R&D: Unlock the Cash In your Business

It may seem like a long time ago when the new Chancellor Rishi Sunak delivered the Government’s first budget speech, but in it he promised the largest and fastest increase in R&D in decades, with investment increasing to £22bn a year. An ambitious figure that increases investment in R&D activity and stops us continuing to fall behind other countries such as US, China, Japan and France.

Whether you are a business looking at diversification due to changing demand in the marketplace – like Scottish brewery firm, Brewdog, making hand sanitiser,or a Formula One Team developing a breathing device, or you are already undertaking elements of research and development in your work, the R&D Tax Credits are available to help your business providing vital support as businesses face potential cash flow issues.

R&D Tax Credits are designed to encourage investment in innovation and development, and it doesn’t necessarily have to be a huge scientific or technological break-through.

It’s not just for those companies who are manufacturing test kits, like Derby-based SureScreen Diagnostics as a recent example, or labs working on producing a vaccine that conduct R&D. It can also apply to SME businesses involved with research and development activity and in many different industries and sectors, including food and drink; civil engineering; architects; consultancy; IT, manufacturing and many more.

During this period of uncertainty and disruption, this could help a number of businesses including yours with a much-needed cash injection which could be the lifeline needed to support your business through this turbulent time.