More than 7 in 10 Scottish companies (73%) can been classified as ‘innovative’, according to new research by specialist tax relief firm Catax.
These firms have spent time and money developing new products or business processes in the past two years.
The research by Catax comes after official figures show businesses in Scotland are spending more on R&D with year on year growth of 4.5% to £1.07bn.
Today’s findings are released to mark the official opening ceremony of Catax’s brand new Scottish office in Edinburgh.
The satellite office will be used as a base for operations north of the border as the Manchester-headquartered company embarks on its ambitious growth strategy to treble in size by 2021.
Catax CEO, Mark Tighe, commented: “Scotland continues to be a leading light when it comes to innovation. It’s refreshing to see that nearly three quarters of all firms north of the border are now classed as ‘innovative’.
“Economic growth is dependent on firms expanding and innovation is an essential ingredient. The process is nearly always expensive, which can be off-putting for smaller companies, but the good news is that the Government realises this and tries to encourage R&D by providing this tax relief.
“Firms need to be more aware of the help available and we’re ready to offer advice wherever necessary.’’
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement