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Innovation grants are available to UK businesses undertaking innovative R&D activities in the UK.

Grants such as Innovate UK, Smart, Horizon 2020, Edge 2021, UK Space Agency, the Regional Growth Fund, and the Future Fund require an Independent Accountant’s Report (IAR) by an independent Registered Auditor or Chartered Accountant to be submitted at certain intervals of the project or with the final claim.

Jeffreys Henry is one of the UK’s leading grant auditors, with significant experience in providing cost-effective grant audits and Independent Accountants’ Reports (IAR).

Grant Audit Requirements

Audit requirements will be set by the funding body and detailed in the award letter, but generally request the audit testing to include:-

  • Labour – payroll details with timesheet details if appropriate
  • Subcontractors
  • Overheads
  • Travel and subsistence
  • Materials
  • Capital usage
Grant auditors

State Aid Grants and R&D Tax Relief

Innovate UK funding and other government grants are a Notifiable State Aid (NSA) and it therefore may not be possible for you to also claim SME R&D Tax Relief as a company can only be in receipt of one form of NSA.

With appropriate loan application wording and suitable record-keeping, it may still be possible to obtain financial assistance for your company without impacting your SME R&D claims or claims under RDEC.

COST EFFECTIVE GRANT AUDITORS

CONTACT US TO ARRANGE AN INTRODUCTORY MEETING, OR FOR A QUOTE.

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SACHIN RAMAIYA

Partner - Audit

Sachin joined Jeffreys Henry in 2007 and has been managing audits of large UK & International clients. He is an audit specialist with a client base in various sectors.
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DINESH KANAGARATNAM

Senior Accounts Manager

Dinesh qualified as a Chartered accountant in 2010 and has since managed a large portfolio of owner managed businesses, including retail, property, consultancy and technology.
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ELLIOTT PEARL

Senior Accounts Manager

Elliott qualified as a Chartered accountant in 2016 and has since managed a large portfolio of owner managed businesses, including retail, hospitality, art and charities. Elliott also specialises in technology grant audits and service charge audits.
4 April 2022
Grant auditors

Grant Auditors and Independent Accountants Reports (IAR)

Innovation grants are available to UK businesses undertaking innovative R&D activities in the UK.
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