What does this election mean for innovation in the UK

The golden rule in an office, never talk politics – well sorry, I feel that I need to break that rule! The election manifestos have been unsurprising from the main two parties – sort Brexit on one side or change everything the other side is the summary. But of selfish importance to me and my clients is the parties view on how government should invest in R&D to make sure the UK leads the world in innovation.
 

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R&D Tax Credits: doing nothing is not an option

In their latest podcast, Accountancy Age spoke to GovGrant’s CEO, Luke Hamm, about the need for the R&D tax credit programme to be kickstarted in the UK in order to drive much-needed innovation. In this entertaining podcast, we cover why the government must do more, how businesses of all sizes are missing out, the regional problem and why the big four need to take some of the blame for the issue.  

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Good news in HMRC R&D tax credits report, but new policies needed to boost growth

Commenting on HMRC’s analysis of UK R&D tax credits in its report, published today Luke Hamm, CEO of innovation tax specialist GovGrant, which has helped businesses claim back over £200m for their R&D, said: “The good news is that the number of claims by UK SME businesses accessing the tax credits system has increased by 22% between 2015-16 and the end of 2017. 77% of all claims are from SMEs, and there’s been a welcome 15% increase in the number of first time SME applications.” 

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Government must do more to support innovation or risk losing our best businesses to competitors

Innovation tax specialist GovGrant comments on the annual HMRC tax credits statistics and says Government needs to demonstrate that it really is pro-business. Commenting before the publication today (10 October) of the latest HMRC statistics measuring the amount of tax credits claimed by the UK’s most innovative businesses during the previous 12 months, Luke Hamm, CEO of GovGrant, said:  

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Definitive guide to R&D tax credits

Whether your business is big or small, complex or simple, single or multi-site, GovGrant can manage your R&D tax claim from start to finish. As one of the oldest established innovation tax specialists in the UK GovGrant has a proven track record with HMRC. We have a well-established claim methodology giving us a 100% success rate. Here are some questions that we often get asked about claiming R&D tax relief. 
 

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7 reasons why you’re not claiming R&D tax relief - and why you could be wrong

As leading experts in R&D tax relief, we’ve heard all kinds of misconceptions about the scheme over the years. The words ‘Research and Development’ often leads minds to think of things like rocket ships, test tubes and people in white lab coats but that simply isn’t the case. Many of our clients don’t realise they have qualifying projects, but just view them as their normal 'day to day activities.’ So, are often surprised when they learn their innovations are eligible for the government-backed scheme. 
 

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Yorkshire firm gets £90,000 boost from tax scheme – and urges others to check if they’re eligible

Hebden Bridge-based Urban Cottage Industries has secured £90,000 under the R&D tax credit scheme. The company is a bespoke manufacturer of high quality, retro and vintage style lighting equipment, aimed at professional designers, architects and engineers. CEO Stanley Wilson said the money had made a big difference to the firm, which invests heavily in innovation, at a time when tough market conditions made it a challenge to pay their day-to-day bills.
 

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GovGrant urges separation of audit and consultancy in order to embrace contingent fees for consultancy services

The CEO of one of the UK’s leading innovation tax specialists has called for contingent fees to be fully embraced by clients seeking the best possible outcome for their R&D and innovation tax credits strategy. Luke Hamm, CEO of GovGrant, which specialises in helping firms claim tax credits from their innovation and intellectual property, which is then re-invested, said that contingent (or success fees) were a better means of deriving full value from a claim than fixed fees or hourly rates. 

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Unleashing Opportunities – GovGrant leads the way at SME event

GovGrant collaborated with four other firms aiming to help SMEs maximise their innovation opportunities at a June event in partnership with Business Funding Show. It was the first in a programme of GovGrant sponsored events. We invited the other organisations to share the platform in order to give innovative companies a fully-rounded insight into available funding sources (debt, equity, grant and, of course, the R&D tax credits and Patent Box schemes) to support a continuous cycle of innovation within their organisations, and all the business benefits that ensue. 

