{"id":5457,"date":"2022-02-16T16:18:18","date_gmt":"2022-02-16T16:18:18","guid":{"rendered":"https:\/\/www.moorethompson.co.uk\/specialist-sectors-blog\/?p=5457"},"modified":"2022-02-17T16:33:36","modified_gmt":"2022-02-17T16:33:36","slug":"business-can-save-money-rd-tax-incentives","status":"publish","type":"post","link":"https:\/\/www.moorethompson.co.uk\/specialist-sectors-blog\/business-can-save-money-rd-tax-incentives\/","title":{"rendered":"How your business can save money through R&D tax incentives"},"content":{"rendered":"

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It\u2019s a new year and it looks like the worst of the COVID-19 pandemic may be behind us.<\/p>\n

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That can deliver a spirit of optimism and the incentive to set up a new business, or invest and expand with your current company. It may seem daunting, but there is help available through various tax breaks.<\/p>\n

Certain tax breaks allow the business owner to save money that can be invested in the new company and when it comes to Research & Development (R&D), a number of way to get grants.<\/p>\n

R&D tax credits<\/strong><\/p>\n

The Government created R&D tax credits to reward those companies in the UK that are investing in innovation.<\/p>\n

The credits offer a valuable source of income to help businesses invest in R&D, hire new talent and grow, by reducing their corporation tax bill.<\/p>\n

You may be eligible for R&D tax credits, even if your small business is running at a loss.<\/p>\n

The HM Revenue & Customs (HMRC) definition is broad and you don\u2019t have to be engaged in laboratory work to benefit from this incentive. Software developers, architects and many other professions have all successfully claimed R&D tax relief as a result of this incentive.<\/p>\n

UK companies and organisations can apply for a number of UK based government grants and European grant funding. The key sources of R&D grant funding are listed below:-<\/p>\n

Innovate UK<\/strong>, the UK\u2019s innovation agency, runs funding competitions which can help you develop your innovative idea and make it successful. Innovate UK funding competitions provide funding between \u00a325,000 and \u00a310 million and typically fund technical\/market feasibility studies, proof of concept and development of prototype projects.<\/p>\n

Horizon Europe<\/strong> has a huge budget of 95.5 billion euros and is designed to shape the future of Europe through research and innovation. It will run from 2021 to 2027.<\/p>\n

You may be able to get Horizon Europe funding for projects which:<\/p>\n