GovGrant, the innovation tax incentive specialist, has joined the All Party Design and Innovation Group (APDIG), a parliamentary body made up of MPs and Peers that champions innovation inside and outside Parliament.
Luke Hamm, GovGrant CEO, said: “Innovation and R&D are vital tools in the creation of a thriving economy, especially in new generation industries where, now and post-Brexit, the UK needs to become a destination of choice in the global marketplace.”
He explained that GovGrant, which is based in St Albans, helps UK companies maximise the funding opportunities through innovation tax incentives when they are investing in R&D and Intellectual Property.
Luke said: “We have processed over 5,000 claims and delivered over £160m benefit to some of the UK’s most innovative businesses, but the government needs to up its game, and we hope to play an active part in encouraging ministers to deliver further reform to the current incentive system, especially on intellectual property.”
“The UK is good at inventing things, but not so good at looking after them and making those inventions a commercial success, partly because new inventions are raided by outsiders. The government could step in and give more help to our most inventive companies to protect their IP.”
Luke said he hoped the Chancellor would increase the breadth and scope of the incentive programme in his Budget later in October. “Every £1 awarded to innovative businesses via R&D tax credits stimulates between £1.53 and £2.35 in additional R&D expenditure. The government spends 0.6% of the total tax take on R&D tax credits, and delivers £8.1bn of R&D spend as a result, a good return on investment.”
He added: “GovGrant is delighted to be joining the APDIG and I look forward to working closely with parliamentarians and other member companies to make sure the needs of our best and most innovative businesses are taken account of at the highest level of government.”