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We are aware that many of the innovative businesses that we support will have been reliant on the UK Research and Innovation (UKRI) as a core source of funding.
While you may have the support of expert accountants, it is vital that you are aware of the changes to the UKRI so that you can better prepare for the future.
How is the UKRI funding changing?
It was widely reported that the UKRI would no longer be able to operate in its typical capacity given that the demand for its funding had been steadily increasing over time.
This has been hugely disappointing for businesses that had been able to make significant advancements due to the investment.
In order to better adapt to the current conditions of the country, the UKRI has announced a new strategy that will ensure it can remain focused on core areas of innovation.
The areas that will be prioritised for UKRI funding will be those that can demonstrate the strategic or social priority behind the research and embody the spirit of discovery and curiosity-driven research.
Businesses that are committed to growing within the UK also stand to benefit as the UKRI is determined to improve the global positioning of the UK as a research powerhouse.
What this means in reality for innovation in the country is somewhat vague, as many businesses would claim to be meeting those criteria already.
AI, clean energy and the creative industries have been noted as areas of particular interest for the UKRI, so any of our clients working in those sectors should attempt to leverage this renewed focus.
How will randd uk support businesses as UKRI changes?
As ever, we will remain by your side as you continue to seek new advances in science and technology.
We can help you with the preparation of UKRI grant applications and it is worth seeking advice as early as possible if you are thinking of applying.
While the change to UKRI will almost certainly have winners and losers, the power of R&D tax relief claims remains largely unimpeded.
Under the Merged Scheme, it is now possible to access grant funding and still submit an R&D tax relief claim.
This means there are more options for your business when it comes to accessing the funds you require.
Our experts will continue to support you in compiling effective R&D tax relief claims that encompass the full spectrum of your qualifying expenditure.
We can also support you in incorporating any grants and investments into the R&D tax relief claim so that the claim is not invalidated or disrupted.
For ongoing support with your R&D work, get in touch with our team today!
Adam Bointon is a Technical Director specialising in R&D Tax Credits for SMEs in manufacturing and software sectors. With over 15 years’ experience, he works closely with businesses to identify qualifying R&D activities and prepare clear, compliant claims. He combines technical expertise with a strong understanding of economics and finance to support successful outcomes. Adam also contributes to industry webinars and CPD sessions, sharing insights on R&D tax relief and HMRC requirements.
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