Love it or loath it AI is here to stay and growing in its reach. To help UK small and medium enterprises (SMEs) keep ahead of the curve, Innovate UK has launched a new grant funding round open from 12th December 2022. The aim of the grant funding is “to accelerate the adoption of trusted and responsible AI and ML technologies by reducing bottlenecks during the development and deployment stages”.
The first phase of funding is for consortia led feasibility studies. There is a second phase with funding to undertake collaborative Research and Development projects that are proposed by the consortia.
Limited companies, including SMEs, that receive Innovate UK grant funding under this program may also be eligible to claim R&D tax relief on qualifying expenditure within the grant funded projects. Such expenditure normally qualifies under the UK government RDEC (Research and Development Expenditure Credit) scheme. For expenditure after 1st April 2023 the value of RDEC is expected to increase to 20% – i.e. 20% of the qualifying R&D expenditure should be claimable by an SME as additional pre-tax income. The claim rate is currently 13% so an increase to 20% is a big additional boost.
Read more about Accelerating Trustworthy AI, Phase 1 Feasibility Study: https://ktn-uk.org/events/accelerating-trustworthy-ai-phase-1-feasibility-study/
Contact us to learn about claiming RDEC on grant funded projects.
Author: Linda Eziquiel, Regional Director, RandDTax