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news opinion


Technology companies, like businesses in all sectors, were bracing themselves for the Budget as we went to press last month


They were probably hopeful of some assistance from government, but expectant of very little.


It is to tech companies largely that ministers must look for the entrepreneurial adrenalin fix that will help revive the UK‘s desperate economy, which, by all accounts, is hovering on the edge of a triple-dip recession.


And, by and large, the tech sector has been over-achieving in the current market compared with many other sectors.


But, as our Southern Tech 100 companies have been telling us, funding of innovation remains a concern, and there is


a continued reluctance for banks and others to support early- stage businesses.


Equity funders, including some business angels, have become more risk averse as the economic conditions become more perilous. There‘s definitely a need for more government support – in the form of further tax breaks and more grants – to help this sector grow further and faster.


Having said that, a technology survey conducted by James Cowper, one of the sponsors of our Tech 100, shows that some existing support may not be taken up as widely as it should.


It found that nearly half of tech businesses were unaware of the Patent Box Tax Regime, which reduces the rate at which companies will pay corporation tax on profits generated from patented innovations or technology.


For more on this, see pages 20-21.


David Murray Publisher


Manufacturers report signs of growth


Figures released from the Manufacturing Advisory Service (MAS) show manufacturing SMEs in the South East are optimistic for growth in 2013, reinforcing recent economic forecasts predicting an upturn in the sector.


The latest MAS Barometer reveals that the outlook for small to medium-sized (SME) manufacturers in the region is encouraging, with 65% of respondents expecting sales turnover to grow between now and June 2013. The predicted expansion is backed up by the number of firms expecting to take on staff (41%) and those investing in new premises and machinery (43%).


David Caddle, MAS area director for London and the South East, explained: “With over 700 respondents across England, the results of the MAS Barometer speak for themselves.


“The overwhelming feeling is one of positivity and it’s excellent to see our region’s manufacturers sending out a powerful message and highlighting their determination to explore new opportunities for growth in 2013. Our findings show that there’s still work to do, but we


need to ensure that recent optimism is just the start.”


Elsewhere in the results, 36% of respondents in the region cited the availability of specific skills as a major hurdle. Jacob Marsh, director of ModMyPi, which specialises in the 3D design and UK manufacture of unique, high-quality Raspberry Pi Cases, took part in the MAS Barometer and said: “During the past six months we have seen a big increase in sales turnover and are anticipating further growth in the coming months. The skills gap is always an issue and I believe this to be the case for many manufacturers in the UK."


Business secretary Vince Cable, who revealed news of the MAS Barometer results at the Government’s Manufacturing Summit, said: “Manufacturing is a key driver in our economy, which is why it takes centre stage in the Industrial Strategy for growth. As clearly demonstrated in the latest MAS Barometer findings, skills provision remains a concern for many manufacturing SMEs. It’s vital, therefore, that Government and industry continue to work together to address it, and other growth priority issues like access to finance and attracting young people into manufacturing.”


HMRC cracks down on buy- to-let investors who sell up


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People who have sold properties that are not their main homes and who have not told HMRC about the profits they have made are facing penalty letters from the taxman under a new campaign.


Buy-to-let landlords and second home owners are being targeted in HMRC’s Property Sales Campaign aimed at those selling homes in the UK or abroad, where Capital Gains Tax (CGT) has not been paid on profits made. This includes properties people have sold that were given to them and the sale of holiday homes.


Stephen Barratt, private client tax director at Thames Valley accountants and business advisers


James Cowper, explained: “CGT is applicable when a property, which is not a main home, is sold at a profit that tops the annual CGT allowance, which is currently £10,600. HMRC may dig back into the records and many ordinary people who were unaware of the rules could be in for an unpleasant surprise. There are reliefs available to reduce the tax on second homes but specific planning in advance is required.”


Owners have until August 9 to tell HMRC about any unpaid tax on property sales, and a further four weeks until September 6 to pay the tax owed. Those who disclose voluntarily will pay lower penalties.


THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2013


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