Exciting news for Triteq clients with the announcement of a boost to tax credits for small businesses conducting Research and Development into new products.
In yesterday's budget tax relief on R & D was raised from 175% to 200%, with effect from April and an agreement from George Osborne to increase it to 225% next year. "If Britain really is to become a home of innovation, then we want research and development to take place not just in our great universities, but in our smaller businesses too. One of our greatest high tech innovators, James Dyson has urged me to increase the support they get. I have listened to him, and have gone even further". James Dyson is a great advocate of engineering and has established a foundation to support and encourage young people and says " Design engineering is part of our DNA" .
As one of the UK's top electronic product designers, this came as tremendous news for Triteq clients as it cuts the cost of developing their projects. Industry feedback was extremely positive.
Stian Westlake Executive Director of Policy and Research at NESTA announced " This will support and encourage our most innovative firms to make longer-term investments and take the sort of risks which have the potential to grow their business in a sustainable way for the benefit of the UK economy"
NESTA is the National Endowment for Science, Technology and the Arts - an independent body with a mission to make the UK more innovative. For further informaiton please visit the NESTA website.
BSIA chief executive James Kelly said "Tax credits are an essential source of financial support to British businesses and have remained so throughout the economic downturn, enabling many to continue their contribution to the UK's GDP in a period of great economic uncertainty"