AMRC reducing the barriers to R&D investment18 April 2018
As part of our role in driving step-change improvements in productivity, quality and manufacturing performance, the AMRC has joined forces with Sheffield Chamber of Commerce and Industry (SCCI) to help manufacturers gain access to tax credits for their investment in research and innovation.
Alan Lyons, SME Business Network Manager with the AMRC said: “The government has set an ambitious plan to increase the UK’s R&D spending to 2.4 per cent of GDP to stimulate innovation and drive improvements in productivity. In support of that objective we are working with the SCCI and one of the region’s leading accountancy companies, Shorts, to make sure that manufacturers in the Sheffield City Region, and our partners, get their full entitlement to R&D tax credits.”
SCCI President, Richard Wright, said: “We are delighted to extend the Chamber R&D service to AMRC partners. It is one of the Chamber’s member services that has been extremely busy over the last few years but data would show that still only 25% of businesses that are eligible are actually claiming. This is particularly the case in smaller companies, partly because the methodology can be difficult to work through, and we have worked hard to develop a system that is sympathetic to their particular circumstances.”
Scott Burkinshaw, Tax Partner and head of the ITG at Shorts Chartered Accountants said: “We are delighted to get involved in helping AMRC partners and the SME companies they are working with. Like the Chamber and AMRC, we are keen to actively help businesses in the region to flourish. We have helped local businesses claim millions of pounds of cash from HMRC over recent years and look forward to helping AMRC ensure its businesses maximise their claims. We look forward to working closely together to help AMRC businesses to prosper.”
Lyons, who is spearheading SME engagement for the AMRC in the region said there were concerns that many smaller and medium sized firms might be put off investing in research and development, thinking that the costs are too prohibitive. “In reality, we are seeing that a blend of a tax credits and access to other funding streams, which we can help with, makes it possible for SMEs in the region to work in the same facilities, with the same engineers, who are supporting the likes of Rolls-Royce, Boeing and BAE Systems, with research and innovation tools to help them improve productivity and quality and develop their capabilities.”
Please contact Alan Lyons
07864 950 360