UPLIFTED R & D TAX CREDITS from 01 APRIL 2015:
SME RATE 230%
LCS RATE 11%
It is always nice to close the year with good news…
Following this month’s exciting Autumn Statement we thought we would highlight the work of Intelligent Energy by way of our applause for the increase in the R & D relief rates:
As chief executive of Intelligent Energy, a Leicestershire company involved in hydrogen fuel cell technology, Henri Winand says the ability to claim relief for research spending is a big attraction of the UK. “I would like the government, whichever one is in power, to put in place mechanisms to help companies scale up, not just the R&D [phase], but the phase where you start to have things made with a contract manufacturer.”
Intelligent Energy has more than 400 patents, and spent £21m on R&D in 2013-14, according to its latest accounts, booking an R&D tax credit of £3.4m.
About a quarter of its 400 staff are involved in research at the company’s headquarters in the Loughborough University science park, where it is developing fuel cell power systems for cars, telecoms towers and consumer electronics devices.
Intelligent Energy’s Upp, a portable power supply for USB-compatible devices, was launched in UK Apple Stores last month. The company has transferred manufacturing of the Upp fuel cartridge overseas but this has proved “more time consuming and costly than anticipated”.
Mr Osborne increased R&D tax reliefs for small and medium-sized companies from 225 per cent to 230 per cent. Mr Winand said: “Anything that helps companies to develop technologies in the UK is positive.”
However, he would also like to see companies encouraged to manufacture in the UK.
Source: FT.com 04.12.2014