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New partnership adds up to success for business and research

19 September 2012 @TeesUniNews

 

A new business partnership between Teesside University and a leading accountancy practice is set to secure tax breaks for companies involved in research and development.

Leading business and enterprise experts at the University have teamed up with Clive Owen & Co LLP, chartered accountants and business advisers, to identify innovation and development that is eligible for a company tax break.

Mike Lewis, Director at Apex Cables in Durham, says his company saved over 20K in tax: 'We are extremely pleased with the work carried out by the tax team. We were undertaking a sizeable research project and we were at an exciting point in the development of our business. The support we received with regards to the tax involved with research and development was first class and we saved over 20K in tax as a result.'

Companies are being invited to two events to be held at Teesside University in Darlington and Middlesbrough, to find out if they could benefit.

Senior Partner Clive Owen believes businesses in the region are not taking full advantage of the tax breaks on offer.

Clive explains: 'We have found many businesses are sitting on innovation without even realising it. We have helped businesses such as Apex Cables Limited, Visualsoft e-commerce and Peratech Limited claim gain significant amounts of tax on R&D.

'This can often make all the difference to a business and enable them to have the funding to continue carrying out research and innovative projects. These tax breaks give businesses the opportunity to develop ideas into reality and to support their own company growth and ultimately the economy of the North East region.

'Successful Research & Development claims are based on excellent technical knowledge as well as the experience of the tax rules so this partnership with the experts at Teesside University is an important step forward in supporting business in the region.'

Professor Cliff Hardcastle, Deputy Vice-Chancellor (Research & Business Engagement) at Teesside University, adds: 'This is an exciting new partnership which we believe will give business and enterprise throughout the region another route to ensure they are maximising all the support available to them.

'At Teesside University we are committed to investing in research and development. Research, teaching and business engagement are mutually reinforcing and the University has a key role to play in helping companies to innovate, increase performance and create wealth for the region.'

Limited companies are invited to discover if they can access a tax break which includes the preparation of a report to submit to HM Customs and Revenue plus the backing of a team to respond to any queries or challenges.

The first event is on Wednesday 26 September at Teesside University’s Phoenix Building (Room G10). The second event is on Thursday 27 September in the Executive Education Suite at Teesside University’s Darlington Campus. Both events run from 8.00am – 9.30am.

To reserve a place, companies can call Margaret or Sarah at Clive Owen & Co LLP on 01325 349700 or email info@cliveowen.com stating the preferred venue.


In the News

Events may lead to tax breaks
Northern Echo, 21/09/2012, p.41
A university has teamed up with an accountancy firm to help companies get tax breaks for research and development. County Durham firm Apex Cables saved £20,000 after consulting business and enterprise