EY, Ernst & Young Global Limited

Incentives for Innovation

The Government is committed to making the UK the most competitive tax system in the G20. Globally, it is recognised that investment in research and innovation stimulates economic growth. In our view, the UK’s future prosperity depends on its ability to develop, expand and commercialise its scientific and technical expertise.

Various incentives are available for the British Plastics Federation members to help fund and reward research and innovation. These include research and development (R&D) incentives, cash grants and the Patent Box regime.

An important part of unlocking maximum value from these sources of funding is to have an in-depth knowledge of the criteria required and an understanding of how these apply to the plastics industry. Correct and concise supporting documentation submitted to the relevant body is critical to the success in obtaining funding.

EY’s dedicated team, focused solely on innovation incentives, is made up of chartered engineers, patent attorneys, grants writers, scientists, industry specialists and tax professionals. We take a holistic approach to funding incentives across the innovation lifecycle to ensure that companies can capture and consider all relevant funding opportunities.

Research & Development ( R&D ) tax credits

For UK large companies, the R&D Expenditure Credit (RDEC) is a taxable cash credit paid at a headline rate of 13% of qualifying R&D expenditure from 1 April 2020.

Small and medium-sized entities (SMEs) are eligible for an enhanced R&D deduction of 130%. R&D for tax purposes is broadly defined as work to achieve a advancement by overcoming a scientific or technological uncertainty. Activities that potentially qualify as R&D include: project design and planning activities; creation of supporting software, materials, or equipment; design and testing of prototypes and production  trials .Eligible personnel may include technical staff, project managers/planners, and support staff.

Eligible cost categories include staff costs, consumables, software licences, payments to universities and externally provided workers (EPWs).

BPF Members Offer 

As part of the British Plastic Federation’s partnership with EY, all BPF members are being offered complimentary reviews of their R&D Tax Claims and other sources of Grant Funding available.

Contact
 
For more information please contact James Edgar – Senior Manager – Innovation Incentives on 07947750530 or email  [email protected] or complete the contact form below