F.Initiatives UK’s Technical Director, Thomas Hayden, attended the Institute of Physics (IoP) Business Awards last night and met with the some of the winners to discuss how they’re planning on funding their future projects.
Twelve awards were handed out in total – six Innovation Awards and six Start-Up Awards. The projects ranged from the development of radiation imaging systems to identify the type and location of radiation, whilst also reducing the exposure to save lives by Innovative Physics to the development of the world’s first desktop-sized super-resolution microscope by ONI.
James McKenzie, IoP Vice President for Business introduced the awards by highlighting the Institute’s 2017 report, ‘The role of physics in supporting economic growth and national productivity,’ which demonstrated that, in 2014, physics-based businesses directly contributed £177 billion in Gross Value Added to the UK – amounting to 16.1% of total GVA in the economy. Mr McKenzie went on to praise the winners, stating that if the UK is to achieve the aspiration set out in the Government’s Industrial Strategy to be one of the world’s most innovative economies by 2030 then the “12 awards winners [will have] a bit part to play” in the future.
In support of the Industrial Strategy the Government recognises that if you’re investing your company’s resources into innovation, then you should be rewarded for it – and with good reason. Based on analysis carried out by HMRC, the £3.5billion distributed last year could go on to stimulate up to £8.1 billion of additional investment in Research and Development.
The research and development tax relief scheme aims to promote innovation by reducing a company’s tax bill. Businesses can use it to either gain a cash credit or to cut their corporation tax by an amount that is equal to a percentage of the company’s qualifying R&D expenditure. This means that R&D tax credit rates are the equivalent of up to 33p for every £1 of qualifying expenditure.
Thanks to the innovative acumen of UK businesses, like those last night, many organisations reinvest their R&D Tax Credits into further stimulating their product and service development. As a result, the UKs overall productivity benefits and the tax credits serve as a catalyst for further innovation.
Despite the number of SME’s claiming R&D Tax Credits rising, there are still thousands of companies missing out. Following last night’s event Hayden said, “The innovation on show was astonishing and I feel very privileged to gain further insight into the emerging technologies – it all helps me assist companies with their Tax Relief claims. Fortunately, at F. Initiatives we’re not only experts in R&D Tax Relief, we’re also all from scientific and technical backgrounds meaning that we’re constantly upskilling ourselves to better understand the nuances of current innovation.”
Of particular interest to SMEs is the upcoming launch of F. Initiatives new online claim platform – My R&D Claim – a system that provides the bespoke consultancy services that have made F. Initiatives Europe’s largest R&D Consultancy, with an easy to use online system – giving companies control of their claims along with the benefits expert support, rather than one or the other, as is usually the case.
For an informal chat on how you can claim R&D Tax Credits please contact F. Initiatives on 0207 653 1921 or email firstname.lastname@example.org
The full list of Institute of Physics Business Award Winners is available on the IoP website.