DRILLING DOWN INTO THE DETAIL FOR AUGER TORQUE EUROPE LIMITED

Established in 1998, Auger Torque Europe develops and produces hydraulic attachments for the construction and agricultural industry.

And its market is growing. With governments across the world investing in infrastructure to help dig themselves out of the economic downturn, there are lucrative new opportunities for companies in this sector. The continuing demand for transportation and infrastructure is constantly driving product development and service. As a result, the company is continuously expanding its product range.

Auger Torque works with customers, operators and machine manufacturers to research, develop, manufacture and bring to market innovative earthmoving products. As part of the German Kinshofer Group since 2015, it has manufacturing bases worldwide and services customers in more than 70 countries.

Since 2013 Hazlewoods has worked closely with Auger Torque to understand the composition of the company’s sales and the nature of the patented technology, to assist the company in identifying the relevant income and profits for Patent Box purposes.

More recently, Hazlewoods has supported the company’s transition to new Patent Box rules.

Mike Cartwright, Chief Financial Officer at Auger Torque Europe, said: “Hazlewoods has been a great support to Auger Torque. They have taken the time to understand our business and the products that we sell and used this knowledge to submit successful R&D and Patent Box tax relief claims to HMRC.”

Tech and R&D investment biggest growth priority for SMEs

A new report published by asset management company Boost & Co, has found that more than a quarter of businesses are planning to focus investment on technology, research and development to improve or expand their business

The Geared for Growth surveyed 500 UK SME leaders. Bringing in new talent to support expansion was the second highest growth focus, with almost a quarter of business leaders saying that this was a priority.

Research from Deloitte earlier in the year found that 94 per cent of chief financial officers expect to invest more in digital technology for their business and 77 per cent expect to invest more in upskilling their workforce over the next three years. Evidently, businesses are placing technology and talent as key areas for investment going forward.

Joanna Scott, Managing Director at Boost & Co. said:

Last March the government announced its largest ever research and development budget, worth £39.8 billion, allocated across the Department for Business, Energy and Industrial Strategy’s partner organisations.

It sounds a lot, but when you consider that these partner organisations include the UK’s Research and Innovation Agency, UK Space Agency, the Atomic Energy Authority, National Academies and the Met Office to name a few, and the huges costs incurred in research and development, perhaps it’s not as generous as it might appear. However, it does show a welcome increased level of commitment from the government, which wants the UK to be a science superpower.

The Spending Review committed record levels of investment over the next three years, with investment in research and development set to increase by £5 billion to £20 billion per annum by 2024-2025 – a 33 per cent increase in spending.

“Pandemic-induced factors such as mass home-working and rapid digitalisation increased many businesses’ reliance on technology. Business leaders are therefore enhancing their investment in this area as they seek to capitalise on the latest innovations and optimise efficiency. Additionally, we can see that there is a focus on investing in people, as SMEs look to secure the top talent in a highly competitive market.”