1st March 2010
 

Accountancy firm PKF is calling on technology and bioscience firms to make the most of a tax credit scheme.

The Nottingham office of the advisory firm has just signed up to become a corporate partner of BioCity Nottingham.

It believes that the R&D tax credit scheme, set up to encourage investment in research and development work, will benefit companies based at the fast-growing facility. The Pre-Budget Report in December included measures which increase the opportunities to claim for enhanced R&D tax relief.

Simon Browning, tax director at PKF in Nottingham, said: "R&D is what BioCity businesses do day in, day out, so claiming tax credits is important. These tax credits were introduced ten years ago to help companies just like those at BioCity.

"Businesses can claim significant tax savings and cash repayments through R&D tax credits which is a vital cash flow boost.

"These businesses and their people are extremely focussed on developing their product within the marketplace. Claiming R&D tax credits can be seen as time- consuming and an administrative burden. With specific guidance this is not the case and it is vital that these businesses take advantage of the savings on offer."

PKF's experience of the biotechnology sector includes a stint as accountants and tax advisers to Nottingham Clinical Research Limited. It advised on the sale of the company to Worldwide Clinical Trials in 2007.

PKF also advises the fast growing cord blood stem cell worldwide group Future Health Technologies Limited.

"Being involved with BioCity means local science and technology companies can be assisted in all aspects of business strategy and growth to help them compete and grow in the UK and international markets. That is good for investment, wealth creation and job creation," Mr Browning added.

As part of its corporate partnership with BioCity, PKF is hosting free monthly business clinics for organisations based at the site to advise on R&D tax credits and wider business issues.

BioCity chief executive Dr Glenn Crocker said the new partnership with PKF as a valuable addition to the support offered by the company.

"It is really important that life sciences companies seek advice on areas such as R&D tax credits early so they can avoid inadvertently doing anything that might later bar them from claiming the credits," he said.

"With PKF support, the companies that are with BioCity stand to be even more successful."