Every now and again the Government makes available a pot of money targeted at niche industries where they feel British companies can make an impact on a global stage as a result of their scientific specialisms.
It just so happens that such a pot of money is available to a number of companies that operate in the niche Photonics Industry which has a large pocket of hi-tec companies based here in Sussex.
The bulk of the detail can be found here https://www.gov.uk/government/news/innovation-in-key-technologies-apply-for-business-funding applications for funding are open from 18th January and close on 9th March.
- projects must be led by a small or micro business working either alone or with one other small or micro business
- total project costs to be no more than £33,000 and for projects to last up to 4 months
- businesses could receive up to 70% of their project costs
- a briefing event for potential applicants will take place in London on 26 January 2016, and there will be additional events in Edinburgh and Manchester
Whilst grant funding reduces the amount of R&D Tax Relief that you might be able to obtain, by reducing it from a potential 33.33% for an R&D Tax Credits claim under the SME scheme down to just 8.8% under the RDEC scheme for large companies, subcontracted or funded Research and Development it is still very worthwhile applying for the funding and claiming R&D Tax Relief as an added bonus, especially as up to 70% of the costs will be funded.
Many companies are unaware that they can claim R&D Tax Relief for grant funded Research and Development as well as be in receipt of the grant.
If your company or one of your clients has had a grant funded Research and Development Project in the last three years that has a scientific or technological aspect to it, contact us today to make sure that they maximise their claim for R&D Tax Relief.