The new team will support the science, technology and software sectors in Liverpool, providing guidance on the R&D taxation system and eligibility for tax credits
Grant Thornton has announced the creation of an R&D innovation team in the Liverpool office in order to support the science, technology and software sectors in the city.
The team will provide guidance on the R&D taxation system to businesses in Liverpool, including information on eligibility for tax credits. The firm said that a current “lack of information and unwieldy legislation” has resulted in the credits being underclaimed.
Matt Foddy has been appointed as senior innovation tax manager, and will head the team. He has 12 years’ experience in compliance and advisory work, with a focus on R&D tax legislation.
He said: “The growth of Liverpool’s tech cluster shows no signs of slowing down and the city’s strengths in video game and software development is central to this. Favourable rents and a genuine opportunity for collaboration mean that hubs like the Baltic Triangle are rapidly developing a reputation as the place to be for innovative start-ups in the sector.”
He added: “Often relatively young companies in these sectors may be unaware of their eligibility to write off a significant swathe off their tax bill – money that can be used to help them expand and commercialise their IP. Our new service streamlines the process and I’m certain it will be well received.”
Tax partner in the Liverpool office Neil Sturmey said: “We have launched this new team in response to not only the existing demand for specialist innovation tax knowledge, but also with an eye to the future.
“Plans for the £2bn Knowledge Quarter have the very real potential to transform this city’s economy. Adding to our existing scientific assets like Liverpool Science Park, we will soon have Sensor City, which is set to become a launchpad for 300 start-ups focused on the Internet of Things and medical technology.
“There’s never been a better time for fledgling companies in these sectors to grow and flourish in Merseyside, and we look forward to giving them the advice and guidance required to succeed.”