Marketing No Comments

UK must subsidise R&D into green technology, says Tory think tank

The government must create a new high-risk laboratory to research cutting edge green technology and hand out tax breaks for businesses that replace gas boilers with heat pumps, according to a leading Tory think tank.

Onward, which is run by a large number of Conservative MPs and party grandees, today said in a new report that the UK is lagging behind in “the development of technologies likely to be critical to decarbonisation in the next thirty years”.

Boris Johnson’s government has a target to reach net-zero carbon emissions by 2050.

Discover our R&D Tax Reclaim services.

The landmark United Nations Cop26 climate summit in Glasgow next month is being billed as one of the last opportunities to broker a global deal to keep global climate change to less than 1.5 degrees.

Onward said the government needed to pull policy levers to spur more private sector research and development (R&D) spending in green technologies.

The think tank says this could be done by direct subsidies to labs researching carbon capture technology and tax breaks to businesses that replace their boilers with more environmentally friendly heat pumps.

Learn all about how our R&D Tax Claims work.

The report also suggests creating a National Energy Laboratory to “conduct high-risk net zero research to overcome energy system challenges” that is modelled on similar agencies in Germany and the US.

Ted Christie-Miller, co-author of the report and head of carbon removals at BeZero Carbon, said: “The government needs to consciously create the incentives and build the institutions necessary to create an explosion in the R&D, commercialisation and diffusion of key net zero technologies.

“If we don’t act fast, we will pay the price in higher emissions, lower competitiveness, greater societal disruption and higher costs for consumers and taxpayers.”

By Stefan Boscia

Source: City AM

To find out more about how we can assist you with your R&D Tax Reclaims please click here

Marketing No Comments

Innovate UK is offering £14.4 million in funding for “healthy ageing” designs

Innovate UK has launched a fund worth £14.4 million to support initiatives that encourage healthy ageing through service design.

The Designed for Ageing funding competition is part of a wider push by Innovate UK parent organisation UK Research and Innovation (UKRI), called the Healthy Ageing Challenge. The challenge has been developed to help businesses and social enterprises to create “products and services to help people as they age”, according to UKRI.

Discover our R&D Tax Reclaim services.

“Think beyond comfortable shoes and stairlifts”

How design can help people age more comfortably is a perennial topic of the industry, and one that Design Week has covered before.

“Despite more of us living for longer and wanting to choose how to live in later life, the market for products and services which genuinely meet the needs of older people is fairly underdeveloped,” says UKRI design innovation lead Julia Glenn.

“Designing for ageing needs to think beyond comfortable shoes and stairlifts,” she adds.

“Game-changing service-led innovations”

Successful applicants to the fund can bid for a share of up to £2 million to support their idea. The lowest funding amount is £500,000.

Briefing documents for the fund say the ultimate aim is to deliver a suite of “game-changing service-led innovations”, which address the current under-provision of products and services for older people.

Those looking to apply will need to have a business-led idea that is near-to-market and has the potential to scale, according to the competition description.

Learn all about how our R&D Tax Claims work.

“Good, people-centred design”

Successful projects will need to have been co-designed with the people who are going to use them, Innovate UK says, while “good, people-centred design” should be at the centre.

To enforce this, all projects will be subject to a “design stage gate review” at the six-month point. Projects must pass this to continue to receive funding. “We need to address the proper design of flexible life choices for older people, of financial services beyond pensions and see that ageing is a continuum, not a boundary line,” explains Glenn.

Another requirement is for projects to conduct industrial research to develop “new and applied knowledge”. This research will ultimately positively market readiness, the brief says.

Potential themes

A series of themes have been highlighted as targets for prospective projects. These include initiatives that enable self-care and new models of care for independent living; and those that encourage the sustaining of physical activity for people aged 50 and above.

Other targets could include projects that improve mental health, or those that address the “common complaints” of ageing, like incontinence, pain, mobility, or a loss of hearing or eyesight.

By Molly Long

Source: Design Week

To find out more about how we can assist you with your R&D Tax Reclaims please click here

Marketing No Comments

Recycl8 secures six figure funding from Innovate UK

North east environment technology firm Recycl8 has been awarded a grant by the UK’s innovation agency Innovate UK to accelerate the R&D phase of its ground-breaking low carbon process for the construction and concrete industry.

Recycl8 secured an Innovate UK Transforming Foundation Industries Challenge Award, worth £167,000, to carry out testing on its process.

The timescale of the testing phase, which is being carried out in the UK, has been cut by two thirds thanks to this additional funding. Initially scheduled to take place over 2–3 years, the testing process will now take 8–9 months and has already reached the halfway mark.

Discover our R&D Tax Reclaim services.

Recycl8 works in collaboration with the waste-to-energy and global construction industries to transform Incinerator Bottom Ash (IBA) often destined for landfill into a high-performing, low-carbon concrete solution.

The testing is required by the Environment Agency (England and Wales) and SEPA in order for them to reclassify the processed material as a product rather than as waste. Following a successful outcome, the Environment Agency and SEPA would provide Recycl8 with a license to process the IBA and take the final product to market.

Recycl8’s unique process will allow IBA to make up to 60% by volume of the concrete. By replacing high C02 emitting cement and other virgin quarried materials, their technology will help concrete manufacturers to reduce their carbon footprint and achieve their climate targets.

Learn all about how our R&D Tax Claims work.

Ian Skene, founder and managing director of Recycl8, said: “Following a very rigorous application process, we are extremely proud to have received this considerable funding grant from Innovate UK. By expediting the testing process and bringing our process to market ahead of schedule, we can create positive impact quicker as part of our commitment to the Circular Economy and net zero goals. If all UK concrete was made with Recycl8 technology we’d save around 2.1 million tonnes of CO2 – a hugely significant opportunity for both the construction industry and waste to energy industry as they tackle the carbon emissions challenges they face to meet international net zero targets.

“What’s more, as a company we are very gratified that the value our process adds to the Circular Economy, and the viability of our business proposition has been recognised by such a prestigious national organisation.”

Source: Source: Scottish Construction Now

To find out more about how we can assist you with your R&D Tax Reclaims please click here

Marketing No Comments

Innovate UK launches 2050 transport vision, calls for feedback

Innovate in the UK has launched its UK Transport Vision 2050 and is asking for feedback on plans that see fully driverless vehicles and 7G wireless.

The UK’s innovation agency has launched an in-depth study that sets out what the UK transport system may look like in 2050 with fully autonomous vehicles, digital twins and 7G wireless, outlining the likely steps along the way to achieving this.

The aim is to gather UK government and industry around a single vision, says Innovate UK. The study identifies six key areas, from connectivity, power, autonomy and infrastructure to demand and business models.

Discover our R&D Tax Reclaim services.

“We will use this vision and our assessment of the UK’s relative strengths to determine where we invest our efforts over the coming years,” said Indro Mukerjee, Chief Executive Officer at Innovate UK. “We hope it will also inform and guide our partners in the public sector and in industry when they are making their investment decisions. We also welcome feedback to help us refine and improve this work.”

Autonomy will make road vehicles smarter, create opportunities for new services such as last-mile delivery by drone and deliver fully autonomous urban transport, and the report anticipates that the urban transport system, air transport, rail freight, ferries to and from UK islands and 90 percent of motorway HGVs will be fully autonomous by 2050.

The report sees widespread 4G connectivity by 2025 and 5G by 2030 with widespread 7G wireless (the generation after 6G currently in early development) by 2050 that will connect all road vehicles with each other and enable a sophisticated central traffic management system.

Electricity, hydrogen, ammonia and sustainable fuel will replace petroleum and create new opportunities for generation, production and distribution. Data connectivity is a key area, with the estimated global market size for vehicle data alone is $750 billion in 2030. One UK vehicle data company is planning to go public via a US special purpose SPAC to raise hundreds of millions of dollars.

But the report goes a long way beyond this. It sees road vehicles capable of cooperating with other nearby vehicles to support traffic flow and safety by 2050 and capable of fully cooperative driving by 2050. This improved connectivity will be vital for real-time data gathering and will provide key information for the public sector, industry, travellers and maintenance. For example, real-time data will improve planning of road usage and lead to efficiencies, cost savings and emissions reductions.

Learn all about how our R&D Tax Claims work.

Developments in connectivity will enable planning simulations using artificial intelligence and machine learning and lead to more efficient traffic management systems with the creation of digital twins that will improve travel planning and routing.

