During these uncertain times, it’s important to highlight who local R&D focused and highly innovative businesses can turn to, to receive business support to access the additional funds they need.
TBAT Innovation Ltd are offering support for local businesses to access short-term cash injections such as R&D Tax Credits, as well as support to build robust long-term plans for R&D projects and financing options such as Grant Funding.
R&D Tax Credits
A HMRC incentive to reward innovative businesses for the R&D projects they’ve already undertaken.
The important points about the R&D Tax Credit schemes:
- Businesses can receive up to 33p per £1 of identified R&D spend, as either a Corporation Tax reduction or cash payment.
- Claims can be made for 2 previous financial years, as well as the current financial year.
- Claims are processed by HMRC within 6-8 weeks.
With the average SME claim being £50,000 per year, a business that hasn’t made a claim before, could be looking at 3 times that amount!
If a business has already made a claim, TBAT can review previous claims to ensure they’ve been maximised and make an additional claim for anything that may have been missed.
While applying for funding may not be at the forefront of a business’ plans right now, in order to come out of this in a strong position, R&D businesses must plan ahead for their future projects and how they’re going to be funded.
TBAT can offer support in:
- Building business plans and proposals
- Project focus, planning and positioning
- Funding opportunity ‘Roadmaps’
- Advice on partners and eligibility criteria
- Application writing and reviewing
- Grant Claim Management – keeping all the documentation up to date for the Monitoring Officer.
Engaging with TBAT early will allow a business to build a clear idea of their project plans and identify what they need to be doing in the near future to meet eligibility criteria for the chosen funding opportunities.
Due to the nature of Grant Funding competitions, they have a short window of opportunity where applications can be submitted, and there’s usually no guarantee of another round. Without forward planning, a business may miss their chance to apply and secure funding!
If you’re looking to claim R&D Tax Credits for your business in the near future to boost your short-term cashflow and/or looking to plan your R&D projects and funding opportunities for the next 12-24 months, get in touch with TBAT Innovation for a free consultation.
The team are working from home as per UK Government guidance but are still contactable and able to complete all of the above remotely!
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