Fife business owners were urged to claims thousands of pounds rightfully owed to them through the governments Research and Development tax credit scheme at a seminar hosted by Business Gateway Fife last week.
At the seminar, Brian Williamson from Jumpstart, one of the UK’s leading experts in the scheme, shared their experience and gave an insight into how many businesses are taking full advantage and are able to claim back thousands of pounds.
The potential benefits were demonstrated even further by Martin Reynard from Glenrothes based engineering company Euro Precision, who successfully used the scheme to receive a 5 figure sum which they were able to re-invest in their business.
Delegates also heard from Ross Oliphant from Thomson Cooper who discussed how Fife businesses could gain further tax breaks through the Patent Box scheme, which enables business to enjoy lower levels of corporation tax on profits achieved through patents.
Douglas McLoughlan, Operations Director with Business Gateway Fife, explained “We see so many Fife companies investing in their products, services and facilities and it’s vital they enjoy all of the benefits including the tax breaks which can take into consideration the amount of staff time involved in any development process.”
He continued, “This seminar is part of our strategy designed to support the development of established businesses in Fife. So whilst we offer a range of services and packages including our Expert Help scheme, access to grant funding and finance packages, our team of advisers is committed to providing business owners with the knowledge and the tools to improve their business.”