Innovate UK Smart Grants: January 2022

Funding competition

UK registered organisations can apply for a share of up to £25million for game-changing and commercially viable R&D innovation that can significantly impact the UK economy. This funding is from Innovate UK, part of UK Research and Innovation.

  • Competition opens: Monday 17 January 2022
  • Competition closes: Wednesday 13 April 2022 11:00am

Description

Smart is Innovate UK’s ‘open grant funding’ programme.

Innovate UK, part of UK Research and Innovation, is investing up to £25 million in the best game-changing and commercially viable innovative or disruptive ideas. All proposals must be business focused.

Innovate UK secured an uplift in funding in the 2021 spending review, which will enable us to provide an improved range of funding and business support from April 2022. This round of the competition will be the last in the current format.

Future rounds of the Smart grant will be more focused on supporting proposals from UK based innovative businesses that are destined for early, successful commercialisation, growth and exports.

Applications can come from any area of technology and be applied to any part of the economy, such as, but not exclusively:

  • – net zero
  • – health and wellbeing
  • – technologies
  • – the arts, design and media

We welcome projects that overlap with the Innovate UK Plan for Action. This is not a requirement, and we are also keen to support projects in other areas.

Equality, diversity and inclusion (EDI) considerations are highly encouraged where appropriate in your proposal. You are prompted to consider EDI as part of the application process. Applications will continue to be assessed on their innovation merit, where innovation is defined as the potential for commercially successful exploitation of ideas.

In applying to this competition, you are entering into a highly competitive process where your chance of success in securing funding will depend on the number and quality of applications submitted.

This competition closes at 11am UK time on the deadline stated.

Funding type:  Grant

Project size

Projects of 6 to18 months must have total eligible project costs between £100,000 and £500,000 and can be single or collaborative. Projects of 19 to 36 months must have total eligible project costs between £100,000 and £2 million and must be collaborative.

Your proposal

Your proposal must demonstrate:

– a clear game-changing, innovative, disruptive, and ambitious idea leading to new products, processes or services

– an idea that is significantly ahead of others in the field, set for rapid commercialisation

– a strong and deliverable business plan that addresses (and documents) market potential and needs

– a clear, evidence-based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion

– a team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time

– awareness of all the main risks the project will face (including but not limited to, contractor or equipment failure and recruitment delays) with realistic management, mitigation and impact minimisation plans for each risk

– clear, considerable potential to significantly impact either or both, the UK economy and productivity in a positive way

– sound, practical financial plans and timelines that represent good value for money, which will always be a consideration in Innovate UK funding decisions

For all information on eligibility, scope, how to apply and all the information you will need please click on the link below:

Competition overview – Innovate UK Smart Grants: January 2022 – Innovation Funding Service (apply-for-innovation-funding.service.gov.uk)

National insurance rise ‘set to squeeze budgets’, warns CBI

The Confederation of British Industry (CBI) has warned the government that the planned rise in national insurance will squeeze budgets and affect economic growth.

The rise will see employers, employees and the self-employed pay 1.25p more in the pound from April 2022. From April 2023, the extra tax will be collected as part of the new Health and Social Care Levy.

Prime Minister Boris Johnson and Chancellor Rishi Sunak recently confirmed the rise, stating that it ‘must go ahead’.

The CBI said that the rise risks ‘curtailing growth at a critical moment in the recovery‘ from the coronavirus (COVID-19) pandemic.

A spokesperson for the CBI said:

‘If the government goes ahead as planned, then it is incumbent on them to use the March Budget to bring forward more ambitious plans to raise the longer-term growth potential of the economy.’

Source:
National Insurance: Rise will squeeze budgets – CBI – BBC News

COVID-19 support grants paid to companies must be included on company tax returns

HMRC has warned that businesses must declare any coronavirus (COVID-19) support grants or payments on their company tax returns and stated that the grants and payments are taxable.

The deadline for filing company tax returns is 12 months after the end of the accounting period.

The deadline to pay corporation tax will depend on any taxable profits and when the end of the accounting period occurs. It is generally nine months after the end of the accounting period unless profits exceed £1.5 million.

Grants to be included as taxable income include:

  • – Coronavirus Statutory Sick Pay Rebate
  • – Coronavirus Business Support Grants (also known as local authority grants or business rate grants)
  • – Coronavirus Job Retention Scheme (CJRS) grant
  • – Eat Out to Help Out payment.

If a company received any of these payments, they will need to do both of the following on their CT600 tax return:

  • include it as income when calculating their taxable profits in line with the relevant accounting standards
  • report it separately on their company tax return using the CJRS and Eat Out to Help Out boxes.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

‘We want to make sure companies are getting their tax returns right, first time, including any COVID-19 support payment declarations. Support and guidance is available on GOV.UK.’

Source:
HMRC reminds businesses to declare COVID-19 grants on tax returns | HM Revenue & Customs (HMRC) (mynewsdesk.com)

HMRC waives self assessment penalties for one month to ease COVID-19 pressures

HMRC is waiving late filing and late payment penalties for self assessment taxpayers for one month.

The measure will give those taxpayers affected by the coronavirus (COVID-19) extra time, if they need it, to complete their 2020/21 tax return and pay any tax due.

HMRC is still encouraging taxpayers to file and pay on time if they can. The tax authority also revealed of the 12.2 million taxpayers who need to submit their tax return by 31 January 2022, almost 6.5 million have already done so.

The deadline to file and pay remains 31 January 2022. The penalty waivers will mean that:

  • – anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February; and
  • – anyone who cannot pay their self assessment tax by the 31 January deadline will not receive a late payment penalty if they pay their tax in full, or set up a Time to Pay arrangement, by 1 April.

However, interest will be payable from 1 February.

Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, said: ‘We know the pressures individuals and businesses are again facing this year, due to the impacts of COVID-19. Our decision to waive penalties for one month for self assessment taxpayers will give them extra time to meet their obligations without worrying about receiving a penalty.’

Gov Link:

HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures | HM Revenue & Customs (HMRC) (mynewsdesk.com)

Self assessment taxpayers must declare COVID grants on tax returns

HMRC has reminded self assessment taxpayers to declare any COVID-19 grant payments on their 2020/21 tax return.

According to HMRC, more than 2.7 million customers claimed at least one Self-employment Income Support Scheme (SEISS) payment up to 5 April 2021.

The tax authority says these grants are taxable and customers should declare them on their 2020/21 tax return before the deadline on 31 January 2022.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

‘We want to help customers get their tax returns right, first time. We have videos, guidance and helpsheets available online to support you with your self assessment.’

The SEISS is not the only COVID-19 support scheme that customers should declare on their tax return. Information on which support payments need to be reported to HMRC and any that do not is available on GOV.UK.

Gov Link:

Reporting coronavirus (COVID-19) grants and support payments – GOV.UK (www.gov.uk)