The UK’s digital and tech sector, including online media and gaming, has increased international trade by more than a fifth, according to figures from the Department for Digital, Culture, Media and Sport (DCMS).
The latest DCMS data shows that the UK digital and tech sector exported more than £39 billion in services in 2016, up from £32 billion in 2015.
The Tech Nation 2018 report found that tech is expanding 2.6 times faster than the rest of the UK economy and it estimates that it is worth nearly £184 billion to the UK economy, up from £170 billion in 2016.
Digital Secretary, Matt Hancock, said: “We are working hard to create the right environment for them to thrive and alongside the huge innovation of the private sector are determined to seize all the future opportunities technology will bring.”
Those operating within the digital sector, whether within the media or elsewhere, could benefit from the Governments Digital and Industrial Strategies, which is offering almost £1 billion of investment in artificial intelligence, as well as competitive tax relief and a commitment to spend 2.4 per cent of GDP on research and development.
If your business works within or relies upon the tech sector, including digital media and game design, then you probably appreciate the opportunities on offer, but did you know you could do more?
At Grunberg & Co we have a fantastic record of helping companies claim back tax relief on their latest developments, including assisting with R&D tax credits. We know there are many ingenious ideas emerging from the media sector which could benefit from this relief. To find out how we can help you with R&D tax relief, please speak to our team today.