New Funding Scheme Generates R&D Tax Credits for Plastic Reduction Initiatives in Construction
Changing Streams aims to unlock funding to reduce plastic waste
Not-for-profit campaign and research organisation, Changing Streams, has launched a new initiative that unlocks Government money to help companies fund projects to reduce plastic waste and consumption in the construction sector.
Supported by the University of Liverpool and bringing together experts from across the construction, scientific and environmental communities, Changing Streams aims to facilitate research and development programmes that drive a reduction in plastics in buildings and throughout the built environment supply chain. The organisation has identified the cost of research and project delivery as key obstacles for companies that want to realise their environmental goals and has designed a funding programme that will generate capital for both research and cash flow.
The funding scheme will utilise the Government’s R&D Tax Credits programme to unlock cash for construction-related businesses to fund research and development of plastic reduction initiatives. Working with Changing Streams’ accountancy partner, Haines Watts, on a no-win-no-fee basis, companies that apply for the scheme will be asked to ringfence a proportion of the net tax rebate they receive from a successful claim, enabling them to utilise the rest as additional revenue.
Explains Terry Cheesman from Haines Watts: “Few construction-related businesses apply for R&D Tax Credits because they assume they are not eligible, however, our 100% success rate includes claims for companies at all points in the construction supply chain. We can even amend previous claims that have already been submitted, provided they are still within the 2-year amendment window, and, best of all, because some of the funds released will be spent on R&D with Changing Streams, there will be a clear R&D tax credit claim the following year.” Changing Streams has devised the R&D Tax Credits funding model to help companies with environmental goals to take positive steps towards reducing plastics and eliminating waste. Projects will be designed around each company’s goals, marketplace and current activities, enabling them to align their investment in Changing Stream’s consultancy and support to both their environmental commitment and business growth.
Neal Maxwell, founder of Changing Streams adds: “We have designed this access to funding as a win/win for both the companies that take part in the initiative and the environment. Company’s that get involved will access free money, which will pay for the accountancy services and boost their cash flow, as well as enabling them to contribute to a plastic-free future. In the unlikely event that their tax credits claim is unsuccessful, they will have lost nothing, and, if it is successful, they will already be on track to make another robust claim for the following tax year. “At a time when we’ve experienced both the re-blossoming of nature during lockdown and the financial stresses of a challenging marketplace, we believe this initiative ticks all the boxes to help companies financially and environmentally.”
