Innovation and Research and Development can be essential mechanisms for businesses to develop new or existing products and services, and to stay ahead of the competition.
A range of government backed financial incentives and professional support services are available to businesses who already invest in, or are interested in developing their products and services further. These include:
The Business Growth Hub provides businesses in Trafford and Greater Manchester with access to a range of support services designed to harness the innovative potential locked in your business and learn how to innovate through new creative skills, know-how and use of design and technology, to give your business the edge over the competition.
The HMRC Research and Development tax credit scheme is designed to encourage innovation in the UK, by offering up to 225% tax relief on corporation tax for all qualifying research and development activity. That is, for each £100 of qualifying costs, your company or organisation could have the income on which Corporation Tax is paid reduced by an additional £125 on top of the £100 spent (totalling £225).
An Innovation Voucher provides funding so that your business can work with an external expert for the first time, gaining new knowledge to help your business innovate, develop and grow. Help from an expert could include advice on an innovative idea, learning more about using design within your business or the management and use of intellectual property.Innovation Vouchers are allocated following a draw from all applications, and if successful, your business will be awarded an Innovation Voucher of up to £5,000 to work with an expert supplier of your choice.
Innovate UK (formerly known as the Technology Strategy Board) is the government’s main channel to support business-led technology innovation. Its role is to stimulate and accelerate technology development and innovation in the areas which offer the greatest potential for boosting UK growth and productivity. It delivers a range of grant programmes to support businesses, including collaborative R&D competitions, Smart and Knowledge Transfer.