In a recent blog we talked about the various grant funding and loan options now available.
This prompted interesting conversations with a number of businesses that may be able to access financial support for their software development projects.
Funding for technology and innovation is always changing, so we thought we’d keep you up-to-date with new schemes you may be eligible for.
You can keep abreast of the latest funding offers on the Innovate UK website.
Don’t forget, if grant funding isn’t for you, there are R&D tax reliefs available. Whilst you won’t save money on your initial investment, you will be able to recoup costs with a tax refund once your R&D project is in motion.
R&D tax relief supports companies that work on innovative projects in science and technology and means you can claim Corporation Tax relief if your project meets the standard definition of R&D.
Work that qualifies for R&D tax relief must be part of a specific project to make an advance in science or technology. It must relate to your company’s trade, either an existing one or one that you intend to start up based on the results of the R&D.
If you wish to claim, you’ll need to explain how a project
- looked for an advance in the field
- had to overcome the scientific or technological uncertainty
- tried to overcome the scientific or technological uncertainty
- could not be easily worked out by a professional in the field
Your project may research or develop a new process, product or service or improve on an existing one.
There are two types of R&D tax relief.
SME R&D tax relief is for organisations with less than 500 staff and a turnover of under 100m Euros or a balance sheet total under 86m Euros.
Large companies can claim expenditure credit for working R&D projects (this can also be claimed by SMEs which have been subcontracted to do R&D work by a large company). Find out more.
Please do speak to us if you’d like to explore funding options for your bespoke software development project. We have a strong network of specialists who can find out if you may be eligible for a grant or a loan.
