With the recent Covid-19 pandemic severely impacting businesses, assessing your entitlement to Government funding and other support which may be available will come as a massive boost, especially to those who are facing cash flow issues and constraints with day-to-day activities.
There are many support measures recently introduced by the Government, alongside others which have been in existence for some time. Amongst these are:
- The Sustainable Innovation Fund – for businesses addressing challenges which are a direct consequence of Covid-19. Grants of up to £100,000 are available at: https://apply-for-innovation-funding.service.gov.uk/competition/678/overview#summary
- £20 million in new grants to boost recovery of small businesses – for specialist advice and equipment purchases. Grants of up to £5,000 are available at: https://www.gov.uk/government/news/20-million-in-new-grants-to-boost-recovery-of-small-businesses
- Local discretionary Covid-19 support grants. These applications are made through your local LEP. Grants of up to £25,000 are available
- Business Growth grants. These can provide funding of up to £1m for expansion – note that funding amounts may vary by region
- Enterprise Europe Network funding – to commercialise new ideas for businesses who have been impacted by Covid-19.
- R&D Tax Credits These can enable businesses to recover up to 33% of costs invested in innovation and advances in product, process, materials and software development.
- Capital Allowances These can enable businesses to obtain significant tax relief on commercial property acquisitions and additions made through refining or altering the premises.
- Patent Box The Patent Box can enable businesses to reduce their corporation tax liability to just 10% on profits derived from patented products and/or processes.
There are a number of activities which are likely to meet the criteria. These include developing new (or improving existing) process and equipment to comply with national standards; appreciably improving testing capabilities; developing new techniques and methods for increased accuracy, reliability and/or reduced costs; integration of software to improve laboratory efficiency; and, manufacturing of new measurement and testing machines/equipment
How can Innovation Tax assist you?
Innovation Tax can help member companies assess their entitlement to new and existing support measures and, if appropriate, assist with the application of funding. They do this using their experienced team of technical and taxation specialists, many of whom have engineering or research backgrounds across multiple industry sectors.
BMTA members will be entitled to discounted rates on the success fees applicable, providing valuable cashflow along with the recovery of their annual BMTA membership subscription fees. On average members can recover between one and ten times the cost of their annual BMTA membership.