FINANCIAL & LEGAL
Funding
Innovation and Disruption
Both Innovation and Disruption are overused, meaningless words that no one ever tries to explain. Well the truth is, they are words that dictate the economic focus and present the best opportunity for people to rise up and show others how it should be done. Whether it’s a new start up with the next big thing or a multinational corporation dealing with technological growth, overused maybe but its up to you to make innovation and disruption meaningful.
Promotional Feature GovGrant is here to make sure that innovation is recognised and receives the full range of available government backed tax relief. Their expertise will help you identify the research, development and intellectual property in your business and help you claim R&D, Patent Box and Capital Allowances tax relief. All good business people are always looking
at new and more effi cient methods of working, but having the confi dence to break out and do it themselves is a whole new challenge. Often, the very survival of enterprise may rely on being innovative and fi nding ways of off ering better products and services to customers, at a better price than rival companies. So it’s get on board, or get left behind. If it takes disruption to bring total innovation to
the UK system, then we should encourage, support and recognise the opportunities that are born from these pioneers.
In the spotlight It’s the new bosses taking centre stage: Advances in technology and the ever evolving digital landscape have triggered what can only be described as a revolution in the otherwise conservative world of the fi nancial services sector. The tectonic shift in the way that we access and use technology in our everyday lives has led to a fundamental transformation in the world of banking, fi nancial services and insurance. For instance, Blockchain is only utilised by 0.5%
of fi nancial services today, but is predicted to rise to 40% by 2025 – this is a software evolution not known to man before. This revolution is already paving the way for a new breed of technology- driven entrepreneurs. The sector has long been dominated by the
major institutions, but now the smaller fl eet-of- foot operators have found a way to break down the barriers. These FinTech disruptors are no longer prepared to settle for the status quo
24 Be Your Own Boss distributed with
and are in the process of taking a major share of the fi nancial services market. Many who operate within the higher reaches of the
fi nancial world are struggling to keep up with the pace of change and may opt for collaboration instead of command and conquer. Now, it seems the disruptors are more in tune with the everyday needs and habits of the consumer, are always looking at new ways of capturing
Blockchain is utilised by 0.5% of financial services today
the market, and are able to compete with the big players because they tend to think innovatively and creatively. At the heart of this fi nancial and technological
revolution is innovation, and that’s just one sector. It is not unique, but as in every industry, a drive for cutting edge innovation will be the make or break.
Tax Incentives are readily available to drive cashfl ow Research and Development and Patent Box tax relief The Institute for Public Policy Research came out against tax relief for Research and Development in its recent report. arguing that the Government could save £1.9 billion in the process. The infl uential think tank went on to describe the majority of payments as deadweight – the logic being that most of the research would have been carried out even if the payments had not been made. But in many ways, that argument entirely misses the point of tax relief. Business people do not decide they need to
carry out Research and Development because they know they can apply for extra funding. They introduce new practices and techniques because they are good at what they do, and they are constantly striving to improve and get even better. Yet, for scale up businesses, it can often be the vital cash injection needed.
The reality is that tax relief only becomes
accessible after innovation is implemented. What makes the scheme so important and valuable is that it gives small businesses the support and back-up to carry on innovating and improving. Of most signifi cant importance is the creation
of the non tangible asset of Intellectual Property. The UK is a country of inventors who freely give this invaluable asset away. Clearly, this needs to stop. As new businesses with new ideas spring up, having a clear focus on IP strategy should always be at the top of the agenda. Here at GovGrant, we are constantly talking to
our clients about how they have used innovation, and the latest technology to give themselves an advantage in the workplace. From our experience, we have learned that it is more often the early adopters who end up leading in the marketplace. Visit online at
govgrant.co.uk, email enquiries@
govgrant.co.uk or call on 01727 738600
CONTACT NOW
Could you be generating cash from your research? Do you know how you should treat your Intellectual Property to keep you ahead of the market? Contact us now for a complimentary assessment at
enquiries@govgrant.co.uk
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