The advanced train protection system, the European Train Control System (ETCS) level 2, will be rolled out on all UK trains by 2040 and 95% of UK mainline rail by 2050, while autonomous unmanned air traffic management (UTM) has been demonstrated and could be adopted commercially in the 2020s. This will be fully integrated into current air traffic, including commercial flight, by 2050 says the report. All recharging and refuelling systems and vehicles will be fully internet connected by 2030 to maximise energy management for motorists, vehicles and energy networks

“It is a time of incredible change for transport. UK and global net zero targets, greater connectivity and digitalisation, automation, and changing consumer habits all present significant challenges for transport industries,” said Mukerjee. “Rising to meet these challenges offers great opportunities for economic growth and for societal benefit – a cleaner environment, and better and more efficient ways for us all to get around and to deliver goods.”

The vision document will be regularly updated and used to inform decisions on future investments.

By Nick Flaherty

Source: EE News Europe

To find out more about how we can assist you with your R&D Tax Reclaims please click here

Marketing No Comments

UK innovation relies on connections between business and academia

Dr Joe Marshall, chief executive of the National Centre for Universities and Business (NCUB), argues that while the UK government’s new Innovation Strategy is a good start, the key to growth is enabling powerful connections between the worlds of business and academia

The new Innovation Strategy is a welcome sign that the government realises the importance of cementing the UK’s position as a world leader in science, research and innovation.

Although the 113-page document sets out a clear vision focused on innovation missions and seven strategic technologies – including robotics, genomics and AI – a strategy alone is not enough.

It is critical that the strategy is now backed with a drive to simplify and encourage innovation – making it easier for businesses to ‘do’ innovation in the real world.

Discover our R&D Tax Reclaim services.

The power of collaboration

As the country comes out of the pandemic vigorously seeking new sources for economic growth, it is more important than ever that policymakers, businesses and universities work together to build the foundations for a more prosperous future.

The pandemic has been tough on everyone, but it has shown us what can be achieved through public-private collaboration, particularly with the vaccine development.

To hit the ambitious target of spending 2.4% of GDP on R&D by 2027, companies are going to need to invest an additional £17.4bn in research, compared to 2017 levels. In order to attract this private investment, we need to find the best researchers and ideas.

This brings me to one of the main barriers to innovation: an inability to make the right connections.

It is not so much understanding the need to innovate, but rather how companies find the most suitable R&D partners, and how researchers find the best companies to turn their expertise into a viable product or service.

It is not simply a question of publishing strategies and setting targets, welcome though those are, but more a case of simplifying how businesses and researchers navigate their way through the innovation ecosystem to find each other.

Learn all about how our R&D Tax Claims work.

Finding the right partners

At the National Centre for Universities and Business (NCUB), we know from speaking to companies of all sizes that they see the research conducted at the UK’s world-leading universities as a major driver for their own innovation efforts.

Many businesses know they need to invest in R&D, and they also know the key could well lie within academic research teams – but the system needs to be simplified so they can get a clearer understanding of how to find out which researchers they should be talking to.

That’s why it was encouraging to see a mention of the NCUB’s collaboration brokerage tool, Konfer, in the Innovation Strategy – specifically in the section aligned with a call for new ideas, talent, and funding.

This was apt because the UK is awash with ideas and talent and funding. What it needs is a way to bring the elements together.

The Konfer network comprises more than 144,000 academics from 153 universities with a searchable database offering access to 1.4m research publications and projects.

The breadth and depth of the data is put to good use through targeted software that links businesses with relevant researchers and facilities, democratising opportunities to connect to those who do not have access to the right networks.

A simpler innovation pathway

Of course, this mainly works for those companies that are already ‘sold’ on the need to innovate and are actively seeking new collaborations.

To truly grow the UK’s R&D expertise and boost innovation, we also need to be taking the conversation to those businesses that are unaware of the opportunities of collaborating with university research teams.

To ensure these newcomers aren’t put off by jargon and complexity, we need to simplify the landscape and use technology to encourage businesses and researchers to collaborate.

Quite simply, we need an infrastructure dedicated to enabling connections.

The Innovation Strategy is an encouraging start, but a strategy is never the final word. We need a route as well as a destination point, and the aim must be to make innovation simpler.

Source: Open Access Government

To find out more about how we can assist you with your R&D Tax Reclaims please click here

Marketing No Comments

Research And Development Investment Programme Launches In UK

A UK-wide investment programme has launched to deliver £375m of government funding to research and development (R&D)-intensive firms operating in “breakthrough” technology sectors.

The Future Fund: Breakthrough programme, which opened for investor applications on 20 July 2021, was originally announced by the chancellor of the exchequer during the Budget in March, and will be delivered by British Patient Capital – a commercial subsidiary of the UK government’s economic development bank, British Business Bank.

