The Liverpool office of leading business advisers Grant Thornton has launched a new ‘Innovation Team’ to support the region’s rapidly expanding science, technology and software development sectors.
In a first for the city, the dedicated team will provide businesses involved in research and development with guidance to navigate the complex and ever-shifting taxation system, and enable them to claim the tax credits they are often eligible for.
R&D Tax Credits, Video Games Tax Relief and Patent Box are three government initiatives set up with the aim of supporting enterprise in these high-growth industries, and can slash a company’s tax bill considerably. However, a lack of information and unwieldy legislation means they are often under-claimed.
Pictured L-R: Matt Foddy and Neil Sturmey
Neil Sturmey, tax partner in the Liverpool office, said: “We have launched this new team in response to not only the existing demand for specialist innovation tax knowledge, but also with an eye to the future.
“Plans for the £2 billion Knowledge Quarter have the very real potential to transform this city’s economy. Adding to our existing scientific assets like Liverpool Science Park, we will soon have Sensor City, which is set to become a launchpad for 300 start-ups focused on the Internet of Things and medical technology.
“There’s never been a better time for fledgling companies in these sectors to grow and flourish in Merseyside, and we look forward to giving them the advice and guidance required to succeed.”
Grant Thornton has appointed senior innovation tax manager, Matt Foddy, to head up the new service offering. Matt has 12 years’ experience spanning compliance and advisory work, and has spent the majority of that time focusing on the intricacies of R&D tax legislation.
Before pursuing a career in finance, he worked as a software developer in London and he explains the benefits of this prior experience:
“The growth of Liverpool’s tech cluster shows no signs of slowing down and the city’s strengths in video game and software development is central to this. Favourable rents and a genuine opportunity for collaboration mean that hubs like the Baltic Triangle are rapidly developing a reputation as the place to be for innovative start-ups in the sector.
“My previous career leaves me ideally placed to advise these kind of companies, as I can talk to them in technical terms and have the industry specific knowledge that complements my understanding of the tax system.
“Often relatively young companies in these sectors may be unaware of their eligibility to write off a significant swathe off their tax bill – money that can be used to help them expand and commercialise their IP. Our new service streamlines the process and I’m certain it will be well received.”