As the country starts to reopen, the government is prioritising a green recovery by encouraging further investment into clean innovation and green technology.
Over the past few weeks, various grants and competitions, such as the Sustainable Innovation Fund and the Driving the Electric Revolution Challenge have been announced to provide funding to businesses that are putting sustainable innovation at the heart of what they do.
Sustainable Innovation Fund
COVID-19 has affected R&D across all sectors. This competition aims to help all sectors of the UK to recover, grow, and create new opportunities following the pandemic.
Key Features:
- £200 million to help businesses across the UK invest and develop cutting-edge new technology and to help firms recover from the impacts of coronavirus
- government investment to support innovations
- research and development (R&D) intensive businesses urged to apply for funding to turn ingenious ideas into new technologies
Find out more here.
Driving the Electric Revolution Challenge
There are two strands to the competition:
- Developing PEMD supply chain improvements
- Research and develop technologies to help secure future zero emission vehicles innovation.
The challenge hopes to make the UK a world leader in the manufacture of core technologies which underpin electrification: Power Electronics, Electric Machines and Drives (PEMD). The Challenge will help address climate change, contribute to the development of clean technology supply chains, act as a catalyst for investment and drive down costs, and accelerate the UK’s ability to deliver:
- next-generation electric vehicles
- hybrid aircraft
- energy generation
- smart grids
- industrial drives
- consumer products
- low-carbon off-highway for construction and agriculture
- low-carbon maritime and rail.
If you are looking to invest and innovate in these areas, you are also likely to be eligible to claim R&D tax relief. From experience, we know that many businesses miss out on claiming because they don’t think they qualify or have not even considered whether they might be eligible. At HB&O, we can work with you to explain the complex rules surrounding R&D and can prepare your claim to help give you the greatest chance of success.
When you work with our team, we won’t just look at your R&D in isolation. We’ll build your R&D into your business planning so that you can use tax credit benefits as part of an ongoing strategy to grow your business and keep moving forward.
For more information on R&D, contact Neil Allcroft on [email protected]
