The North East grows as a tech hotspot

Posted by Joanne Warren 10 April 2018 11:49 AM

The North East has become a tech hotspot, with more space being made across Newcastle, Middlesbrough, Newton Aycliffe and the rest of the North East. A new proposal to expand space in Newcastle has been announced recently as the area looks to move away from an industrial past and towards a high-tech future.

The region is regularly recognised as a UK power in the tech and creative industries. The talent that is obviously here already will help to ensure that the tech hotspot of the region is nurtured in the future. It is often the case that success breeds success with tech companies. So, the positive stories of today will provide the inspiration for the businesses of tomorrow. 

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A nod to the past

This doesn’t mean that manufacturing has disappeared from the region. The manufacturing companies that do thrive in the area have come up with new ideas and innovative ways of working to make the most of their business. Producing new products and improving what we do is a vital part of growing a business and competing on a global stage. This will be far more important in the next few years as the impact of Brexit becomes clear and the companies of the UK get used to operating in a new financial climate.

These two elements of the economy might feel like they are not connected at times, but with innovation at the core of so many parts of business in the North East, and the wider UK, there are opportunities to collaborate and provide solutions together. But all of this needs money. Coming up with a new idea is one thing. Putting in the time, effort and finance to make it happen is something else altogether. But there is a government scheme that is designed to help deliver the kind of funding that will boost investment in innovation.

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Past projects can see quick returns 

R&D tax credits are administered by the HMRC to support business who have taken a commercial risk in innovation. It is part of the plan to improve productivity levels in the country. Projects that could be eligible for a claim include –

  • Developing new software
  • Improving the processes involved in manufacturing
  • Coming up with a new product or variety

In fact, we find that there are a huge number of claims in companies that didn’t even realise they had carried out an R&D project. There are many different types of project, investment and innovation that qualify for R&D tax credits. If you are not sure whether your business has a qualifying claim, then get in touch with our R&D team today. It takes very little time for us to listen to you and find out if there is a claim in your business. A half hour meeting is all we need. You can come to our offices, or we will visit you.

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Making it part of your ongoing plans

An R&D tax claim from a past project often leads to our clients thinking differently about R&D projects in the future. With the knowledge that R&D tax credits are within their reach, many of the companies we work with look to make R&D an integral part of their business. With the confidence that they have support from an expert in delivering a successful R&D claim, this means a company can plan their operations around research and development.

Progress in the North East of England is moving apace. The Northern Powerhouse initiative by the government is a series of projects that are designed to deliver prosperity, jobs and growth to areas of the UK other than London and the South East. It delivers new infrastructure to other parts of the UK, and builds confidence for investment.

And confidence is a major thing with any business, large or small. We have a 100% success rate with R&D tax claims, so you know you are in good hands. In addition, our services are offered on a no win, no fee basis. That’s right. we don’t charge a penny until the money is back in your business. This can come in the form of money off your next tax bill, or cash straight back into the business. What’s more, if the paperwork is correct, you can see this money back in your business in as little as 6 to 8 weeks.

Topics: R&D Tax