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The much anticipated Spring Statement was a bit of a damp squib as far as grants goes, but this isn’t necessarily a bad thing. With the withdrawal of the £25M Innovate Smart Grant scheme earlier this year, it was expected in some circles that a replacement scheme would be announced, but nothing was forthcoming. The appointment of a new head of Innovate UK may be the precursor to such a move, but it seems likely that any such move would be a while in coming. So the stance is that stability and continuity for grant schemes are here for 2025 which will be welcome in many circles as it provides businesses and grant consultants with a familiar grants landscape to navigate.
For example the popular UKSPF (UK Shared Prosperity Fund) scheme will run again in 2025 and all areas of the UK have received their allocations – check here for allocations for your area. For those who are unfamiliar with UKSPF, funds are paid to local authorities who manage the distribution of the awards themselves. Local authorities can also offer support to eligible businesses and often have expertise on hand to help with applications so it’s worth checking on both the schemes in your local area and the support on hand to help with applications. Many local authorities are advertising 2025 schemes now so don’t waste time and get ahead of the curve!
In terms of R&D Tax Relief there were no changes announced in allowances but there was confirmation that the government will look at reducing error and fraud with the recruitment of 500 additional HMRC compliance staff, so further scrutiny of applications and/or speedier processes might be expected.
One of the changes we have seen is an increase in the availability of EU based schemes. This has boosted the overall amount of grant funding currently available in the UK to nearly £5bn (the average is about £3.5bn). It may be a surprise to some people, but many of these schemes are still available to UK companies. Competition may be fierce but it is still worth considering but get specialist advice before you start the application process to see what is required and for an honest assessment of your chances of success.
So overall, there is some stability with continuation of schemes like UKSPF and new ones arriving from the EU. We will keep an eye out for any new moves from Innovate UK!