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Spotlight on software considerations in R&D

Defining software development is one of the most challenging areas for R&D advisers and HMRC alike. The question that needs to be addressed is: “What are the eligible R&D activities that fall within the specific R&D legislation?” Misunderstanding the definition of “eligible R&D activities” means getting the answer wrong, with the result that some companies either underclaim or overclaim for R&D. Some companies think that all software development is R&D, whilst others think that software development can’t qualify as it is not ‘white coat’ stuff… both scenarios are of course incorrect. 

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GovGrant’s Charlie Whitehead blogs on a fascinating day with the entrepreneurs of Manchester

Last month I attended Connected Investing held in Manchester University’s Bright Building. The Connected Investing event series is delivered through a partnership between UKBAA (UK Business Angels Association), the trade body for early-stage investing, and Innovate UK, part of the government-funded UK Research and Innovation.  

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GovGrant targets agritech and vertical farming to support innovation in food production

GovGrant, the innovation tax specialist that helps businesses secure tax breaks for their R&D and intellectual property, has targeted ‘vertical farming’ for future business development. GovGrant CEO Luke Hamm said that vertical farming provides ethical solutions to the problems of mass population, as well as practical opportunities to commercialise food production by adopting new practices in an industry that hasn’t much changed for thousands of years. 

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GovGrant urges action on innovation tax credit fraud but to keep the claim process simple

GovGrant CEO Luke Hamm has welcomed HMRC’s (HM Revenue & Customs) decision to crack down on abuse of the R&D tax relief system. GovGrant, which is a member of the HMRC Research and Development Consultative Committee, helps businesses claim millions each year for their innovation, including patents and inventions. Luke said he hoped ministers would move quickly to protect the reputation of the tax system and force out unscrupulous agents in time for new rules on tax credit coming in April next year.  

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GovGrant CEO Luke Hamm explores what lessons China’s industrial strategy can offer the UK

Luke Hamm is CEO of GovGrant, a specialist adviser helping companies take advantage of generous government tax incentives for innovation. You can’t keep China out of the news. Not only is it poised to overtake the USA as the world’s biggest economy (and this may be a political factor behind the current trade war with the US), but in the UK, the government is weighing up whether to allow Huawei, the Chinese telecoms giant, to build parts of the UK’s 5G network.  

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Medtech and biopharma can drive the UK growth agenda and more support should be given

The UK’s biopharma and medtech sector is a world class sector with potential for stellar growth, according to Luke Hamm, CEO of GovGrant, which helps companies in the sector obtain commercialise their innovations, including R&D tax credits. Commenting after the publication of the government’s Office For Life Science’s (OLS) statistical survey of biotech and medtech in the UK, Luke said: “The report underlines the vital importance of this sector to the UK economy, with a quarter of a million employees, turnover of nearly £75bn and over 6,000 businesses across the four key areas.” [biopharma, biopharma service and supply, med tech core and med tech supplier businesses.]  

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GovGrant appoints Bartholdi to spearhead sales and marketing

GovGrant, the innovation tax credits specialist, has appointed Dominic Bartholdi as head of sales. GovGrant, [which is based in St Albans] helps businesses take advantage of government tax credits for innovation, R&D and intellectual property such as patents. The proceeds are then ploughed back into the businesses to generate more investment in innovation. Luke Hamm said Dominic’s arrival comes on the back of a record quarterly trading performance with turnover increasing by over 30% at the end of last year.  

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GovGrant posts record quarterly trading and says no evidence of Brexit ‘meltdown in SME innovation’

  • Strong sales uplift following significant increase in claims volumes
  • Brexit having no impact on SME investment in innovation
  • CEO calls for regulation to remove cowboy claims farmers from the sector
  • Partnerships with accounting firms a key growth opportunity
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GovGrant signs up with Insurtech UK

Innovation tax specialist GovGrant is delighted to confirm today that it has been accepted as the research and development/intellectual property partner of Insurtech UK. GovGrant joins the 40+ insurtech startups and insurance-related businesses who have joined as associate members and partners since the Insurtech UK alliance – which plans to become a formal trade association in the next few months – informally launched in November 2018.  

