Paul Collingwood, of Newcastle law firm Sintons, looks at options for business owners.
After years of decline, the North East has found a new niche in the modern world. Technology is taking hold across the region and this part of the world is fast becoming an international leader. This looks great but we also must consider how to support your North East tech business as we look to the future. From the developments at Teesside University to the hotpsots in Sunderland and Newcastle-UponTyne, the tech future looks bright for the North East.
Teesside University supports local business to get the most from the strong tech markets such as Software development Website and app development Computer animation for websites and games. All of this is about bringing a vision into reality. And the development in these areas can cost a fair amount of money. Even the infrastructure can be a large investment.
With such large sums involved, you must think about how to support your North East tech business to grow in this environment. Investment can be a tricky part of the tech industry. How to support your North East tech business The future for the North East looks to be bright. Moving into modern industries and away from the reliance on heavy industry of the past is a smart move and should be bolstered by the developments of the Northern powerhouse such as greater investment and developed transport links. This means that the North East is being seen as a potential innovation hotspot where business can inspire each other to greater things. In terms of how to support your North East tech business there are a few questions that need to be answered. There isn’t unlimited finance, so a startup tech business needs to be lean in order to succeed. One fantastic way to make the most of your investment is through R&D tax credits.
This is a government scheme set up to reward those that spend their money developing new ideas and processes. What are R&D tax credits and how can they help me? Many people think that R&D tax is only relevant to scientists and researchers, but that simply isn’t the case. Software development is a prime area for R&D tax credits, as are new apps. In fact, there are many different areas of the tech industry that are eligible for R&D tax credits. They are easy to apply for if you know how and the money can be in your bank within 4 to 6 weeks. At Harlands we have supported North East tech businesses to reclaim their tax via this scheme. We get to know your business and let you know if you have an eligible claim at no cost to you.
Our free no-obligation consultation allows us to assess your potential claim. You don’t pay us a penny until you feel the financial benefit of your claim. This is a great solution to the problem ‘how to support your North East tech business’ and can deliver a cash injection to your business that you maybe hadn’t planned for.
