two, transfer pricing and tax reporting. It also plans to build a single platform bringing together compliance, data, governance and tax intelligence in one environment.

Under the Alphatax name, the business intends to create what it describes as the foundations of a tax operating system: a connected environment where tax data, decisions, approvals, filings and supporting evidence sit within one digital structure.

The rebrand also marks a shift in how the company positions itself to finance and tax departments. Previously, its messaging focused on compliance functions and regulatory reporting.

“This is another important step in the evolution of the company. For a long time, we described ourselves as a tax compliance company. That description no longer fully reflects what we are becoming. Compliance remains core to our business, but the next chapter is about trusted intelligence: helping organisations process and understand tax faster, with more context, stronger controls and greater confidence,” said Bruce Martin, Chief Executive Officer, Alphatax.

The company wants to expand its role in data analysis and decision support within tax teams. It is emphasising AI-based tools and connected data flows across large organisations.

Alphatax’s corporation tax software has a long history in the UK and international markets. The product is used by in-house tax teams at large corporates and by advisers managing complex multi-jurisdictional filings.

Management is betting that the strength of the Alphatax name will ease the transition from the Tax Systems brand. Many large companies already use the software for core corporation tax calculation and reporting.

Customers will see a unified brand but keep the same products and contacts throughout the transition. Support and implementation teams will remain in place under the new identity.

Alphatax is backed by private equity investor Providence Equity Partners. Founded in 1991, the company has operated in the tax software market for more than three decades.

It works with more than 42% of the FTSE 100 and serves 80% of the top advisory firms globally, according to the company.

More than 30,000 tax professionals have trained on Alphatax software, and users file more than 200,000 submissions a year through its systems, according to the company.

Martin said the brand already carries a specific meaning for many in the market.

“Many of our customers already know us as Alphatax,” said Martin. “For decades, the name has been associated with trust, accuracy, rigour and helping tax professionals get the job done properly. It reflects both the foundations that built this company and the future we are creating: a more connected, intelligent and proactive way for tax teams to work.”

KAREN JOY BACUDO

Finance Editor

UK artificial intelligence companies raised a record £4.56 billion in equity funding in the second quarter, according to Beauhurst. The total accounted for 57% of all UK equity investment by value during the period.

Beauhurst tracked 269 AI fundraising rounds between April and June, accounting for about one in four of the 1,070 UK equity deals recorded across all sectors. The wider market raised £8.01 billion in the quarter.

The £4.56 billion total was 4.1% higher than the previous quarter’s £4.38 billion and 186.8% above the £1.59 billion raised by UK AI companies in the same period a year earlier. It made the quarter the strongest on record for UK AI investment by amount raised.

Data compiled from equity fundraisings into UK companies tagged with artificial intelligence also showed that a small number of large transactions accounted for most of the money invested. Eight AI fundraising rounds of more than £100 million made up almost 80% of disclosed AI investment during the quarter.

Those larger rounds included deals by Isomorphic Labs, Ineffable Intelligence, NScale, PhysicsX and Fractile. The figures may rise further as additional unannounced deals are identified through Companies House filings in the weeks and months after the quarter closes.

Sector split

Life sciences and health attracted the largest share of AI investment by value, with 36 deals raising £1.52 billion. That total was driven mainly by Isomorphic Labs’ £1.47 billion fundraise.

AI infrastructure, compute, and chips ranked second by value, with £986 million raised, led by rounds involving NScale, Fractile and Quantum Motion. Enterprise software, data and automation followed, with £843 million raised from 27 deals.

Financial services, payments and RegTech recorded the highest deal count among the largest categories, with 64 AI fundraisings in the quarter. Industrial AI, robotics and physical systems accounted for 61 deals and £470 million in funding.

The figures add to evidence that investor appetite for AI businesses remains concentrated, but broad enough to reach several parts of the UK private-company market. Fundraising was spread across life sciences, infrastructure, financial services, advanced engineering and software.

Henry Whorwood gave his assessment of the quarter’s figures.

“Q2 was a landmark quarter for UK AI investment. What stands out is not just the scale of capital going into AI, but the breadth of the companies raising. The UK is attracting major investment across life sciences, AI infrastructure, financial services, advanced engineering and enterprise software. AI is now a major driver of the UK private-company market,” said Henry Whorwood, Managing Director, Beauhurst Insights.

The research group said the recorded total is unlikely to be final because some equity deals are disclosed only after a delay.

“The headline figure is already a record, but it is unlikely to be the final number. Unannounced fundraising deals often come to light in the weeks and months after a quarter closes, so we expect the Q2 picture to continue developing,” said Whorwood.

Recent quarters have seen a sharp increase in AI investment, although the growth pattern has been uneven.

“There has been a rapid increase in investment into AI, with the last two quarters seeing significantly more investment than ever before. Although investment has almost tripled year on year, growth has not been consistent, so there will be a great deal of interest in what the rest of the year will bring. It is also interesting to note that 80% of the total invested into UK AI was raised by just eight AI equity raises, with life sciences and health attracting the most investment by value,” said Whorwood.

The retailer said all England branches will shut at 6pm today (July 15) to allow staff to watch the match.

England face Argentina this evening for a place in their first World Cup final since 1966.

The winner of the game will play Spain this weekend, after they beat France 2-0 yesterday (July 14).

Smyths closing England stores early for World Cup semi-final

A statement shared by Smyths said: “All Smyths Toys stores in England will close at 6pm on Wednesday, 15th July, giving everyone plenty of time to get home for the England World Cup game.

“Enjoy The Game!”

Shoppers were full of praise for the retailer, with one commenting: “Now this what a business should be all be about, being considerate for there [sic] employees.”

Another said: “And this is why I applied to work here.

“They care for their workers.”

A third added: “Amazing way to treat your employees!”

Smyths has more than 100 locations across the country that will shut.

It is not the only retailer that will see its opening hours change due to the World Cup.

SCS Sofas said that all of its poltronesofà stores are closing at 7pm today for the semi-final.

Meanwhile, if England reaches the World Cup final, Tesco will close its Express stores across England at 7.30pm, instead of the usual 10pm or 11pm.

This is to allow colleagues to watch the match, which kicks off at 8pm.

Express stores will still be open as normal during the daytime, so fans can stock up on pre-match supplies.

Customers needing last-minute essentials will also still be able to place orders with Whoosh until 11pm.

All online Grocery Home Shopping orders already placed for Sunday evening will be honoured and delivered as normal.

If England doesn’t reach the final, stores will open and close at their normal times.

Stores in Scotland, Wales and Northern Ireland will continue to remain open in line with their usual hours.

When is the World Cup final?

The World Cup final is on Sunday (July 19) at 8pm and will air on both BBC One and ITV1.

Spain will play the winner of England vs Argentina.

There will be a third/fourth-place playoff game on Saturday (July 18) at 10pm UK time, with the loser of tonight’s game playing France.

Who do you think will win the World Cup? Let us know in the comments.