The fund is designed to target later stage R&D-intensive firms in breakthrough technology sectors, including quantum computing, cleantech, and life sciences, to fuel their continued growth.

Discover our R&D Tax Reclaim services.

Because of their potential to have a significant economic impact, the growth of these innovative companies is seen as critical by the government to the UK’s future prosperity and economic recovery.

British Patient Capital will aim, over time, to construct a portfolio of growth-stage breakthrough tech companies, and will make equity co-investments alongside private sector investors.

“With many world-class universities and a strong track record in science and research, the UK is fertile ground for creating high-growth companies based on cutting edge technologies,” said Judith Hartley, CEO, British Patient Capital.

“Through the commercialisation of R&D, these transformative companies will help to accelerate the deployment of innovative breakthrough technologies that can transform major industries, develop new medicines, support the transition to a net zero economy and strengthen the UK’s position as a science superpower.

“Future Fund: Breakthrough will enable these R&D intensive companies to raise the patient capital they need to fuel the later stages of their growth, and in doing so, help ensure the UK is a world leader in the industries of the future.”

Learn all about how our R&D Tax Claims work.

Programme eligibility

To be eligible for the scheme, companies must be raising a minimum total investment round size of £30m, with the fund making a maximum contribution of 30% to each round – meaning the minimum amount of private sector funding needed is £21m.

The company must also have raised at least £5m of equity investment from third-party investors in previous funding rounds. It must also be UK-based and have significant operations in the country.

In terms of its activity, the company seeking investment must have been spending an average of at least 10% of its total operational cost base on R&D over the past three years, or at least 15% in one of the past three years.

It must also intend for 20% or more employees to be carrying out research for at least three years from the date of investment, in roles that require a relevant master’s degree or higher. 

However, as an investor-led programme, funding applications can only be made by a qualifying lead investor and not by companies themselves.

“As the potential of technologies like AI, machine learning and quantum computing become fully realised and applied at scale, R&D funding is more important than ever to turn the UK’s new breed of innovators into game-changing market leaders,” said Gerard Grech, chief executive of entrepreneurial network Tech Nation.

“Funds focused specifically on R&D intensive companies aligned to the UK’s strategic sectors, including net zero companies, will help to tackle some of the biggest challenges facing society today. It will open up new job opportunities, drive economic growth, and cement UK tech as world-leading.”

The scheme is separate and different to the now closed Future Fund that provided convertible loans of up to £5m to a wide variety of innovative UK companies, to address the funding challenges caused by Covid-19.

In May 2021, the Confederation of British Industry (CBI) published a report calling for an inclusive and innovative economy, which it said could be achieved in part through increasing R&D investment to match the Organisation for Economic Co-operation and Development’s (OECD) levels.

By 2030, the report said, the UK will have a “distinctive advantage” through its focus on innovation, “including in new technologies, where we will become a natural global hub for R&D”.

The CBI has on several previous occasions called on the government to increase its investment in R&D.

Previous investment in ‘impact startups’

In October 2020, research by Tech Nation and market intelligence firm Dealroom showed that investment in UK technology startups addressing one or more of the United Nations’ Sustainable Development Goals has increased nearly 10-fold in six years.

The data further revealed that these firms – also known as “impact startups” – raised €1.4bn up to that point in 2020, with cleantech and climate tech companies raising most of the capital.

Impact startups now account for over 15% of all European venture capital (VC) investment – double the global average and three times higher than a decade ago, with European firms receiving a total of €6bn in 2019 alone.

Most of this investment in the wider European context has gone to climate technology startups, including those developing electric vehicles, which have attracted €9.8bn of VC investment in the past five years.

Separate research by Tech Nation from early September 2020 also revealed that, within Europe, UK net zero startups were leading the way in investment, receiving £336m in 2019, a 28% increase on the previous year. By contrast, French and German net-zero firms secured £216m and £283m, respectively.

By Kevin Colleran

Source: Tech Live

To find out more about how we can assist you with your R&D Tax Reclaims please click here

Marketing No Comments

UK vows ‘world-leading’ post-Brexit research and development plan

A new post-Brexit innovation strategy will help British businesses seize “vast opportunities,” Business Secretary Kwasi Kwarteng vowed Thursday. The U.K. government’s newly-launched proposal is aimed at boosting private sector investment in the U.K.’s research and development (R&D) sector.

Public spending on R&D was already due to rise to an annual £22 billion under plans unveiled in the spring, but Kwarteng is promising new, regular “innovation missions” to focus business and government attention on issues facing the U.K. These will be determined by the U.K.’s National Science and Technology Council.

