Six-figure advisory deal
Tax firm offers advice to Latvian government
The Edinburgh firm hosted a visiting delegation from the government of Latvia wanting to improve the take-up of tax relief.
The development of a knowledge-based economy became a key objective for Latvia following the EU’s Lisbon Treaty and an increase in domestic R&D was seen as a prerequisite for sustainable growth.
Richard Edwards (pictured), director and technical analyst, at Jumpstart, said: “The potential benefits for Latvia from an effective R&D scheme are enormous. It has made great strides in recent years in developing a successful and sustainable knowledge economy.
“In the life sciences sector alone, Latvia boasts around 30 companies. Riga Biomaterials Innovation and Development Centre of the Riga Technical University is the biggest and the most modern biomaterial research centres in the Baltic States.”
The Latvian government team were introduced to Jumpstart by Charles Cormack, founder of the Cormack Consultancy Group, which has been cultivating Baltic markets since 2000 as a gateway for Scottish SMEs into the huge Russian market.
The six-figure consultancy agreement between Jumpstart and Latvia will come into operation in the spring, focusing on sector-specific advice and guidance of R&D tax matters.
Mr Edwards said: “Jumpstart is keen to move forward with the provision of this advice, which comes from the experience of submitting around 2,300 claims since 2008.”