How R&D tax credit specialist Jumpstart can boost lift-off for Northern Ireland's aerospace industry

EDINBURGH, Scotland - Aug. 21, 2013 - PRLog -- Research and development is vital to UK plc as it battles to maintain its place in a fiercely competitive global marketplace and crucially important sectors such as Aerospace, Defence, Security and Space (ADS) would be expected to provide rich opportunities.

This is especially the case in communities within the UK such as Northern Ireland, where ADS is a key component of the local economy, buoyed by strong academic links and a highly skilled workforce, attracting the attention of major international companies.

But Jumpstart, the UK's leading research and development (R&D) tax credit specialist, has expressed concerns that companies which may be eligible for significant financial aid may be missing out because of uncertainty or lack of awareness about tax credit claims procedures.

Dr Leslie Orr from ADS Northern Ireland, the trade organisation for the aerospace, defence, and security sectors, said “The government is keen to support innovation and is providing tax incentives for participating in R&D, I would encourage companies to benefit from what is on offer.”

Martin Malseed, Jumpstart business analyst in Northern Ireland said: "Northern Ireland's aerospace and related industries are a beacon of innovation and achievement, creating considerable employment opportunities and supporting a vibrant supply chain.

"It is in everyone's interest that companies in the sector make the most of schemes introduced by the UK government to support innovative endeavour and scientific and technical enterprise."

Martin pointed out that there are more than 50 companies in the ADS sector in Northern Ireland and companies of the stature of Airbus, BAE Systems, B/E Aerospace, Boeing, Bombardier Aerospace, DuPont, Martin Baker, Survitec Group and Thales look to the area for products and expert services.

Areas of expertise in Northern Ireland include aerostructures, including fuselages, wings, flight control surfaces and nacelles, advanced composite materials such as Kevlar, avionics, safety systems, seating, aircraft interiors, stress and fatigue analysis, and missiles.

Several companies, such as Bombardier Aerospace, B/E Aerospace, Survitec Group and Thales, have substantial operations in Northern Ireland that supply many mission critical aerospace and defence programmes worldwide. Bombardier, for instance, has a pivotal role in next generation wings and is an industry leader in resin transfer technology.

These companies are supported by a comprehensive infrastructure of local suppliers, particularly in precision engineering, and research centres of aerospace excellence at Northern Ireland’s two world class universities, Queen’s University Belfast and the University of Ulster.

Martin said: "Many of these enterprises are involved in world-beating technical innovation, but many are also run by teams of directors who are very hands on, and closely involved in day-to-day operational procedures.

"Because they are so committed to immediate operational concerns, they may not realise that they are creating new methods of production and experimentation and working in areas of uncertainty and technological advance - and, consequently, they may not be aware that projects they undertake qualify for generous tax concessions."

Martin also pointed out that it is unrealistic to expect the companies' tax accountants, to whom they would normally turn for tax-related advice, to understand or assimilate the complex technical processes involved.

This, he said, is where Edinburgh-based Jumpstart, currently employing 80 extremely highly qualified business and technical analysts, comes into its own. Its specialism is guiding companies through the complexities of submitting claims to HMRC.

To do this, it employs a unique blend of technological and business expertise. Its technical analysts are typically educated to PhD level and its business analysts are headhunted from a pool of experienced talent with unrivalled business experience.

This unique expertise allows Jumpstart to mine down into client's methods, processes and systems to discover qualifying R&D innovations and present clear, concise and compliant submissions to HMRC. Its success rate stands at 98.6%.

Jumpstart has achieved remarkable UK growth since its first part year of operation in 2008. It has sustained an average turnover growth of 201% every year since, culminating in a turnover of £3.3 million at the end of 2012. Using projections based on current growth rates, next year’s turnover is likely to be close to £9.3 million.

Managing director Brian Williamson said: "Northern Ireland has a dynamic, technology-led and growing aerospace industry that is both internationally and locally integrated. Soundly based on a rich resource of skills, experience and knowledge, aerospace is now the area’s most technologically advanced and internationally focused industry.

"Jumpstart can provide expert assistance to help this vital sector make the most of the ideas and opportunities which provide so much optimism for the future."

For further information on R&D tax credits in general in Northern Ireland, please contact Martin Malseed, Jumpstart Northern Ireland Business Analyst, on 07929 002 238 or on martin.malseed@jumpstartuk.co.uk. 

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For further information about Jumpstart, contact Brian Williamson, 6 Atholl Crescent, Edinburgh EH3 8HA. t: +44 (0) 131 240 2900. f: +44 (0) 131 226 4506. e: helpinghand@jumpstartuk.co.ukw:www.jumpstartuk.co.uk