Earlier today, Rishi Sunak announced additional support will be available for businesses who have been impacted by the Omicron variant. So, what do we know? Businesses…
If you are a business that:
- Is a small or medium sized enterprises (SME) – using the European Commission’s SME definition which takes into account staff numbers, turnover and relationships with other enterprises
- Has a presence in the West of England – defined as Bristol, Bath and North East Somerset, North Somerset and South Gloucestershire; and,
- Intend to undertake research and development (R&D) activity that will create jobs through the development of innovative products, technologies, processes or services
Then you are likely to be eligible to apply for the Digital Innovation Fund administered by UWE Bristol (also described as UWE Bristol’s Covid-19 Recovery Fund).
But you are going to have to be quick as deadline for full applications is 12:00 (midday) on 8 July 2020.
More details via link with some extracts below:
- Offers eligible businesses innovation grants from £10,000 to £40,000 to fund 35% of project costs. (Note: there is a table in FAQs which also shows jobs created requirement)
- It will support digital innovation projects that incorporate an attempt to achieve a scientific or technological advance of some kind.
- The project needs to:
- create new products
- technologies, devices or materials
- install new processes, systems or services
- improve substantially those already produced or installed.
- The project could lead to a pre-production prototype of a technologically innovative product, service or industrial process.
- Examples of eligible costs and ineligible costs are in the Guidance for Applicants
The FAQs are also worth a read and pleased to see that under the head “How does a grant under DIF affect my ability to claim the UK government’s R&D tax credits?” there is a sentence “We recommend approaching an accountant or other specialist for advice.” This is advice I give in all blog posts regarding R&D grants and R&D tax credits as the relationship between grants and R&D tax credits involves State Aid rules, which are not straightforward.
PKF Francis Clark
My tax colleagues can speak to you about interaction between grant and R&D Tax Credits.
If this grant fund is not for you but you are interested in finding our more about potential grant funding and other business support for innovation then maybe check out our Finance 2020 webpage specifically the ‘innovation’ section.