EEF, the manufacturers’ organisation, has announced a new partnership deal with leading R&D tax relief specialist, Jumpstart, to realise additional funding for reinvestment in manufacturing in the East of England.
EEF is the representative voice of UK manufacturing, collectively representing 20,000 companies across engineering, manufacturing, technology and the wider industrial sector.
The new partnership sees EEF and Jumpstart join forces to help EEF members in the East of England take advantage of the HMRC R&D tax credit scheme as many companies are still unaware of their eligibility.
Latest statistics from EEF’s Quarterly Manufacturing Outlook survey reveal a 12% negative swing in terms of investment since Brexit for the East of England’s manufacturing industry. This is the greatest negative impact across the UK with the region appearing to be the most affected by post-Brexit uncertainty.
However last year UK manufacturing companies benefited to the tune of £770 million through the R&D tax credit scheme, therefore there are significant opportunities for businesses within the region to realise cash for reinvestment in new plant & equipment, additional staff or even ongoing innovation.
With food and drink the region’s largest manufacturing sector making up 16.7% of the industry, Jumpstart and EEF are planning a joint campaign aimed at encouraging food & drink manufacturers in the region to take advantage of the R&D tax relief scheme as well as exploring other sources of funding for innovation.
Jumpstart is now providing expert advice to EEF members to ensure they secure their full entitlement of R&D tax relief, as well as guidance to those companies seeking to apply for the credit for the first time. As part of the partnership, EEF members will receive a generous discount on Jumpstart fees.
Jumpstart’s Business Development Manager for East Anglia, Lee Williams, says:
“Jumpstart is delighted to be partnering with EEF. Manufacturing accounts for 12.2% of our region’s total output and this partnership provides significant opportunities for us to help manufacturing sectors reinvest during uncertain times. We look forward to supporting both large and small companies submit robust claims for tax relief.”
David Fagan, EEF’s Regional Manager for East of England, says:
“Our role is to support UK manufacturers and help them realise their growth ambitions in an ever more competitive environment. Investing in R&D is vital to attempts by manufacturers to do just that by increasing their innovation performance and productivity.
This partnership will be critical in helping companies navigate the complexities of the process of applying for the R&D credit. It will ensure that those companies already benefiting can maximise their entitlement, as well as enable those encountering the process for the first time to achieve a smooth route through it.”
Photo Caption – left to right : Lee Williams – Business Development Manager at Jumpstart, David Fagan – EEF’s Regional Manager for East of England