Some news, views and comments about everything and anything, relevant and irreverent.
Wokingham is twice as innovative as Edinburgh, and a lot more start-up-and-go than Stirling or Wrexham. You however don’t have to live in any of those places to get R&D help from HMRC, and a cash prize for your innovative idea from Springfords.
Wokingham, a place the English call a town but the Scots would say is getting on for the size of Dundee, has a bounty of bright ideas, overflowing to make it into the world of commercial success. The town, city, call it what you will, leads the way in making a valuable, if not very well known, tax rebate claim for research and development.
Now, good old R&D Tax Relief is nothing new. We’ve been down this road before, and here at Springfords we wholeheartedly support new business ideas. Indeed we have made successful R&D tax relief claims for many clients who have benefited from the extra cash in their coffers. Getting a new idea off the ground is fearfully expensive, no matter how beneficial it may be in the long run. So, if you’re an innovator, and you spend time, and more likely - money, in research and development, chances are you could benefit from this tax break.
Another break you could benefit from is our bright competition idea called the Kickstart Initiative KickStart project, for young entrepreneurs exciting business or innovative ideas.
Now, they say you’re never too old to come up with something new - and that’s true - but in this case you’ll need to be between 18 and 25 years old to enter..
If you hit the mark on the age range, you could be in line for the winning grant of £10,000, along with £10,000 worth of mentoring and accountancy advice. Even two runners-up, will each enjoy cashing in £5,000 worth of mentoring and advice.
We’re launching the competition in Scotland, along with our business partners at Campbell Dallas, and our organising partners Baldwins, who’ve been running the competition since 2013.
It doesn’t matter whether it’s a new satellite dish, or a new restaurant dish, or indeed a wall painting robot like last year’s winners. As long as it’s a good idea, you’re in with at very least a chance of showcasing your innovation to an appreciative audience, and making it to the finals in front of more than 400 people in Birmingham on 15 November. If that’s got you thinking … good. Now its time to check out just what you might be entitled to before you even start to fill out your entry form for KickStart.
Don’t worry if you’re a bit long in the tooth. HMRC are not ageist..
It doesn’t matter whether you sit in a bath and shout “eureka!” every now and again, or have a team of egg-headed boffins locked in a secretive lab. If you’re actively, or even passively, attempting to come up with the best thing since sliced bread, there may be a crust or two due to you from those friends of business, HMRC.
R&D Tax Relief is available to businesses all over the UK, and lots of recent reports want to shout about their successes.
Manchester claims to be the biggest claimant. It is, in terms of claims made - over 1,100 in the last tax year. Then again, Edinburgh, where claims amounting to £45m were made, has got a good shot at the most value reclaimed, since the average is £44,000.
We’ll just say that again: the average claim is £44,000 and there are a number of our own clients in this category.
Although, by the measure of population to claims made, Aberdeen is way ahead in the boffin bursary, at third overall, behind the bright sparks of Cambridge (no surprise there) and, in first place, Wokingham in Surrey. Huge surprise there.
Yes, Wokingham, which only escapes all the negative publicity thrown at Slough because it’s more difficult to spell, filed an R&D Tax Relief once for every thousand people living there - and that’s more than twice the rate than in Slough, or Edinburgh - which is more difficult to spell than either of those places.
It wouldn’t be a new idea, but given the cash involved (£44,000 on average, for the third and last time) it would certainly be a good idea to have a word with Springfords about whether or not you have an R&D claim in waiting.