You will be notified by HMRC R&D Tax Credits compliance of a compliance check, via your accountant with a compliance check opening notice.
The way in which you receive your R&D Tax Credits depends on the period you are claiming for and the profitability of the business in the years for which relief is claimed.
The Research and Development (R&D) Tax Credits schemes allow UK companies that carry out qualifying R&D related to their trade to claim a Corporation Tax reduction for certain qualifying expenditure.
During a project, you have to make quarterly reports to the grant claims monitoring officer within your funding body i.e. Innovate UK or Horizon Europe, to make sure that you're on target and on budget. Grant claims are made quarterly in arrears with the exact amount claimable measured by timesheets, invoices, and other spending evidence.
There are many different grant funding types to support industry-led R&D. Funds range from local level support grants to £multi-million UK or European-wide support packages.
Grant Funding is a great tool that companies developing innovative technology can use to support product development. Developing new products, processes and services is inherently risky, therefore, enables companies to fund development with no loss of equity and can offer up to 100% funding for a project.
For later-stage R&D, Innovate UK has another funding vehicle – the Innovation Loan. This is targeted at single applicant SMEs with proven prototypes that need financial support to make the final step into the market. Unlike grant funding, these innovation loans must be repaid.
Once notified of a successful outcome to your grant funding application, you will enter a grant preparation stage. The funding body will complete financial checks to make sure your company can support project and competition requirements.
When it comes to Grant Funding Project costs, a project budget is built up around the work required. Costs such as labour, materials and overheads can be included, whereas sales and marketing spend cannot.
Whilst many grant funding competitions are run using a single-stage process there are some which require an additional stage of assessment. This is normally because the funding body wants to make sure the most promising projects are funded supported by a fully prepared consortium.
Assists organisations in accessing research and development grant funding across a range of UK and EU schemes and industry sectors.
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