A technology firm which achieved the Queen’s Award for Innovation in September 2012 and NASA Tech Brief Award who supplies cutting edge pressure sensing material to companies across the world, including NASA and Samsung, has opened a new laboratory suite as it looks to become the market leader in its field.
Peratech, based in Richmond, North Yorkshire, has opened the lab following the savings it hopes to make as a result of submitting a tax claim for continued research and development (R&D).
The firm is being advised by accountants and business advisers, Clive Owen & Co LLP, which specialise in supporting innovative companies and has already advised on a range of successful R&D claims.
Clive Owen, which has offices in Durham, Darlington and York, has taken steps to strengthen its R&D services by teaming up with business and enterprise experts from Teesside University.
Doug Balderston, director at Peratech, said:
“Our business is based on innovation and a major part of that is our investment in research and development. The tax reliefs for innovation are a great boost to our business and Clive Owen & Co’s team makes the most of this for us.
“We provide small amounts of the product we develop and send it to companies all over the world. As our technology advances we will be in a strong position to become the market leader in our field. Being able to take advantage of tax breaks that support the nature of our business means we can re-invest in the facilities we need to ensure our research and development progresses even further.”
Nicola Bellerby, tax partner with Clive Owen & Co, said:
“It’s satisfying to be able to give clients this type of support. The nature of their operation is such that they constantly need to look long term, so by submitting a claim it has enabled them to have the confidence to improve and expand their research facilities. The UK government is encouraging research and development so we are excited to see how this recent expansion make a difference”