GovGrant, the R&D tax specialists, has today announced its partnership with international specialist insurer, Hiscox, to offer its clients support on research and development (R&D) and intellectual property (IP).
GovGrant helps to ensure its clients’ innovation is recognised and businesses receive the full amount of tax credits they’re eligible for. The partnership will allow Hiscox clients to claim tax relief for their R&D activity, designed to boost innovation by supporting businesses who seek to improve or overcome challenges in their products and processes. This will be vital in shaping how businesses will recover from the current crisis and will have a direct impact on the UK Government’s levelling-up agenda.
Luke Hamm, CEO of GovGrant comments:
“As we try and rebuild the economy post COVID-19, innovation has never been more important. Not only will it speed up business growth, but it will help attract and retain investment in the UK as a whole.
“To this end, the Government has announced a plethora of support including the R&D roadmap, but more needs to be done. So many businesses just aren’t taking advantage of the schemes already in place – tax incentives need to be targeted to encourage organisations to invest in valuable R&D projects, innovation and intellectual property. Our partnership with Hiscox will help so many more businesses access the tax credits and funding they need right now – it’s never been so important for survival.”
Tom Dixon, Head of Technology at Hiscox adds:
“We wanted to help our clients receive the right level of support for their work, and GovGrant were the perfect partner for us. They are experts in this field, and have delivered over £184m of claimed benefit for their clients.
“The collaboration will provide our clients with valued support on R&D and IP, at a time where innovation and investment has the ability to make all the difference as we emerge from the COVID-19 crisis.”
Through its collaboration with GovGrant, Hiscox clients can receive:
- A free desk-based assessment of their current R&D and Patent Box claims, along with a yes or no indicator for increasing the value of current claims.
- Free filing for the initial term, which is usually an annual cost of £250-£1000 over 4 years as standard.
- A reduced contingent fee structure for both R&D and Patent Box claims to 20% of the benefit received from HMRC, a significant discount from the standard 25% fee which is reduced further to 10% for year 1, provided the engagement is for a 4 year term (years 2-4 at 20%).
- A 20% discount on GovGrant’s core IP Services, including IP Harvest and the IP Strength Test.