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15th March 2023
For limited companies receiving funding through Innovate UK, grants are essential to the success of your research. Once you have been awarded a grant, however, the process is not over. Before you can access it, you must arrange for an independent audit to be conducted – that’s where we can help.
Innovate UK is the national innovation agency, providing grants to companies to help fund research projects. As part of the government’s vision for the UK to be a global hub for innovation by 2035, business-led innovation in all sectors, technologies and regions can apply for funding to put towards their new products, processes and services.
Grants range from £25,000 to £10 million, with separate innovation loans also available between £100,000 and £1 million. Specifications on business size, type and region usually apply, though some projects ask simply for UK-registered businesses of any size.
If your limited company is successful in securing Innovate UK funding, you will need to arrange for an independent accountant to carry out an audit.
Audit requirements are set by Innovate UK and are stated within specific grant agreements. Although the terms are often standard, exceptions can apply to individual projects so it’s always best to check on a case-by-case basis. The type of audit you need will also depend on the size of the grant awarded.
The auditor will perform a reasonableness check on expenses spent by the business in line with the terms of the grant. They will also test overheads included in the grant claim and check amounts claimed exclude VAT, among other things. All these findings will be reported to Innovate UK.
Throughout this process, you will need a suitably qualified and experienced firm to carry out these audits. At Thompson Jenner, our chartered accountants have vast experience of performing Innovate UK audits.
Our specialist audit team can conduct the necessary checks professionally and in a cost-effective way. We will make sure everything runs as smoothly as possible and always communicate clearly with you.
We understand how important Innovate UK funding is to your limited company. Often project funding will not be released until your audit has been completed; that’s why we’ll always work quickly and efficiently.
For more information or enquiries about your grant auditing needs, please contact Jon Westley.