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Honda closure must bring about government re-think for innovation, says GovGrant CEO

Honda’s decision to close its Swindon car plant by 2022 has been hijacked by the politics of Brexit. No surprise there, but the closure also blows a big hole in the government’s industrial strategy, which placed some big bets on the development and production of electric vehicles in the UK.
 

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GovGrant urges Chancellor not to go ‘down under’ for innovation and R&D tax policy ideas

Australian government proposals to restrict tax incentives for R&D and innovation have been delayed following an outcry from business and research groups. The proposals, intended to save £1.2bn capped cash refunds for research activities at $4m, introduced a new ‘intensity test’ for larger companies to favour higher, more intensive R&D investment, and significantly increased compliance and enforcement measures, according to a report in the Guardian newspaper.  

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The real Sir James Dyson question: What has Singapore got that the UK hasn’t?

Sir James Dyson’s decision to move his corporate HQ from the UK to Singapore has unleashed a storm of Brexit-related comment. Sir James, one of the UK’s most successful inventors, is a prominent Brexit supporter, and he has been widely criticised as hypocritical on social media and in the MSM.
 

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GovGrant calls for more R&D investment after latest EU stats rank UK at 11, well behind EU competitors

Commenting on the latest R&D figures from Eurostat [Estimates of Research & Development expenditure – 10 January], where the UK ranked 11th among EU member states for R&D expenditure in 2017, Luke Hamm, chief executive of innovation tax credits specialist GovGrant, said:
 

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Employment Law and Innovation Funding - upcoming Cambridge event

Business financing - cash flow and employees are key assets in every organisation and while the full impact of Brexit on business remains to be seen, business owners should take every opportunity to reinforce these critical areas now and for the future.  GovGrant, the UK’s leading specialist in Government incentive funding schemes and Peninsula an award-winning provider of HR, Employment Law & Health & Safety support services would like to personally invite you to attend a brief but invaluable complimentary event for business owners at 9.30am on Tuesday 5th February 2019 at The Hallmark Hotel, Cambridge.  

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Accountants urged to champion innovation tax credits

Preliminary GovGrant research finds a potential 50% service gap in for UK businesses. Over a third, (38%) of UK accountancy practices may not provide their clients with tax credit services for innovation and R&D, and a further 13% say there is no client demand for this service. The preliminary findings come from a survey of accounting firms by innovation tax specialist GovGrant, which helps the UK’s most innovative businesses claim tax benefits for their R&D and intellectual property.  

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GovGrant featured in Envirotec Magazine

The government is giving more of a boost than ever before to the UK’s most innovative companies, according to the latest full-year statistics from HMRC.
 

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GovGrant urges Herts businesses to claim credit for innovation after government announces local industrial strategy

GovGrant, the St Albans-based innovation and R&D tax credits specialist, has welcomed government plans to develop localised industrial strategies, including for Hertfordshire, but has urged ministers to keep their focus on supporting the strategy at a national level too.
 

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GovGrant hands top business award to Ultima

Luke Hamm, CEO of GovGrant was on hand to give the 2018 Thames Valley Business Magazine award for best use of technology and innovation to Reading-based Ultima Business Solutions Ltd.
 

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GovGrant CFO Steve Phillips reflects on the 2018 Budget and its impact on innovation and R&D

As is usual, politics took centre stage following the 2018 Budget. Labour was under scrutiny after the Shadow Chancellor, John McDonnell, indicated that, unlike his boss, he would not oppose the government’s personal tax changes. In the Times, leading economist David Smith noted that while the budget ‘must be judged as a political success,’ the level of public debt continues to be a cause for concern.
 

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GovGrant: Agri-Business a Key Sector for Investment and Active Policymaking

GovGrant, the innovation and R&D tax credits specialist, has welcomed the government’s commitment to the agri-tech sector following the outcome of a government-sponsored roundtable earlier this month, where ministers announced a further £30m investment (on top of £90m already committed via the Industrial Strategy) to enable farmers to buy into technology.
 

