Partnership secures £600,000 for Knowsley firms
In a tie-up with Knowsley Chamber of Commerce, innovation consultancy ABGI-UK helped six firms in the borough secure £600,000 in R&D tax relief.
21 January 2021
Businesses in Knowsley secured £600,000 of tax relief on £2.4m of research and development (R&D) projects in 2020 thanks to a partnership struck by Knowsley Chamber of Commerce.
Last year, the chamber signed up tax and innovation consultancy ABGI-UK as its first-ever executive partner. The aim of the tie-up was to help firms in the borough maximise the tax benefits on R&D projects.
After being introduced to a number of Knowsley businesses, ABGI-UK worked with six companies over 2020, helping them successfully recover hundreds of thousands of pounds in R&D tax relief. Now the partnership is being extended into 2021.
They did this through direct cash credits or as reductions in tax liabilities.Through ABGI-UK’s support, these companies will increase the value of their R&D tax relief claims by 150%, from £400,000 to almost £600,000 on £2.4m of spending on R&D.
Russell McGrath, innovation funding specialist for ABGI-UK, said: “Despite the pandemic, which restricted our ability to meet with many local businesses in-person, we were still able to work closely with them and provide hands-on support.
“This is a credit to Knowsley’s fantastic manufacturing sector, which is constantly innovating, and the close and trusted relationship between Knowsley Chamber and the local business community.
“Our partnership with Knowsley Chamber has enabled us to bring real value to local companies which are developing prototypes or enhancing their manufacturing processes by helping them maximise R&D tax relief benefits and free up more funds for further innovation investment.
Knowsley has a well established manufacturing sector and the company’s work in the borough so far has focused primarily in this sector. But R&D activity is by no means restricted to manufacturers and ABGI-UK is keen to work with businesses in other sectors such as digital, software, electronics and environmental protection
Lesley Martin-Wright, chief executive of Knowsley Chamber, added: “Our partnership with ABGI-UK, has been a very successful in helping boost the finances of Knowsley businesses.
“We look forward to working together with ABGI-UK, which will remain the official sponsor of the popular Knowsley Manufacturing Network throughout 2021. Chaired by Rod Wah of Beverston Engineering, this one of the most active and well supported business networks in the local community.
“With ABGI-UK’s ongoing involvement, I’m confident it will continue to deliver real value for innovation-focused local businesses in the year ahead.”
Article originally published on Liverpool Business News