BUSINESSNEWS
LOCAL INNOVATION ON SHOW AT BETADEN’S COHORT 2.0 VIRTUAL SHOWCASE Businesses were invited to join Worcestershire Local Enterprise Partnership and tech accelerator BetaDen for their online Cohort 2.0 Showcase. Their six carefully chosen entrepreneurs have completed the 9 month technology accelerator programme with BetaDen and are now looking for future investment, industry customers and development opportunities.
Biometrics, Drone Technology, Remote Working Solutions, App Technologies and Proximity Solution Technology. Developing this exciting new technology ecosystem for Worcestershire’s future economy was never more important, these game changing early stage emerging products and solutions are really starting to promote this vision. www.beta-den.com
The live stream showcased innovation in action with seven minute pitch decks for all six entrepreneurs. The livestream also promoted future global emerging technology products and solutions for industry supply chains and also included a live and interactive Q&A.
ARRANGEMY ESCAPE WORCESTER NAMED AS MIDLANDS BEST TRAVEL AGENT
This celebration marked the successful completion of the second tech accelerator programme for the six BetaDen cohort 2.0 founders, pitches included; Cyber, Identity
PROJECT R&D: A POST CORONAVIRUS ACTION CHECKLIST With R&D tax credits delivering funding of between 25% and 33% of an R&D project’s cost, it remains a key policy initiative for government.
With hindsight you might wish you had surrendered for cash now. Don’t forget you can resubmit your claim and generate a cash injection now.
As businesses look to exit lockdown and embrace whatever the ‘new normal’ is, there has never been a more important time for businesses to review their USPs and R&D tax credits are key to that.
Manage grants - Government support is state aid and can compromise your R&D claim. To prevent this, it is essential you keep records of what is claimed, and structure projects accordingly.
SO WHAT ACTIONS CAN BUSINESSES BE TAKING NOW?
IP strategy - Your R&D tax credit report should represent a comprehensive picture of your current and recent R&D activity. It is thus a window on your current IP strategy. A catalyst for a business planning review.
Data for later: maximise that claim Scraping your systems and records for R&D data can feel like an unwieldy task, but it is crucial to maximising your claim. Take some time out to review your data recording systems and processes. Review past claims - Take some time out to review previously submitted R&D reports. Have all qualifying costs and projects been claimed?
Further information can be obtained by contacting Chris Walklett, Tax Partner at Bishop Fleming by calling 01905 732113 or emailing cwalklett@bishopfleming.co.uk
Capital Crimes: from Intangible Asset to Tangible Cash - R&D tax credit qualifying costs remain qualifying where capitalised as an intangible fixed asset. They are eligible to be claimed immediately in the year the cost is incurred, not over time. Cash Now or Loss Later - Your previous R&D claims may have given rise to tax losses and you decided to carry these forward as opposed to surrendering for the 14.5% credit.
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arrangeMY Escape are celebrating after being awarded the prestigious title as part of a power-list of the nation’s best agents by industry bible the Travel Trade Gazette. More than 500 travel agencies and branches put themselves forward for consideration for TTG’s Top 50 Travel Agencies 2020 – from which a shortlist of 100 finalists across 20 categories was devised. Jennifer Lynch, General Manager, said: “We are now proud to boast that we’re Central England’s Top Travel agent. All the team are all so proud, in the last two years of being open we have worked so hard on behalf of our clients, to be acknowledged during this difficult time is just brilliant. There has been much uncertainty surrounding our industry at the moment, Coronavirus has affected each and every business associated in travel, including our own. However, there is positive signs and this brings us hope that we will become stronger, along with renewed confidence in booking with arrangeMY Escape, and this award rein enforces our values. arrangeMY Escape’s managing director, Nick Scott, said: “I couldn’t be prouder of Jen and her team. In 2 short years they have built a brilliant business from scratch and this is evidence of the service, care and value that we are providing to our customers everyday.” www.arrangemyescape.com
Chris Walklett, Tax Partner at Bishop Fleming
July/August 2020