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The SCR Chambers: Sheffield


Sheffield Chamber of Commerce


Support. Grow. Connect. What we do


The Sheffield Chamber of Commerce is a membership organisation here to support, connect and grow local businesses across the region.


Innovation Programme offers support


The Sheffield Innovation Programme (SIP) is a three-year initiative led by Sheffield Hallam University, delivered in partnership with The University of Sheffield and SCR Growth Hub.


SIP provides regional SMEs with access to academic support together with world-class facilities


It aims to stimulate company growth by encouraging product, process and service innovation and addressing key business challenges.


The programme provides regional SMEs with


access to academic support together with world- class facilities for bespoke consultancy-based projects. It will also provide a range of technical seminars, workshop-based innovation guidance and other events. Businesses can access support in many areas including food science, packaging and product design, materials and engineering. Since its launch in 2016, more than 200 academics have worked with over 300 companies across the region. Initial SIP support has helped a number of SMEs to progress their ideas further with more than £1.2m worth of collaborative projects, securing over £600,000 of grant funding from Innovate UK. Running until September 2022, this new phase


of SIP is part-financed by the England European Regional Development Fund (ERDF) under the European Structural and Investment Funds Growth Programme 2014-2020, allowing eligible SMEs to access the programme for free.


For further information email sipenquires@shu.ac.uk or call 0114 225 5000.


Government commits to R&D tax credits


Successive governments have incentivised companies to undertake valuable R&D activity in the UK by offering R&D tax credits. The current Government indicated continued support for these reliefs in the Queen’s Speech last month, highlighting a proposed increase in the rate of relief and a review of qualifying costs, with a view to extending the categories. For tax paying companies, the savings


under the R&D schemes are significant, with eligible SMEs able to save almost £250 of corporation tax for every £1,000 spent on qualifying R&D costs. The reference to the proposed


‘The savings


increased rate relates to the scheme for larger companies, which currently provides a credit of 12%, (tax savings of 9.7% of qualifying costs). The proposed rate change to 13%, would increase this saving to 10.5%. The proposed review of qualifying costs, with a view to extending the definition to cloud computing and data reflects the technological advancements of recent years, and could benefit companies of all sizes. Such costs are now often a significant part of an R&D project and this review is welcomed.


54 CHAMBERconnect Winter 2020


under the R&D schemes are significant’


R&D Tax Relief provides companies with the opportunity to claim tax savings for their innovative activities Although take-up for R&D tax relief increases


each year, HMRC believe it is still significantly underclaimed. Businesses are encouraged to


review their eligibility for this very valuable relief, contact Sheffield Chamber’s R&D partners Radius for more information.


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