Grant Thornton launches Innovation Team to support region’s growing knowledge economy

The Liverpool office of business advisory firm Grant Thornton has established a new Innovation Team to support the region’s expanding science, tech and software development sectors.

According to Grant Thornton, the team will offer guidance to companies involved in research and development as they navigate the “complex and ever-shifting” taxation system, enabling them to claim the tax credits for which they are eligible.

The firm said the government’s R&D Tax Credits, Video Games Tax Relief and Patent Box initiatives – set up to support enterprise in these high-growth industries – can considerably slash a business’ tax bill, but a lack of information and detailed legislation means they often go under claimed.

Neil Sturmey, tax partner at Grant Thornton’s Liverpool office, 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 startups focused on the Internet of Things and medical technology.”

He added: “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.”

Grant Thornton has selected Matt Foddy, senior innovation tax manager, to head up the Innovation Team.

Matt commented: “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.

“My previous career leaves me ideally placed to advise these kind of companies, as I can talk to them in technical terms and have the industry specific knowledge that complements my understanding of the tax system.”

He continued: “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.”

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