Prioritising science and innovation

Director of Science Policy at the Royal Society of Chemistry (RSC), Dr Jo Reynolds, says that, whoever wins the UK election on 8 June, science and innovation will continue to underpin economic growth, “enabling news technologies and products, and delivering solutions to global challenges”.

Many political parties have shared their plans for science, innovation and education in their manifestos, prioritising support for economic growth as a key outcome of Brexit.

According to Dr Reynolds, “science and innovation must be a negotiating priority as the UK leaves the EU and UK scientists and innovators must continue to be active members of the international research community.”

The RSC’s key priorities for the new UK government with respect to exit from the EU are outlined by Dr Reynolds as follows:

• Maintain access to international research and development funding programmes and research facilities, along with the collaboration opportunities these bring.

• Enable easy movement of skilled and talented scientists and students, to and from the UK.

• Develop a future regulatory system that achieves a balance between nurturing innovation, protecting the environment and human health and enabling the UK to trade internationally.

“As soon as the new government is formed we will be working with our partners and using evidence from our community to demonstrate what is needed for the UK to continue to be a global leader and partner in science and innovation – we will continue to ensure that the voice of science is heard by policy makers,” Dr Reynolds adds.

R&D Tax Credits for Innovation

UK Chancellor Philip Hammond said last year that Britain is a world-leader in innovative industries adding that the UK is “in prime position to lead the way … thanks to our tech-friendly environment, highly-skilled workforce, top-ranked academic institutions, and our superb research and development (R&D) sector – which already contributes more than £30 billion to the UK economy.”

Statistics from HMRC show that the £21.8 billion of research spending in the UK last year was helped by £2.45 billon of government tax credits designed to boost ambitious smaller companies. This clearly indicates that R&D tax credits are encouraging businesses to innovate and progress. What is clear, however, is that a lack of awareness and understanding could be preventing SMEs from claiming.

Whilst the rules can be complex, our Beavis Morgan team of R&D experts can maximise the value of any potential claim. Speak to us today to set the benefits in motion. Our proven methodology offers a painless approach towards obtaining R&D tax credits.

Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.

Further reading: Research & Development – Tax Credits for SMEs – Money back for investing in innovation