AAB hosts oil & gas innovation funding seminar

A group of more than 80 business leaders from companies investing in innovation, R&D and new technology have attended a seminar run Aberdeen accountancy firm Anderson Anderson Brown that explored funding options and incentives for innovation in Oil & Gas and support for research and development.

The event, held last week at AAB’s Kingshill View office in the Prime Four Business Park and organised together with the Oil & Gas Innovation Centre (OGIC), gave delegates the opportunity to hear from numerous organisations with expertise in this area spanning, funding, R&D tax credits, innovation and collaboration, as well as hearing from oil and gas technology developers who have accessed innovation funding and R&D tax credits who shared their experiences and the impact on their business.

Alasdair Green, head of management consulting at AAB, said: “There are a number of misconceptions around R&D tax which can discourage businesses from claiming what their innovation and development activities entitle them to. Additionally, some claims can simply be incorrect and incur adjustments or penalties. It’s so important for companies investing in new technology to be aware of the funding options available, tax relief, what the eligibility requirements are and the best approach to take so that they can continue to invest in innovation and drive their businesses forward.

“We were delighted with the turn out to the event and the experiences shared by all presenters, which has hopefully given delegates an insight into this area and the significant potential it presents for supporting innovation projects.”

Ian Phillips, chief executive of OGIC added: “Technology development and innovation are key themes for industry as part of the wider maximising economic recovery agenda in the UK. There is a range of support and benefits available to companies investing in research and development and this event highlighted the opportunities which are open to them and how to access these. Ensuring that businesses receive the relevant support will accelerate the speed at which technological advances are brought to market to address real industry challenges.”

Presenters on the day included: