UK Engineering Companies Are Not Taking Advantage of R&D Funding

  Enquiry / contact me

Up to £10 billions may go unclaimed

Artificial Intelligence, Industry 4.0

The MPA Team at Advanced Engineering
The MPA Team at Advanced Engineering

MPA commissioned a study for the Advanced Engineering Show to investigate the current situation in the UK regarding engineering companies and R&D funding. The results showed that 21% engineering firms actively engaged in innovation are not taking advantage of the UK government’s R&D Tax Credit scheme. This existing tax scheme allows companies to claim back up to 33p for every £1 spent on R&D. Since there are over 100,000 engineering companies in the UK and each one invests on average £386,000 per year on R&D, the hypothetical sum of unclaimed funding would amount to over £10.2 billion

Spreading awareness

Among the reasons listed by participants for not applying, the most common answer was that engineers did not believe that their companies were eligible for such funding (10% of respondents), even though 67% of workers perceived their firm as innovation active. Some of the qualifying activities would be the improvement of processes in terms of efficiency, quality or performance, the resolution of unplanned technical difficulties, or the creation of bespoke solutions for clients. 

The main finding was that almost a quarter of the surveyed engineers (21%) were not aware of the very existence of the scheme. Even among the companies perceived as innovation active by their own employees, a substantial 7% did not know about the scheme. 

Posted on November 8, 2019 - (266 views)
Related articles
Does ‘Edge Intelligence’ make sense in an IoT world?
PTC Signed a Definitive Agreement to Acquire Software-as-a-Service Specialist Arena Solutions
Simplified Incorporation of IP in Device Development
The Factory of the Future: 5 Trends for Industry 4.0
Hardened Virtualization Hardware with Small Form Factor Devices and Industrial Touch Panels
Trade Fair Exhibition goes Virtual with Online Visitor Portal
Upgrade of LVDT Position Sensors with Loop-Powered 4-20mA Output
5G New Radio Router and Edge Computing Gateway for Massive IoT and eMBB
“Our Deep Learning AI Vision System is a Breakthrough in Itself”
5 Reasons Manufacturing Businesses Should Accelerate Adoption of IIoT
Robot Tools RFID Identifications
Open Standards Platforms
Open Standards Platforms
Co-creating the Future of the IoT World
Co-creating the Future of the IoT World
Procentec: Industry 4.Human
Robot Tools RFID Identifications
Co-creating the Future of the IoT World
Hannover Messe: Home of Industrial Pioneers
Procentec Diagnostic Tools
BMW Chooses Inspekto to Bring AI to the Factory Floor
IP67 Ultra-robust HMI Devices
NVIDIA GPU Cloud Ready Modular Embedded PC
Wireless Kits - Wi-Fi5/BT5.0 and LTE Cat.16
AI Platform based on Nvidia Quadro GPUs
Eco-friendly Augmented RFID Solution
Compact & Configurable Rugged Industrial Computers
IO-Link Position Sensors
Ultra-low Power Radio Module
ABB Launches New Analytics and AI Software to Help Producers Optimize Operations in Demanding Market Conditions
“Our Deep Learning AI Vision System is a Breakthrough in Itself”
AI Convention 2020 Replays: Omina Technologies
AI Convention 2020 Replays: Tilkal
AI Convention 2020 Replays: Oracle
AI Convention 2020 Replays: TIMi
AI Convention 2020 Replays: Hogan Lovells
Analog Devices Presented New AI-driven Platform at electronica 2020
Capgemini Launches First Set of Intelligent Industry Offering for 5G & Edge Technologies
Mouser's Digital AI Conference is now Available On-Demand
AI Platform based on Nvidia Quadro GPUs