New unit will provide firms involved in research and development with guidance to navigate the complex and ever-shifting taxation system. Tony McDonough reports
A dedicated ‘innovation team’ supporting the science, technology and software sectors has been set up in the Liverpool office of accountancy firm Grant Thornton.
GT’s team will provide firms involved in research and development with guidance to navigate the complex and ever-shifting taxation system, and enable them to claim the tax credits they are often eligible for.
R&D Tax Credits, Video Games Tax Relief and Patent Box are three Government initiatives set up with the aim of supporting enterprise in these high-growth industries, and can slash a company’s tax bill considerably.
However, a lack of information and unwieldy legislation means they are often under-claimed.
Neil Sturmey, tax partner in the Liverpool office, said: “We have launched this new team in response to not only the existing demand for specialist innovation tax knowledge, but also with an eye to the future.
“Plans for the £2bn Knowledge Quarter have the very real potential to transform this city’s economy.
“Adding to our existing scientific assets like Liverpool Science Park, we will soon have Sensor City, which is set to become a launchpad for 300 start-ups focused on the Internet of Things and medical technology.
“There’s never been a better time for fledgling companies in these sectors to grow and flourish in Merseyside, and we look forward to giving them the advice and guidance required to succeed.”
Grant Thornton has appointed senior innovation tax manager, Matt Foddy, to head up the new service.
Matt has 12 years’ experience spanning compliance and advisory work, and has spent the majority of that time focusing on the intricacies of R&D tax legislation.