A NORTH-East MP is backing an event designed to encourage businesses to take advantage of R&D tax credits for innovation.
The Government backed scheme gives the companies tax relief on 225% of what they spend on research and development.
Accountants Clive Owen & Co LLP and Teesside University have joined together to put on a breakfast event in Middlesbrough on November 30 designed to show how businesses in the region can take advantage of the scheme and identify areas of business innovation.
James Wharton, Conservative MP for Stockton South, said:
“It’s very important that local companies take full advantage of government schemes designed to help them invest in vital research and development work.
“I would encourage anyone who feels they might benefit to engage wholeheartedly in this event.”
Clive Owen & Co LLP’s senior partner, Clive Owen, said he believed businesses in the region were not taking full advantage of the tax breaks on offer.
“We’ve found many businesses are carrying out innovation without even realising it,” he said. “These tax breaks often make all the difference to a business and enable them to have the funding to continue carrying out research and innovative projects. They give businesses the opportunity to develop ideas into reality and to support their own company growth and ultimately the economy of the North East region.
“The combination of our tax team and the university’s technical experts ensures the exacting analysis required to formulate a robust claim and withstand scrutiny from HMRC.”
Professor Cliff Hardcastle, deputy vice-chancellor (Research & Business Engagement) at Teesside University, said:
“We believe our partnership with Clive Owen & Co will give business and enterprise throughout the region another route to ensure they are maximising all the support available to them.
“At Teesside University we are committed to investing in research and development. Research, teaching and business engagement are mutually reinforcing and the University has a key role to play in helping companies to innovate, increase performance and create wealth for the region.”