Discover our R&D Tax Reclaim services.

The strategy is said to be partly modeled on the U.K.’s successful COVID-19 Vaccine Taskforce, which saw the state and private sector work together on a project chaired by a venture capitalist, but funded mostly by public money.

The new strategy identifies seven R&D areas where the government believes the U.K. already has strengths, including robotics, genomics and artificial intelligence. Kwarteng said he wanted the strategy to focus on these and “rekindle our country’s flame of innovation and discovery.”

Learn all about how our R&D Tax Claims work.

“If we get this right, we can build the foundations for the new industries of tomorrow, and ensure British firms are at the front of the pack to turn world-leading science into new products and services that are successful in international markets,” he said.

Five research projects have also been allocated funding by UK Research and Innovation — the public body that directs research and innovation funding. That will see firms in Scotland, Northern Ireland, Wales and England’s North and Midlands given a share of £127 million.


Source: Politico

To find out more about how we can assist you with your R&D Tax Reclaims please click here

Marketing No Comments

Science schools and R&D spending at forefront of UK innovation plans

UK ministers are drawing up plans for new science-focused schools, billions of pounds in research and development spending and better access to private funding for tech-focused companies, as part of an innovation strategy to be launched next month.

Business secretary Kwasi Kwarteng wants to make innovation one of the central pillars of the government’s industrial strategy, as the UK seeks to develop world-leading technology and life science sectors.

Officials at the Department for Business, Energy and Industrial Strategy (BEIS) have drawn up a 10-point plan to make the UK a “global leader in innovation”, according to people familiar with the document, which will be unveiled alongside a “science superpower” speech planned by the prime minister before the summer holidays.

Earlier proposals to create a position within BEIS for an “innovator in residence” — a guru who could disrupt Whitehall thinking and advise officials — have been dropped from the latest version of the document, according to people familiar with the matter.

Discover our R&D Tax Reclaim services.

It will instead outline plans for the government to build schools focused on science, technology, engineering and maths, as well as setting up a scheme that will allow departments to create competitions in which innovative businesses compete to win funds.

Much of the new strategy focuses on improving regulatory and financial support for private companies to allow UK-based businesses to develop and scale up technologies across a range of areas, in line with a recent report by a deregulation task force led by former Tory leader Iain Duncan Smith.

The document identifies seven “families” of innovation that will take priority in the UK, including quantum, advanced materials, life sciences, genomics, robotics and artificial intelligence.

Plans include helping with business investment and improving access to finance, including looking at rules that have prevented large institutions from investing in fast-growing but risky ventures.

The paper also says that the UK will need to develop pro-innovation policies and cut red tape that is holding back development in some sectors. The strategy will confirm plans to increase annual state investment in R&D to £22bn.

The government has already flagged its intention to invest in high-risk, high-reward science projects through its new Advanced Research and Invention Agency.

Learn all about how our R&D Tax Claims work.

Aria was originally a project of Dominic Cummings, the prime minister’s former chief adviser.

Officials also want the UK to attract talented overseas workers with new “innovation” visas, as well as help companies forge partnerships overseas. The plans include setting out innovation chapters in future trade agreements and a “refresh” of the UK’s export strategy.

The plan contains high-level aspirations around developing world-class universities and research institutes.

One person familiar with the document said it would set out objectives that would feed into policymaking in specific sectors.

The person added that the plans were still in draft form and could change before the announcement next month. The innovation paper will sit alongside Kwarteng’s other plans, including a forthcoming net zero emissions strategy.

A government spokesperson said: “We do not comment on individual leaks, but it is no secret that we intend for the UK to stand as a world-leading centre for the development of brilliant ideas, innovation in industry and jobs for the future.”

Source: Telegraf

To find out more about how we can assist you with your R&D Tax Reclaims please click here

Marketing No Comments

Innovate UK launches new peer networks for scaling businesses

Innovate UK, the UK innovation agency, has launched a nationwide peer learning initiative for scaleup business leaders, in collaboration with the ScaleUp Institute.

Innovate UK EDGE, the agency’s business growth & scaling service, has selected 200 founders, MDs and CEOs at innovative scaling businesses from its portfolio of clients to participate in 14 Scaleup Peer Networks across the UK.

The peer groups, comprising members from different sectors, will provide a structured and confidential forum for the scaleup business leaders to address their most important business growth priorities and challenges. They will also be able to draw on resources relevant for their needs such as expertise from the ScaleUp Institute’s global network and meet international business peers.