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GovGrant urges boost for productivity and innovation in the October Budget

GovGrant, the innovation and R&D tax specialist, has urged the Chancellor to use the tax system to boost the UK’s army of inventors and innovators in the Budget on 29 October.  

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GovGrant joins influential All Party Group for Design and Innovation

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.
 

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Latest Govt stats highlight how SMEs are critical to the health of the nation.

Business powers our economy, even if Boris Johnson colourfully disagrees, and the Chancellor has a chance to underscore the government’s support for business – especially small business - in his Budget at the end of October.
 

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New government tax stats boost innovative UK businesses

The government is giving more of a boost than ever before to the UK’s most innovative companies, according to the latest full-year statistics from HMRC.
 

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GovGrant welcomes new government initiative to help small businesses

Luke Hamm, chief executive of innovation tax specialist GovGrant, has welcomed the government’s announcement that it is to introduce new laws to protect small businesses against unfair contracts that stop them raising money from unpaid invoices.
 

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GovGrant featured in The Business Magazine

Entrepreneurial businesses can capitalise on their innovations by taking advantage of government incentives. R&D tax relief adviser GovGrant’s chief executive officer Luke Hamm tells Tim Wickham why more UK companies should consider claiming the relief and protecting their intellectual property.  

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GovGrant featured in GTMA Aerospace Executive briefing

Charles Darwin said that ‘it's not the strongest of the species that survive, nor the most intelligent, but the one that is most responsive to change.’ He was citing the animal kingdom, but (if he was still with us) he could equally be channeling the UK aerospace sector, one of the UK’s most important industries. 
 

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Not enough insurtechs in FCA Sandbox - Insurance Times feature

This year saw only three insurtechs in the FCA Sandbox out of 29 firms in total.
 

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CEO featured in Insurance Times

The insurance industry is missing out on claiming back research and development (R&D) tax.   

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Innovation the key for better business

One of the more heartening aspects of this year’s Federation of Small Business (FSB) innovation survey is that SMEs know they need to innovate, particularly in the face of competition.  

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Why SMEs are not accessing R&D tax credits

The Federation of Small Business (FSB) innovation survey stands out like a sore thumb. There are a huge number of SMEs not accessing or not even being aware of government support for their research and development (R&D).
 

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GovGrant calls for UK’s innovative businesses to take up Government R&D support

GovGrant, the leading innovation tax relief specialist, has welcomed what the government has described as the ‘biggest increase in public R&D (research and development) funding for over 40 years.'
 

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Most small businesses are innovating

Results from this year’s Federation of Small Business (FSB) innovation survey make for interesting reading.
 

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How AI is changing all our lives – even for accountants

The march of artificial intelligence is seemingly unstoppable. An AI-world is viewed with alarm or excitement depending, I suspect on whether the Terminator movies increase your pulse rate or send you to sleep.
 

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Recognising and valuing your intellectual property

From that light bulb moment through to go live - understanding how you maximise the value of your innovation is key.
 

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Breakfast with your local innovation partner

Come and join us for a free breakfast seminar on Tuesday 24th July 2018, in the heart of St Albans. 
 

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Who ya gonna call?

We are working more closely than ever with accountants to help businesses secure the grants which are so vital to encourage continued innovation which not only helps them to an edge over competitors but also keeps the wheels of industry turning. 

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Whose idea was it anyway?

Anyone old enough to remember the BBC comedy series Harry Enfield and Chums may recall the wonderful public information film pastiche sketches which always ended with the phrase ‘Women, know your limits’.
 

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Shine a light on hidden innovation

Hidden innovation needs to be brought out from the shadows and into the spotlight.
 

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6 Degrees of Innovation

It is often said that you are only ever 6 steps away from anyone- in a world that small where information is now distributed in fractions of a second, the same must be said for Innovation. It begs the question that if innovation is readily available - what does it look like?
 

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Can the government help fund your manufacturing business?

It is certainly in the best interest of the UK to bolster the manufacturing capabilities of UK companies, especially during turbulent times when international trading relationships are in a state of flux. Some people might be surprised to learn that the government is doing something to address the situation.
 

