What Are R&D Tax Credits
- R&D Tax Credits are a UK Government Corporation Tax relief scheme that could reduce your company’s tax bill and provide you with cash back.
- SME’s who qualify can claim back up to 33% of their R&D costs, as cash or a Tax credit.
R&D Projects That Might Qualify For Relief
- Your company can claim for R&D tax relief if an R&D project seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty – and not simply an advance in its own state of knowledge or capability.
- You can also claim if you update/improve your products or services. An appreciable improvement is required.
Why Should I Bother?
At PRODDIO we find there are three main reasons why SME’s are missing out;
- The vast majority of our SME clients have not heard of this UK Government relief scheme, in fact, neither had their accountants, resulting in missed opportunities to get much needed funds.
- Some clients have heard of R&D Tax Credits but failed to apply because they are too busy and perceive the process as too time consuming.
- Some SME’s are given poor advice from third parties as to whether they would qualify!
How Can We Help?
- PRODDIO have a demonstrable 100% track record in achieving R&D Expenditure Credit and R&D Tax Credits for our clients. We have helped our combined clients benefit from Government contributions, by securing millions of pounds in additional Government funding.
- Central to our success is our team’s experience, which includes; Innovate Grant assessors, Tax consultants (ex HMRC Tax inspectors), Chartered Engineers and Business experts.
- Our team have over 30 years’ experience in Project Management and we hold Masters Degrees in the subject, meaning we know what R&D Projects look like and how best to maximise your claim.
What Is The Risk?
There is NO risk to you, we operate on a no win / no fee basis and manage the whole process on your behalf.
What To learn More?
Please contact Trevor Shields, senior consultant at PRODDIO at;
or call 07747512869.
When bank lending cannot be accessed then this is a good alternative. You want to grow, have the product, but lack the cash flow then please talk to PRODDIO.
PRODDIO can help you access the right loans to provide the necessary cashflow needed to expand and take your business to the next level. As little as £25k to £25m or more, no problem. We can show you how to access the funds you require.
PRODDIO have access to many alternative funding solutions and has already raised over £6.5million for our clients in 2017
If you need any support in helping access this loan then please get in touch, we would be happy to help.
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PRODDIO is happy to help and support you in your growth ambitions.
Tel. 01642 438285
Grants – 50,000 to 2,5m euro funded at 70%
What support is available?
The dedicated SME instrument’s supports close-to-market activities, with the aim to give a strong boost to breakthrough innovation. Highly innovative SMEs with a clear commercial ambition and a potential for high growth and internationalisation are the prime target.
The SME Instrument offers small and medium-sized businesses the following:
- Business innovation grants for feasibility assessment purposes (optional phase I): EUR 50,000 (lump sum) per project (70% of total cost of the project);
- Business innovation grants for innovation development & demonstration purposes (possible phase II): an amount in the indicative range of EUR 500,000 and 2,5 million (70% of total cost of the project as a general rule);
- Free-of-charge business coaching (optional) in order to support and enhance the firm’s innovation capacity and help align the project to strategic business needs;
- Access to a wide range of innovation support services and facilitated access to risk finance, to facilitate the commercial exploitation of the innovation.
Feasibility assessment (phase 1) – optional
Funding is available for: exploring and assessing the technical feasibility and commercial potential of a breakthrough innovation that a company wants to exploit and commercialize.
Activities funded could be: risk assessment, design or market studies, intellectual property exploration; the ultimate goal is to put a new product, service or process in the market, possibly through an innovative application of existing technologies, methodologies, or business processes.
The project should be aligned to the business strategy, helping internal growth or targeting a transnational business opportunity.
Amount of funding: lump sum of €50,000 (per project, not per participating business).
Duration: typically around 6 months
Outcome: The outcome of a phase 1 project is a feasibility study (technical and commercial), including a business plan.
Should the conclusion of the study be that the innovative concept has the potential to be developed to the level of investment readiness/market maturity, but requires additional funding in view of commercialisation, the SME can apply for Phase 2 support.
Innovation project (phase 2)
Funding is available for: innovation projects underpinned by a sound and strategic business plan (potentially elaborated and partially funded through phase 1 of the SME Instrument).
Activities funded in phase 2 can be of several types: prototyping, miniaturisation, scaling-up, design, performance verification, testing, demonstration, development of pilot lines, validation for market replication, including other activities aimed at bringing innovation to investment readiness and maturity for market take-up.
Amount of funding: in the indicative range of €500,000 – € 2.5 million or more (covering up to 70% of eligible costs, or in exceptional, specific cases up to 100%).
