Companies Urged to Consider R&D Tax Relief for Pandemic Innovation
As leading Research & Development (R&D) tax credit specialists, Access2Funding see every day how innovation, adaptation and responding to the unexpected is at the heart of British business.
In 2020, Access2Funding secured £23m in tax credits for UK businesses, with over 1160 claims and an average return to businesses of £39,000.
The UK has been at the forefront of the global scientific endeavour to tackle the COVID-19 pandemic, with the vaccine developed by the University of Oxford in collaboration with AstroZeneca approved for use in several countries and the UK vaccine rollout well underway. This national spirit of innovation has also meant that despite the pandemic being an intensely challenging time for business, UK companies have quickly and effectively adapted their working models and output.
Access2Funding work with clients from a huge variety of industries, seeing how companies of all shapes and sizes have taken this opportunity for innovation, and successfully developed their working to adapt to the unexpected and unpredictable circumstances of the past year.
- Hospitality venues have been hit hard by lockdown, finding themselves having to specially develop and adapt recipes to make them suitable for takeaway service, adapt their menus as supply chains are impacted, and find innovative ways to make their venues COVID-compliant for customer safety.
- Manufacturers have stepped up to the challenge of 2020, with companies putting their usual production lines on hold to manufacture PPE equipment to help the NHS’s battle against the virus.
- Breweries and distilleries have turned their hand to creating hand sanitising products for businesses and the public.
These are only a few examples of how companies all around the UK have used the last year to undertake research and develop new products, services and methods to their working.
Many business owners tell Access2Funding they would never consider themselves eligible for R&D relief, because their overcoming of challenges and finding new ways of doing things are ‘just part of the job’ and ‘what we do every day’. It’s often assumed that ‘Research and Development’ just means laboratory workers in white coats.
If a business is liable to pay corporation tax, and has undertaken projects which achieve an advance in knowledge or capability or find new ways of doing things, Access2Funding can help them claim back money from HMRC – even if the projects in question ultimately failed.
“The COVID-19 pandemic has left so many companies worried about cashflow, with future planning and job stability impacted by the uncertainty,” says Dawn Coker COO of Access2Funding. “The cash injection we can get back quickly and easily for companies who show innovation, research, and trial and error in their day to day projects really can be a lifeline during this time. If your business has been doing new, innovative things to adapt, we would love to hear from you to see if we can help you get the refund you’re entitled to.”