Businesses in Fife and Angus scoop £28,597 and £43,850 respectively
Companies in Fife and Angus have benefited from more than £4.5 million in R&D (Research & Development) tax credits over the last eight years thanks, in part, to Jumpstart.
They were each advised by Edinburgh-based Jumpstart, which is thought to be one of the UK’s leading R&D tax credit specialists, on how to make claims to HMRC to claw back some of the cash they’ve invested to improve working processes and operate more efficiently.
They have since added to their balance sheets in the form of tax credits, a UK Government incentive to maintain Britain’s place at the forefront of the modern global marketplace.
A total of £4,559,034 was successfully claimed from 101 submissions, with Fife and Angus’ average tax benefits amounting to £28,597 and £43,850 respectively.
Jumpstart says that Fife, which is one of Scotland’s leading centres for energy, low carbon and renewables, now has more companies than at any other time since 2000.
The region, whose recent economic strategy document highlights the need to focus on sectors such as manufacturing, finance and business services, tourism food and drink and ICT (Information and Communication Technologies), achieved 26 successful claims.
Angus, which is, of course, predominantly a rural area, achieved nearly three times as many successful claims as Fife (75 in total).
The county has traditionally been dependent on the service sector, retail, food production and processing, fishing, agriculture and textile industries but Jumspstart says the development of technology and the energy sector in the north east has enabled diversification into engineering, oil, gas and pharmaceuticals.
Jumpstart, which makes claims on companies’ behalfs, has been helping to secure tax credits on investments in new processes and technologies across a number of these sectors.
Ian Donaldson, Client Engagement Manager at Jumpstart, said: “There are many companies in Fife and Angus which have reacted cleverly to changing times and circumstances, and £4.5 million in tax benefits will help them to remain responsive in a fast-changing business environment.
“However, companies in Scotland as a whole are not reaping the full benefits which might be expected to accrue to them on a head of population basis. There is great scope in Scotland for a much more focused uptake of the scheme.”
Jumpstart, which operates throughout the UK, says it was founded to address a huge opportunity in the market and to help businesses by guiding them through HMRC’s complex R&D tax relief claim process.
As well as sector-expert business analysts, the Jumpstart team includes scientists and technologists who understand each market area and can produce robust applications which have, in turn, resulted in significant R&D claims for its clients.