What exactly is Innovation?

December 2, 2020

Innovation is defined in the Oxford Dictionary as “the action or process of innovating” and “a new method, idea, product etc”. If you are spending money and time in your Company developing new products, processes or services, or enhancing existing ones, you are innovating and are eligible for R&D tax relief.  Your project may be creating a new process, product or service or improving an existing one. You will probably be trying to solve a problem where no solution is evident. The scope for identifying R&D is huge, it exists in every single sector. If your Company is trying to resolve technological uncertainties, then you are probably carrying out R&D qualifying activity.

The UK is internationally recognised as a leader in research, excellent scientific institutions and innovation in our economy.  There is a lot of conversation about innovation and how important it is. Spending money on innovation has far reaching positive change not only in Companies but in wider society, benefiting UK Companies as well promoting economic growth.

Dr Joe Marshall, Chief Executive of the National Centre for Universities and Business (NCUB), said:

“The Chancellor has taken a positive step forward, committing to spending almost £15 billion on research and development (R&D). He has rightly acknowledged that R&D is paramount in the nation’s recovery from Covid-19. Whilst almost all announcements made today offered funding for one year only, the Chancellor sent an important signal of the importance of steady, long-term funding for research. He made a multiyear commitment for an uplift of more than £400 million on average for UK Research and Innovation per year for the next three years. Further investment in UK research will allow us to build a more resilient, productive and innovative economy.”

Innovation in Life are specialists in Innovation Funding and have extensive experience and expertise in this field and will assist you with the entire claims process.

Call us on 020 7052 8323 for a no obligation 15-minute telephone conversation, so we can highlight areas of qualifying activity and the potential value of your claim.

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