Applying For A Business Grant In The UK
If you are looking to grow your business, there are many different grants, funding and business loans available from the UK government. You may also be looking for a business start up grant scheme, such as the prince’s trust that is available for both young people entering employment and individuals looking to start a business.
One of the most popular forms of funding we are seeing includes R&D tax credits, which is growing exponentially in recent years. This incentive is helping businesses of all sizes receive rewards for their efforts to improve areas across their work.
In this article, we are going to specifically explore grants for SMEs and larger established businesses. If you are a start-up, you can find more information on grants available to get your business off the ground here.
What English & Welsh Government Grants Are Available?
- R&D tax credits
- Innovate UK
- Covid-19 Support
- Apprenticeship Grants
- Air quality grants (specific to local authorities)
What Is R&D Tax Relief?
R&D stands for research and development, and was designed to reward businesses for their investment in innovation when creating new products, services, or processes. This business support allows organisations to receive funding for ways in which they have improved traditional ways of working, and shown advancement across their sector.
The R&D tax credit rebate can help aid business growth, whilst also opening up the opportunity to re-invest into future business plans for innovation projects. Qualifying activities may include the development of a product that increases efficiency, modifying a process for further accuracy, or designing methods that are more sustainable. These are just a few examples of how you may have undertaken R&D, however often people are not even aware of work that has been done. If you have overcome uncertainty or a barrier when working by developing a solution, then it is likely you have completed qualifying activity.
Would My Sector Qualify?
We have successfully claimed R&D rebates for a huge variety of sectors. This includes construction, manufacturing, recycling, and tech to just name a few. The Information and Communication, Manufacturing, and Professional, Scientific and Technical sectors continued to have the greatest volume of claims, making up 64% of claims and 69% of the total amount claimed for the year ending March 2020. However, each sector is growing year by year due to the increasing claims across most industries and the ability to receive large sums of money.
Is R&D Tax Credits Right For My Business?
R&D tax credits are an incredibly valuable source of money to reward your business and invest wherever is needed. You may be looking to fund new employees, start new projects, purchase equipment or fund any other activity that will help to grow your business to reach its full potential.
Costs that qualify for the scheme may include tests, trials and prototypes, staff costs, or types of software and materials/consumables used throughout your R&D work.
Does The Size Of My Business Matter When Claiming An R&D Tax Rebate?
Depending on the size of your business, you may apply for an SME R&D credit incentive, or an RDEC for larger organisations. Small or medium sized businesses tax relief allows businesses to make a total 230% deduction. SME is listed as less than 500 staff and a turnover of under €100m.
Large organisations can claim a research and development expenditure credit, which is 13% of your qualifying R&D expenditure. This can also be claimed by SMEs who have been subcontracted to complete R&D by a large business. A large company includes 500 staff or more, with €100m turnover or €86m gross assets.
Claim Your Business Grant With Veritas Noble
With Veritas Noble, the application process is quick and easy. We can work with your business finance team or directly with you, and have you receive the max claim. Our specialist team has experience working with clients from a variety of sectors, and can work with yourself or your accountant. As we charge nothing to find out your eligibility, no money is wasted during the process.
Once confirmed, these funds are made through a cash grant from HMRC or deduction in your company corporation tax bill. Even if your investment in innovation was not successful when introduced to the market, it is irrelevant. You can still receive claims for the initial expenses made to research and develop your project.
Get In Touch With Our Team Today
If you are ready to be recognised for your innovation, get in touch with our friendly team today. We are on hand to help you receive your claim efficiently, taking the jargon out of the whole process. You can email us at email@example.com to find out more or give us a call on 01327 317561.