With the New Year holiday now behind us, I thought it would be a good idea to post up a blog to let all of our followers know about the current situation with obtaining grants for research, innovation and the development of new products.
InnovateUK â€“ Formally the Technology Strategy Board (TSB) is a really good place to start looking for funding. Funding is done through competitions. Some are quite focussed on a specific area of science or expertise, some are focussed more on a specific stage of the development process. The preferred markets are emerging and enabling technologies, health and life sciences, infrastructure systems, and manufacturing and material.
Go to https://www.gov.uk/government/organisations/innovate-ukfor more information.
R&D Tax relief/credits â€“ If you are liable for corporation tax, i.e. you are a UK trading company, you are potentially eligible for R&D tax relief/credits. For SMEâ€™s this could give you up to 33% back, for larger corporations up to 10%. A project qualifies if it constitutes an "advanceâ€ in science and technology, and thatâ€™s defined as an improvement in overall knowledge and capability in a technical field. An example to clarify: You wouldnâ€™t get funding for a project to re-design a screwdriver with a new handle, but you might qualify if the handle was made of a new material with technical properties.
Go to https://www.gov.uk/guidance/corporation-tax-research-and-development-rd-relieffor more information.
Horizon 2020 â€“ is an EU framework programme for research and innovation. The UK Government has chosen to underwrite Horizon 2020 projects beyond the UKâ€™s exit from the EU so it looks like funding for UK companies is still possible but I would advise checking the situation if youâ€™re thinking about applying.
Go to https://ec.europa.eu/programmes/horizon2020/en/what-horizon-2020for general information.
The 2016/17 programme is here http://ec.europa.eu/research/participants/data/ref/h2020/wp/2016_2017/main/h2020-wp1617-intro_en.pdf
Eurostars â€“ is a research and development funding programme aimed at SMEâ€™s. It is a joint venture between Eureka and the European Commission through Horizon 2020. In the UK, it is only research performing SMEâ€™s are eligible and this looks to be in conjunction with Innovate UK.
Go to https://www.eurostars-eureka.eu/about-eurostarsfor more information.
The Patent Box â€“ This is a relatively new scheme to allow companies that hold Patents to claim a reduced corporation tax rate on profits made from IP. As of April 2013, a company can reduce CT to 10%. Companies that are licensing IP from an IP holder can also claim this lower tax but must meet the criteria.
Go to https://www.gov.uk/guidance/corporation-tax-the-patent-boxto find out more.