Today (Wednesday 20 October) saw the third in our series of four tax webinars this week. Dave Wase (Investigations Senior Manager) and Sarah Boyes (R&D Senior…
Well, the grand unveiling of the UK Innovation Strategy was suffixed by another corker of a
slogan – ‘leading the future by creating it’. Perhaps not as catchy as ‘Eat Out to Help Out’ or ‘Hands, Face, Space’, but we must be in with a podium chance if there was an Olympic event for slogan writing…
(this is further demonstrated by a preponderance of slogans in the press release that unveiled the UK Innovation Strategy).
Anyway, away from the slogans and onto the content…
UK Innovation Strategy – headlines
Key aspects of the UK Innovation Strategy include:
- Focusing on boosting “private sector investment in Research and Development (R&D) across the whole of the UK and create the right conditions for all businesses to innovate so they have the confidence to do so”
- The government will specify innovation missions to set clear direction, urgency and pace on the issues confronting the UK that we want to tackle with the private sector in the coming years
- The government is also “outlining seven strategic technologies to prioritise and build on our existing R&D strengths, including clean technologies, robotics, genomics and AI, where the UK has globally competitive advantage and industrial strength”
- Four pillars “to support businesses and institutions at the cutting edge of innovation” (see below)
UK Innovation Strategy – four pillars
The UK governments plans are set out against four key pillars:
|Institutions and Places||
|Missions and Technologies||
I confess I have only looked at the bare bones of the 116 page document but would recommend anyone interested in seeing the direction of travel for UK innovation funding and business support to have a read of the document (or at least the parts that are particularly relevant to them).
I was already aware of consultation on R&D Tax Credits and I am looking forward to seeing the results of that consultation.
PKF Francis Clark and innovative companies
We have for some time recognised the importance of innovative businesses to the local, national and international economy and have developed expertise in working with these businesses across a number of areas including:
- Specialist tax services including R&D Tax Credits, Enterprise Investment Scheme/ Seed Enterprise Investment Scheme
- Fund raising – including grants, loans and equity
- Compliance and beyond – from setting up cloud-based accounts systems for start-ups/ early stage businesses to audit for more established companies
We look forward to continuing to work with those businesses and also helping others in what we genuinely hope will be the enactment of the UK Government’s vision for the “UK to be a global hub for innovation”. We see the South/ South West having significant potential to place a key role in this.