Government funding available for companies aiding the net zero initiative

Government funding available for companies aiding the net zero initiative

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The urgency of the climate crisis can no longer be ignored by governments, businesses, and individuals alike. If global emissions do not meet the criteria set out by experts, worldwide temperatures will continue to rise, causing irreversible damage to the planet. To meet the emissions criteria, international governments and committees are devising ways that economies can actively reduce their carbon footprint and reliance on fossil fuels in a bid to improve air quality and make cities greener to slow down the effects of climate change.

In the UK, the levels of pollution in major cities have become an increasing concern over recent years. The growing volume of cars, buses, vans, and lorries in city centers has increased the number of pollutant gasses in the atmosphere that contributes to global climate change as well as respiratory complications. Due to the adverse effects of pollution in cities, the European Commission and UK government mandated that a number of places across the UK introduce a clean air zone by 2020. Although the introduction was delayed due to the onset of the coronavirus, the scheme has now been rolled out in a number of places, including Birmingham city center. This is part of the UK government’s wider target to make the economy net-zero by 2050, meaning there is a balance between producing and removing greenhouse gas emissions from the atmosphere.

Birmingham’s clean air zone looks to charge heavily polluting vehicles for entering into parts of the city center which is likely to affect a lot of businesses in the area and those that travel through the region. With companies facing potentially large charges for traveling in the zone, business owners are looking for eco-friendly alternatives to their traditional vehicles that rely on fossil fuels. Research and development into electrical vehicles have boomed in recent years, with thousands of electric vehicles now driving around UK cities. Electric and hybrid vehicles are becoming increasingly accessible to consumers as extensive research and development have enabled vehicles to travel further distances between charges, as well as becoming lighter, faster, and more efficient.

The need to find low-carbon solutions in the transportation and energy industries has created huge opportunities for businesses looking to develop, manufacture and distribute eco-friendly alternatives. To aid businesses in making sustainable and eco-friendly innovations, the government is providing financial aid to UK businesses in the form of R&D tax credits. The scheme is designed to help firms boost their cash flow when investing in qualifying innovative projects.

Randd uk are R&D tax credit specialists that have been helping businesses successfully claim the incentive since 2008. The R&D tax credits sphere can be a minefield with legislation changing regularly. The randd uk team makes the claim process quick and simple, and their dedicated team of chartered accountants, technical experts, and industry specialists are trained to ensure claim values are always maximized. Randd has worked with many clients in the transportation, engineering, and energy industries, as randd’s skilled team of specialists possess unrivaled industry knowledge which allows them to understand specific R&D projects in depth.

Randd uk has recently filed a successful claim for a client that develops bespoke systems that generate energy from solar power that helps customers reduce their annual energy expenditure. The company carries out detailed surveys and research before developing bespoke solutions tailored to their customers, offering expert advice throughout the process as well as developing and installing solar power systems. The business invested in extensive R&D to optimize the installation of equipment through technological advancements, overcoming uncertainties, trialing new materials, and creating prototypes.

If you have an innovative business that is working towards making eco-friendly solutions you could be eligible for the R&D incentive. Don’t miss out on money you are entitled to claim from HMRC, contact randd uk today for a non-obligatory free eligibility assessment.

Could you be eligible for an R&D Tax Credits claim?

During these turbulent economic times, businesses across the country are looking for solutions to their cash flow problems. Many companies are looking for grants and loans and overlook that fact they could be eligible for R&D Tax Credits. By successfully claiming R&D Tax Credits, your company could receive a cash injection from HMRC in as little as four weeks.

Call our experts today on 01332 477 070 for a free, no obligation eligibility consultation. Your business could be our next success story!