Brexit and the immediate impact on innovation funding in the UK
In short, there is no immediate impact, as nothing is happening and may not even happen. If you try to speak to representatives from the Technology Strategy Board or any of the five R&D compliance units, all you will hear is “no comment”, why?, because nobody has any answers. The impact Brexit may have on innovation funding is, and will continue to be, uncertain for the foreseeable future; everything is speculation and Article 50 has not yet been triggered so no assumptions can be made until we know how long the ‘divorce’ from the EU will take.
It is of general opinion from anyone in Finance/Accountancy that it will take years to stabilise the UK economy and establish strong trading relationships with the EU; on a plus side a lot of EU members will want to trade with the UK, but on the negative side they may wish to penalise us for our decision to leave.
Have R&D service providers or innovation grant funders been instructed not to submit claims?
Have eligible UK companies been advised to withdraw or not submit any claims for innovation funding?
Now, more than ever, is the time UK businesses will benefit most from innovation funding, we need to innovate, we need to encourage greater R&D spending as innovation is a valuable mechanism of keeping overseas competition at bay, thus protecting and stimulating the UK economy.
Should UK companies striving towards innovation, product or process improvement and seeking an advance be claiming?
Should UK companies be seeking guidance from experienced professionals to ensure accurate and robust claims are made?
Please contact our Tax Partners, Steve Crompton or Chris Barrington on the details below to talk about your business activity and find out how we can maximise your claim potential in order to help you fund growth and innovation:
Partner – Head of Tax
direct dial: 01942 292541
mobile: 07790 840394
direct dial: 01942 292505
mobile: 07730 436070