Discover our R&D Tax Reclaim services.

The ScaleUp Institute’s annual business survey of scaleup leaders consistently highlights peer networks as a key source of support, with 5 in 10 stating that easier access to a network of peers is vital or very important for their future growth. Furthermore, in terms of public sector support, scaleups cite support from Innovate UK as most vital.

Small Business Minister Paul Scully MP said: “Ensuring businesses of every size and shape can benefit from world-leading expertise to help them grow will be a key part of this Government’s vision for levelling up the whole of the country. This programme from Innovate UK and the Scaleup Institute delivers just that, providing world-leading insight and expertise that will complement our Help to Grow: Management scheme.”

Indro Mukerjee, CEO at Innovate UK, said: “I am very pleased to launch the Scaleup Peer Networks, which will help capable leaders across the UK to grow their innovation-driven businesses at pace. I know how valuable the participants will find learning from ambitious and knowledgeable peers and look forward to seeing how their businesses thrive.

Learn all about how our R&D Tax Claims work.

“The Scaleup Peer Networks are also a great example of Innovate UK’s deep investment in innovative companies, which helps these dynamic businesses succeed and become the engines of renewal and economic growth.”

ScaleUp Institute Chief Executive Irene Graham OBE said: “Scaleup leaders consistently tell us about the great value they derive from learning from their peers. Strong, trusted peer networks between scaleups can have a powerful impact on their individual performance, and they must be fostered. We are delighted that Innovate UK is now building these peer groups into its Innovate UK EDGE service and to be working with it on this exciting initiative to support some of the UK’s most innovative, scaling firms. These groups will work in tandem with local scaleup offerings so our scaling businesses have an escalator of support across their ongoing and developing needs, which is so vital.”

By Barney Cotton

Source: Business Leader

To find out more about how we can assist you with your R&D Tax Reclaims please click here

Marketing No Comments

Farmers urged not to miss out on 230% R&D tax credit

One of the country’s top agricultural accountants has said UK farmers could do more to capitalise on a lucrative tax break designed to encourage investment in research and development (R&D).

Addressing members of the Guild of Agricultural Journalists in Northern Ireland on Thursday (May 13), Seamus McCaffrey said businesses that are registered as companies could avail of as much as 230% tax credit for money invested in R&D.

McCaffrey, who specialises in farming taxation matters, said trialling different seed varieties, farm technology, or experimenting with different feeding regimes, cattle genetics or types of lighting (for example, in a poultry house), could all be eligible.

“It’s very useful but it’s important to note that it applies to companies only,” he said.

“A surprising amount of R&D is carried out on farms. If a farmer is doing reseeding and he does a bit of trial and error with different types of grass seed, that can constitute R&D. The extra costs involved in that constitutes research and development costs, and could thereby entitle the company to claim a 230% tax credit.”

Discover our R&D Tax Reclaim services.

Are My Farm Trials Eligible?

To claim the credit, the company must self-certify in its annual accounts. However, McCaffrey warned the company must also retain evidence of carrying out the trials.

“So you just can’t decide at the end of the year that the company has a big tax bill and say ‘I did R&D’ – you’ll not get away with that. There must be a bit of resource allocated to it demonstrating and recording the fact research had been carried out,” he said.

“If, for the sake of argument, we are talking about reseeding, and we are claiming that we are spending money on trials then you could have emails backwards and forwards with the grass seed supplier discussing what kind of research you want to do as evidence – that kind of thing.

“Detailed records must be kept and they must be kept for four years because that’s how far back the revenue can ask for them.

Learn all about how our R&D Tax Claims work.

“You must also keep evidence of the results. It doesn’t matter whether the result is good or bad, it’s the fact that R&D has been carried out.”

The research must also be applicable to your own farm, so McCaffrey highlights that testing whether research carried out overseas or in different parts off the UK and Ireland applies to your specific enterprise could also be eligible.

“A lot of farmers already do R&D work on the farm but don’t realise they are doing it. They often don’t realise to raise it with their accountant because they simply didn’t know that the R&D work they are carrying out on the farm is eligible for the extra 230%.

“Some people imagine or think that R&D means you have to be linked to a university or that you have to have a dedicated research facility – you don’t have to have anything like that,” he concluded.

By Rachel Martin

Source: AgriLand

To find out more about how we can assist you with your R&D Tax Reclaims please click here