Over £2m pumped back into Aberdeen economy during oil and gas downturn through R&D tax credits

Edinburgh-based Research and Development (R&D) tax credit specialist, Jumpstart, has helped Aberdeen businesses save substantially more than £6 million since 2008, and more than £2 million through the recent slump in oil and gas prices.

The Edinburgh-headquartered company has been instrumental in assisting local firms claim tax credits on their investment in new processes and technologies, principally but not exclusively in the energy sector.

Despite Aberdeen’s oil and gas exploration sector suffering from the worldwide drop in prices, 2015 saw £1.2 million recovered from HMRC for North East businesses, and 2016 has seen £840,000 claimed to date.

Fields with a high proportion of investment in R&D, such as the software, manufacturing and engineering sectors have seen the greatest return from Jumpstart’s services.

Businesses in the engineering sector realised £318,297 in 2015, and have already surpassed that figure with £432,098 recouped from HMRC this year. In the case of the manufacturing sector, last year saw savings of £293,485, while companies in the software and IT sector received £255,536.

Since inception, Jumpstart has realised almost £80 million for clients over the last eight years. The company prides itself in its expertise in a range of business disciplines, with a team qualified to PhD, BSc and MSc levels in science and engineering.

Ian Donaldson, Jumpstart’s client engagement manager in Aberdeen, said: “Aberdeen is a city rich in innovative companies which invest heavily in R&D, and we at Jumpstart pride ourselves on ensuring that contribution is recognised in tax credits. We want to assist these companies re-invest in their own future.”