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Businesses may strain finances unnecessarily by missing tax relief for R&D
- Credit: Getty Images/iStockphoto
The Future 50 programme looked at financial management – including the importance of tax credits for R&D.
The Future 50 programme for East Anglia’s most promising high-growth businesses continued this month with an online workshop on financial management. Hosted by accountancy firm Lovewell Blake, three specialists looked at topical aspects of finance.
The Future 50 programme is supported by the partner businesses
- Credit: Archant
Lovewell Blake partner Mary Schofield provided an overview of the often-overlooked R&D tax credits system. “It is available only to companies – there s no equivalent tax relief rolled out to partnerships or sole traders,” she said. This may affect when a start-up incorporates, to take advantage of this specific tax relief if there is substantial R&D to be done.
Inventions Comp 2021: Nifty tractor attachments and add-ons
Alistair Bray’s axle stand jack
Having spent years spannering on vehicles, Alistair Bray became frustrated that jacking points were often the best place to put an axle stand.
As there is usually little space to operate both safely, he decided to look for a combined jack and axle stand. After failing to find a commercially available product, he fabricated one himself.
© Alastair Bray
The pictured jack was built about 12 years ago using a low-profile 3.5t bottle jack that was salvaged from a commercial vehicle. Mr Bray says he spent a considerable amount of time calculating the correct amount of telescopic adjustment for the axle stand element.