How UK businesses can fund their investment in innovation
8 August 2018
Mike Price, Director at MPA Group
Every year, thousands of businesses miss out on £150,000, on average, for reasons ranging from lack of awareness to ill advice from advisors. Government schemes such as R&D Tax Credits or Patent Box can be difficult to navigate, with complex rules to adhere to and a basic barrier observed in understanding exactly what HMRC defines as “research and development”. What still seems to be broadly misunderstood is that R&D isn’t only carried out just by men in white coats – it spans all industries and covers activity from app development and cell imaging technology to engineering and tooling development.
The financial reward on offer for innovative businesses is substantial and, when claimed well, can fund business growth, enable product or service development and allow businesses to enter new markets – all of which can be challenging to achieve, especially in the start-up and SME arena.
The government has even recognised the particular struggle faced by start-ups and SMEs in finding funding for their innovations, and so rewards them on a larger scale, offering 33 per cent return on their investment in R&D activity.
The role played by funding specialists such as MPA Group is important in ensuring businesses are made aware of the scheme, alerted to their eligibility and understand the financial benefits. A level of expertise is required around identifying qualifying activity and ensuring different schemes and grants work together – when there’s £150,000 to be gained every year, it’s certainly worth looking into.
Get your share of innovation funding by visiting www.thempagroup.co.uk