Research and development (R&D) tax credit specialist Jumpstart is urging UK print businesses to take greater advantage of financial incentives available to firms that are developing new printing techniques.
Brian Williamson, director at the Scottish firm has said that companies, not just those in the print sector, need to dispel the myth that such credits are only available for "white coat scientists in laboratories".
Introduced in 2000 to encourage the creation of new products and services while alleviating some of the financial risk, the government offers the credits in a bid to make UK business more competitive on the international stage.
According to Williamson, Jumpstart has been working with print businesses for around four years and says a larger number of firms in the sector are taking advantage of the incentives available.
"We’ve definitely noticed an uptake from print businesses approaching us. It is important to remember around two thirds of businesses we look at are normally eligible," said Williamson.
He added: "You can be eligible thanks to a wide range of factors. This can include the creation a new technique that allows companies to print on previously problematic substrates or maybe you are even developing your own technology."
According to Williamson, print businesses could recover up to £100,000 within the first 18 months of working with such tax recovery specialists.
This is normally secured in the form of a payable cash credit, a tax rebate, or an enhanced deduction that can be used against future profits.
Companies that it has previously worked with include Scottish label printer John Watson & Co, which has invested £3m in a 10-colour Gallus Pressure Sensitive Label press in 2010.
The business, which moved into self-adhesive label production the same year, benefited from the tax brakes afforded by the R&D credits.
Williamson said that another firm that has had success is Edinburgh-based Arrayjet that leverages non-contact micro array printing technology to attach microscopic DNA spots to a solid surface.
"The print sector is always changing and there is a lot of exciting work going on in the sector so it's important that those that can benefit from the hard work they put in," he added.
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