How government incentives can support your innovation and growth

Chamber Breakfast sponsor Hartley Fowler share three government incentives aimed at helping businesses drive forward with innovation. 

Brighton is one of the top 10 cities in which to start a business and has a reputation as a hotspot for innovative thought and investment. As well as having a strong presence in the Creative, Digital and IT sectors (CDIT), Brighton & Hove is one of the few cities in the UK with a 5G testbed. Advanced engineering and health and life sciences also thrive here with world-class research facilities at the two universities. The city is home to strong financial, professional and tourism sectors (source Brighton & Hove city).

Innovation and Research & Development go hand in hand. Both are crucial to driving specific industries and the local economy forward. From a business development point of view, there are a number of planning considerations (and some tax advantages) to consider:

1. Incentives for investing in new technologies

Incentives such as the R&D Expenditure Tax Credit are designed to promote fast-growing, innovative services and products.

2. Patents for new ideas

Once you have spent time and effort creating, refining and finalising your innovative idea, you will want to consider how to protect your intellectual property rights through patents, design, trademarks and copyright.

Corporation tax rates for profits earned from patented inventions are also available.

3. Tax incentives for investment in new companies

Tax relief is available for individuals interested in investing in UK small businesses. Initiatives include the Enterprise Investment Scheme (EIS) or Seed EIS as well as Venture Capital Trusts. A number of start ups will themselves receive support from the government through various incentive schemes for the work carried out on innovation and technology.

For those companies using R&D for technological advancement, there are a wide range of schemes available.

Here at Hartley Fowler, we can advise on which ones are most suitable for your business and help you drive the process. Contact us through our website www.hartleyfowler.com for further advice or a consultation.

Thanks to Hartley Fowler for writing this blog. 

If you want to contribute to the Chamber blog, contact us on hannah@brightonchamber.co.uk