Innovate UK Smart Grants
Innovate UK, part of UK Research and Innovation, is investing up to £25 million in game-changing, and world-leading ideas, designed for swift, successful commercialisation. Ideas need to be genuinely new and novel, not just disruptive within their sector. The competition closes on 27 July 2022.
Your proposal must be business focused, with deliverable, realistic and adequately resourced plans to achieve a return on investment, growth and market share following project completion.
Applications can come from any area of technology and be applied to any part of the economy such as, but not exclusively:
Your project must:
- Start by 1 January 2023.
- End by 31 December 2025.
- Include at least one micro, small or medium-sized enterprise (SME) as the lead or a collaborative grant claiming partner.
- Carry out all its project work in the UK.
- Intend to exploit the results from or in the UK.
QUOTE FROM BM R&D TEAM MEMBER: “ Projects subsidised by Innovate UK grants can be claimed under the R&D tax relief scheme. Furthermore, Post-Brexit, HMRC has now relaxed how tax relief restrictions are calculated regarding expenditure incurred their undertaking, for R&D tax relief purposes, meaning that greater corporation tax relief from be acquired therewith. Please contact a member of our team to discuss this further, as well as for some real-world, working case studies.”
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!
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.
See: Competition overview – Innovate UK Smart Grants: April 2022 – Innovation Funding Service (apply-for-innovation-funding.service.gov.uk)