Cambridge event offers chance for firms to access R&D funding
PUBLISHED: 15:16 16 June 2017 | UPDATED: 15:16 16 June 2017
A workshop at St John’s Innovation Centre is designed to show that innovation does not just apply to people in white coats working in laboratories
Innovative small and medium-sized firms in the Cambridge area which could be missing out on thousands of pounds can discover more about tax credit relief and funding available to them at a free event in the city on Wednesday (June 21).
Research and development (R&D) tax credits were brought in by the Government in 2000 – however, only 11 per cent of R&D tax claims come from companies in the East of England.
R&D tax credit specialist Jumpstart – whose specialist knowledge of Her Majesty’s Revenue & Customs has helped to secure £96million benefit for clients over the last eight years – has partnered with Enterprise Europe Network to host ‘Jumpstart your Innovation: Funding for Innovative SMEs’ at St John’s Innovation Centre.
It is aimed at high-growth small and medium-sized enterprises looking to gain expert advice in R&D, grants, intellectual property and leveraged funding.
R&D tax credits are designed to encourage greater R&D spending, leading in turn to greater investment in innovation. They work by reducing a company’s tax bill by an amount equal to a percentage of its allowable R&D expenditure. A company can claim R&D tax credits only if it is liable for Corporation Tax.
More than £250m in R&D tax credit was claimed by companies in the East of England last year – however, this represents only 11.3 per cent of the available £2.215bn, compared to the South East (18%) and London (32.7%). Research shows that for £1 spent on R&D tax relief, an additional £1.53-£2.35 is stimulated for the economy.
The keynote speakers are:
• Innovation loans and business support from Barclays – David Clark, high growth relationship manager at Barclays
• Why companies should consider IP valuations if seeking investment – Jeff Morris, patent specialist at ip21 Ltd
• Available grants to grow innovation – Joe Watson, Signpost 2 Grow navigator, Greater Cambridge Greater Peterborough Enterprise Partnership (LEP)
• How R&D tax credits can support business growth – Sandy Findlay, partner manager at Jumpstart.
Lee Williams, Jumpstart’s business development manager for East Anglia, said: “There has never been such a competitive funding landscape and this event is designed for people to find out that innovation doesn’t just apply to people in white coats working in laboratories.
“Businesses from all sectors are innovating, however many companies are unaware they qualify for R&D tax credits. The aim of this event is to help businesss seek a better understanding of the support available and ask experts questions on a one-to-one basis.”
Kirsten Masson, development manager for the Enterprise Europe Network at St John’s Innovation Centre, added: “This practical event demystifies some of the challenges facing early-stage businesses looking to raise funds. It’s a great opportunity for businesses to understand some of the tax benefits available to them.”
The event takes place from 3.30pm to 6.30pm on Wednesday June 21 at St John’s Innovation Centre in Cowley Road, Milton, CB4 0WS. To secure your free place, email firstname.lastname@example.org or call 07794 201990.