Firms who invest in innovation are firmly in the driving seat

The government has said cars powered by petrol and diesel will not be sold in the UK after 2030 as plans for a ‘green industrial revolution’ take to the fast lane with companies who invest in innovation firmly in the driving seat.

The UK had been working towards 2040 for a ban on the sales of new petrol and diesel vehicles but recently Boris Johnson brought that forward by a decade as the government pushes to meet its target of net zero greenhouse gas emissions by 2050 and create hundreds of thousands of jobs.

The PM’s 10-point plan for the UK creates provision for a large nuclear plant and includes advances in off-shore wind, hydrogen, electric vehicles, public transport, cycling and walking and support for research projects into zero-emission planes and ships.

In addition, there will be investment in homes and public buildings with plans to install 600,000 heat pumps every year by 2028, support for carbon capture which seeks to remove 10,000,000 tonnes of carbon dioxide from our atmosphere by 2030 as well as environmental schemes which will see 30,000 hectares of trees planted per year. Boris Johnson repeated his determination to support innovation with the development cutting-edge technologies and making the City of London the global centre of ‘green finance’. In my view these are some of the most exciting plans for a generation and represent once-in-a-lifetime opportunities for companies who put research and development at the heart of their business. The government isn’t going to achieve these targets by themselves and recognises it needs to support the private sector to deliver, what will be, a major step change for humanity. R&D Tax Credits, including the small or medium sized enterprise (SME) scheme, support businesses to invest in research and development and are a core part of the government’s support for innovation.

In March, the Chancellor, Rishi Sunak, announced a record increase in public investment in R&D – committing to reaching £22 billion per year by 2024 to 2025.

A successful R&D Tax Credit claim can be worth tens of thousands of pounds for a business and is a firm foundation for companies to conduct wide-ranging research and development work and to build for the future. It’s an exciting time with opportunities out there for those willing to grasp them. However, I recognise the economic landscape at present is still very bleak for many businesses who are struggling in the midst of a global pandemic and dealing with the uncertainty of Brexit. Again, I would urge these companies to speak to a R&D Tax Credit specialist who can conduct reviews of your business activities and identify work which qualifies for claims.

With the government committed to processing a successful claim within 28 days and the average claim value in Northern Ireland at just over £65,000, it could be cashflow which helps your company navigate this uncertain period and look ahead to the ‘green revolution’. A brighter future lies ahead, but it is vital businesses begin preparations now and, in my opinion investing in R&D work will help put your company on the highway to success.

To learn more about R&D Tax Credits available to companies and to calculate how much you could receive visit: https://www.momentumgroupni.com/

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