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Engineering and technology startup competition

25 May

Engineering and technology startup competition

by Georgina Swain
in R&D Tax Relief
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The Regional Talent Engines programme is a new offer that will provide a tailored programme of support to aspiring engineering and technology entrepreneurs in Northern Ireland, North West England, North East England, and Yorkshire & Humber.

The programme is designed to provide you with the practical support you need to help refine your innovation and bring your vision to life. By the end of the programme you will be ready to seek further support for your new startup or pitch for your first investment to bring your innovation to market.

Places on the programme will be awarded through a competitive application process, with the most promising entrepreneurs gaining a place. This is applicable to:

  • Recent leavers from Further Education colleges (graduated since September 2016) who have achieved a technical qualification (engineering or related subject) at levels 3-5.
  • Mid-career or later-career engineers or technologists who have been working in skilled jobs and are seeking a career change as an entrepreneur.

The programme will be run in two phases. Those accepted onto phase one will receive three weeks of training and 1-2-1 support to refine their business idea. They will then pitch their plan and next steps to a judging panel for selection to phase two. Those accepted onto phase two will receive:

  • equity free funding of £20,000 towards living and business support costs
  • expert mentoring
  • training, roundtables, and events
  • 1-2-1 coaching
  • access to co-working and meeting space in the Taylor Centre in central London

Places on the programme are awarded without charge. RAEng do not charge fees or take equity. The closing date for applications is 16:00 on Monday 23 May 2022.

See: Regional Talent Engines – Royal Academy of Engineering (raeng.org.uk)

If your company is undertaking research and development to create new and innovative products and services or improve existing ones, did you know that you probably qualify for valuable Research & Development (R&D) Tax Relief from the Government?

R&D Tax Relief offers tax breaks designed to encourage innovation by incentivising companies to invest in R&D, enabling them to reduce their tax bill or claim payable credits on a proportion of their R&D expenditure. And eligibility is not limited to activities taking place in laboratories and science-based research centres. The relief can often be claimed in far broader areas and various enterprises could qualify for significant tax reductions and gain a cash flow boost.

Loss making companies can even claim back tax they haven’t paid in the first place!

So don’t miss out! R&D Tax Relief provides excellent incentives for UK companies to invest in innovation. However, the claims process itself can be complicated and convoluted, with lengthy paperwork involved and plenty of room for error. It is therefore essential that businesses seek specialist advice to ensure that all associated risks are minimised and that all aspects of the process are taken care of, thereby maximising one’s chances of getting back all the tax benefit owed to you, through the undertaking of innovative activities.

For more information, or to arrange a no obligation preliminary meeting on how your company could qualify under the R&D Tax Relief scheme, please contact us.