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BMTA Introduces members to Innovation Tax


With the recent Covid-19 pandemic severely impacting businesses, assessing your entitlement to Government funding and other support which may be available will come as a massive boost, especially to those who are facing cash flow issues and constraints with day-to-day activities.  

There are many support measures recently introduced by the Government, alongside others which have been in existence for some time. Amongst these are:

Grant funding

Tax Incentives

  1. R&D Tax Credits These can enable businesses to recover up to 33% of costs invested in innovation and advances in product, process, materials and software development.
  2. Capital Allowances These can enable businesses to obtain significant tax relief on commercial property acquisitions and additions made through refining or altering the premises.  
  3. Patent Box The Patent Box can enable businesses to reduce their corporation tax liability to just 10% on profits derived from patented products and/or processes.

There are a number of activities which are likely to meet the criteria. These include developing new (or improving existing) process and equipment to comply with national standards; appreciably improving testing capabilities; developing new techniques and methods for increased accuracy, reliability and/or reduced costs; integration of software to improve laboratory efficiency; and, manufacturing of new measurement and testing machines/equipment

How can Innovation Tax assist you?

Innovation Tax can help member companies assess their entitlement to new and existing support measures and, if appropriate, assist with the application of funding. They do this using their experienced team of technical and taxation specialists, many of whom have engineering or research backgrounds across multiple industry sectors.

BMTA members will be entitled to discounted rates on the success fees applicable, providing valuable cashflow along with the recovery of their annual BMTA membership subscription fees. On average members can recover between one and ten times the cost of their annual BMTA membership.