Research and development are a crucial part of keeping the food and drink manufacturing sector innovative and competitive. Integrated Food Projects (IFP) knows this, but also is aware of the large costs associated with this process. In this blog, Philip Chatfield, CEO of IFP discusses the importance of R&D, but also how the team at IFP is experienced with working closely with clients to access Government programs to help fund these projects.
In the 20 years that IFP has been delivering projects for some of the biggest food and drinks manufactures around the world, the business has always operated at the forefront of innovation and the development of new technologies.
Staying abreast of the latest and most innovative solutions has always ensured that IFP can integrate exactly what clients need to help achieve their manufacturing goals. However, often new technologies and solutions are required, and IFP is experienced in working alongside clients’ research and development teams to find and develop these new solutions.
Certainly, food and drink manufacturers can be reluctant to make the upgrades or build the innovative new sites that they need – especially in challenging financial times – due to the large investment required to implement the outcome of the R&D process.
However, in recent years, the team at IFP has started to specialise in advising clients on the many financial grants and more importantly, the rebates available to them from the Government. These schemes allow manufacturers to claim back huge proportions of the R&D investment that goes into creating and implanting the solutions that allow them to stay ahead of their competitors.
Grants can be a complicated and troublesome process to navigate, with the decision making of distributing funds often feeling like a lottery. Whilst IFP has worked closely, and advised many clients successfully through the grant process, HMRC rebates offer a more straightforward route to accessing financial assistance.
Every pound counts when businesses start to plan new capex projects, and if R&D is required to deliver solutions that will make the manufacturing process more efficient and profitable, being able to fund this process with up to a 70% rebate on corporation tax can make all the difference in a project making it out of the board room, and onto the building site.
As a forward thinking industry that is always striving for more efficient processes, R&D will always be crucial. We know its importance, but we also know the associated costs, which is why the team at IFP doesn’t just have the experience to deliver projects but can also help find appropriate funding for them.
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