Are you developing a new innovative product or service?
Finance, Funding and Design to Create Impact.
For many people, April sees the start of the new financial year. For businesses in the UK, at the very least, it is the start of a new tax year.
With budgets and yearly forecasts in the forefront of Directors’ minds, it is an ideal time to look at the current funding opportunities.
Although a significant proportion of government funds have been allocated to COVID-19 research or post COVID-19 recovery, there are still plenty of opportunities for businesses to access support.
What funding is available and how do I apply?
On a local level, there is the Local Enterprise Partnership (LEP) network; each region has an LEP that offers businesses support in many ways, including financial. There are 38 LEPS split across the country and although the areas they cover are currently under review, more information can be found on the LEP Network website.
Many universities are also offering funding, including innovation grants to develop new products and funded Knowledge Transfer Partnerships to enhance the skills within a business.
On a national level, there is also funding available from organisations such as Innovate UK.
Smallfry is experienced in assisting clients with funding applications; we have been successful consortium partners in many applications, including projects funded by Innovate UK, The Welcome Trust and the Bill and Melinda Gates Foundation. We work closely with our clients to help simplify the grant application process and ensure they meet the funding criteria to stand the best chance of successful investment.
What other support is available?
Even if you have applied for a grant and have been unsuccessful, eligible businesses doing Research and Development can claim R&D tax credits: SMEs can claim back up to 33% and large companies can claim back up to 10% of R&D costs. Although there is a certain criteria to be met, the government definition for eligibility is broad with many R&D projects fitting the criteria: “R&D for tax purposes takes place when a project seeks to achieve an advance in science or technology.”
Although the claim can be made by the business themselves, many organisations choose to outsource this service to a specialist R&D tax company. Smallfry can recommend trusted partners who can help our clients to understand the process and help them file their claim.
Ultimately, all these schemes are designed to help the UK innovate to develop products and services that create impact. This is something Smallfry has been helping our clients do for 50 years.
If this is of interest to you, we would be delighted to have a deeper discussion.
Call us on 024 7654 5678 or email firstname.lastname@example.org