Duration: typically around 1 to 2 years
- a new product, process or service that is ready to face market competition;
- a business innovation plan incorporating a detailed commercialisation strategy and a financing plan in view of market launch (e.g. on how to attract private investors, if applicable).
Commercialisation (phase 3)
With the view of facilitating the commercial exploitation of the innovation activities resulting from phase 1 or phase 2, specific activities will be proposed. These can include support for further developing investment readiness, linking with private investors and customers through brokerage activities, assistance in applying for further EU risk finance, and a range of other innovation support activities and services offered via the Enterprise Europe Network (EEN).
Optional Innovation and Business Development Coaching is offered in parallel throughout phases 1 and 2 to help SMEs:
- enhance the company’s innovation capacity
- align the project to the identified business development strategy
- develop the commercial/economic impact and long term sustainability.
Coaching is provided by experienced business coaches, selected through the Enterprise Europe Network (EEN).
To find more information and apply click HERE
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The Energy Catalyst
The aim of the Energy Catalyst is to speed up the best of UK innovation at all development stages. It helps businesses progress their innovations to commercial readiness.
Technology innovation is needed to solve the global energy sector ‘trilemma’ of:
- low carbon
- security of supply
These challenges are creating major global market opportunities. Innovative businesses in the UK can develop world-leading solutions to these challenges.
This funding competition
The fourth round of the Energy Catalyst is now open. There are 3 awards, each open to businesses, universities and research organisations:
- early-stage award – technical feasibility
- mid-stage awards – technology development
- late-stage awards – pre-commercial technology validation
The competition supports innovative solutions in any technology or sector area. The proposed solutions can focus on any part of the energy trilemma.
- the deadline for registration is noon on 7 September 2016
- the competition closes at noon on 14 September 2016
- you can lead a proposal if you are either:
- an SME acting on your own or working with any other with any type of organisation
- a research organisation collaborating with a business
- your project can last up to one year
- the total cost of your project can be up to £300,000
- the total non-business-partner costs must not exceed 50% of the total project costs
- business partner funding can be up to 70% of their total project costs for small or micro SMEs, 60% for medium SMEs or 50% for larger companies
Link to find out more information and to apply: https://goo.gl/PcDNfY
Another great grant highlighted by PRODDIO
Innovate UK is to invest up to £15 million in innovation projects in manufacturing and/or materials.
Innovate UK is to invest up to £15 million in innovation projects in manufacturing and/or materials. These projects will focus on identified technical or commercial challenges. We will fund projects that aim to lead to increased UK SME productivity, competitiveness and growth.
Projects need to be led by a business and must involve at least one SME. They can be carried out by an SME working alone or in collaboration with other organisations. Projects with costs of £100,000 or more must involve working with other partners
We are looking for projects which focus on any of the technical feasibility, industrial research or experimental development research categories.
Projects should last between 6 months and 3 years. They should range from total costs of £50,000 to £2 million.
||Noon on 6 July 2016
||Noon on 13 July 2016
Link to find out more information and to apply: https://goo.gl/AGCAzT
Another great grant highlighted by PRODDIO
If you need any support in helping access this grant then please get in touch, we would be happy to help.
** Don’t forget that if you get the funds PRODDIO can also help you get further money back through the R&D Tax Credit scheme – a double win.
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The Growing Business Awards (GBAs) is an independent awards programme run in association with the Confederation of British Industry (CBI). The 2016 awards are sponsored by Amazon.
The awards celebrate the achievements of the UK’s innovative high-growth businesses. However, it is not just well-established companies that the GBA honours; the awards welcome applications from new, innovative businesses.
The 2016 categories open to entries are as follows:
- Growing Business of the Year: Larger Company (Turnover £50m+)
- Growing Business of the Year: Mid-sized Company (Turnover £25m-£50m)
- Growing Business of the Year: Smaller Company (Turnover less than £25m)
- B2B Business of the Year
- Consumer Business of the Year
- Digital Business of the Year
- Entrepreneur of the Year
- Export Champion of the Year
- Innovator of the Year
- Franchisee of the Year
- Micro Business of the Year
- Rural Business of the Year
- The Triumph over Adversity Award
- Young Company of the Year
- Young Entrepreneur of the Year
- Employer of the Year (not open for self-nominations)
Category winners will be presented with an award and benefit from the publicity, media promotion and brand exposure associated with the event.
All Growing Business Awards winners receive automatic membership of the CBI, the UK’s premier business lobbying organisation, providing a voice for employers at a national and international level.
All UK-based high-growth and entrepreneurial companies, regardless of size or stage of operations, may enter the awards.
2016 awards ceremony date and venue: 30 November 2016 at the Brewery, London.
The deadline for entries to the 2016 round of awards is 23 September 2016.
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