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Dealing with a HMRC enquiry and building a robust claim

Innovation keeps the UK at the forefront of today’s ever-changing world and one step ahead of global competition. But it is a costly business and the Government recognises that through its Research and Development (R&D) Tax Credits scheme. This rewards business innovation by allowing additional corporation tax relief and/or cash refunds on qualifying expenditure incurred on innovation and R&D activities.
 

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Lessons to be learned from TSB meltdown

“We apologise for any inconvenience you might be experiencing. If you wish to make a complaint, please contact us. We’ll do our best to put things right.” 
 

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New boss at innovation specialist GovGrant

The company responsible for securing millions of pounds in Research and Development (R&D) tax credits for small or medium sized businesses (SMEs) has appointed a new chief executive officer.
 

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There's a revolution going on way out west

It may be best known for cider and clotted cream, but there is a revolution going on in the South West of the UK with hi-tech companies springing up at a rate of knots.
 

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GovGrant in Europe’s top 100

Business innovation funding and tax relief specialist GovGrant has been shortlisted for a prestigious global award.
 

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R&D tax relief: what, when and how

If you have a company that does a lot of research and development, you will want to look into the R&D tax claims you can make. In some cases, you can get reimbursement for up to 33% of your development costs.
 

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R&D tax relief: is it worth the effort?

Getting a tax credit for making your business better and more efficient, or for bringing a new product to light, is a great thing. It can help you recoup costs that you had for the research and development projects you undertook.
 

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R&D spending, European trailblazers and Brexit implications

The new official bulletin on R&D spending statistics makes for fascinating reading from a business point of view. Produced annually by the Office for National Statistics (ONS), figures in the Gross domestic expenditure on Research and Development, UK: 2016 are the latest available.  

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What can make claiming a R&D tax credit complicated?

When assessing research and development projects, knowing which ones qualify for R&D tax credits can help you plan your strategy and budget. When spending money on these types of projects, it is important to understand how these credits are calculated, and what it could potentially mean for your business. Companies can currently claim up to 33% of their expenditures through R&D tax claims.  

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We have a seat at the table

Last night, GovGrant hosted a dinner at the House of Commons with a number of MPs, industry experts and our clients to discuss how government should support the SME community. The focus was on the question, ‘If the R&D tax credit system is driving innovation and productivity, why is uptake still low and what should be done to give SMEs better IP protection and understanding?’  

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Helping businesses access grant funding is a piece of cake for Richard

Richard Thompson has spent the largest part of his professional life offering help, support, and advice to small businesses.
 

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What to expect from GovGrant

Are you the owner of a small or medium-sized enterprise (SME) in the UK and think that you could be entitled to research and development tax credits? By working with GovGrant you can eliminate the costly guesswork involved in making R&D tax claims by yourself.
 

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Here’s hoping that Georgie will shine the spotlight on R&D

If I was being completely honest I am really not sure how I would react if a member of my team told me they were going to take a few weeks off from work so they could appear on a reality TV show. My immediate concern would be about how the actions of the person involved might affect the reputation of our business.
 

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What are the steps in completing an R&D tax credit?

If you are a business owner or manager with a company presence in the UK, you may be eligible for research and development (R&D) tax credits. At GovGrant, our consultants focus on helping you to maximise your R&D tax credit claim no matter the size of your business or your principal products and services. We will help you to follow these simple steps to make sure that you are getting the most from your claim. 

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Government needs to make sure that the support goes where it is needed the most

Everyone knows that running your own business is one of the toughest challenges out there in the professional world. It takes a mixture of guts, determination and self-belief to make a success of a small enterprise and the UK’s army of entrepreneurs need all the help and support they can get. 

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Government gets it right on Innovation

Philip Hammond made it abundantly clear in his Budget that innovation and creativity are the driving forces behind the UK’s economy. 

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All-Party Parliamentary design & innovation group
British Plastics Federation
gtma
Insurtech UK
Hertfordshire Chamber of Commerce
British Marine