Grant funding applications – what happens if you are successful and how we can help

24th May 2024

It is often a requirement of grant funding bodies, such as Innovate UK, to obtain a report from an independent accountant. Thompson Jenner has a wealth of experience in reviewing the expenses spent by your business and providing a cost-effective report.

Claims and auditing

Where specified in the grant offer letter, successful total project costs above £50,000 must provide evidence with an Independent Accountants Report (IAR). As part of the process, we will review your accounting records for reasonableness and check that your costs are in line with the terms of the grant.

Why choose Thompson Jenner?

• We have an experienced and helpful team that are willing and able to answer all of your queries
• We are often able to meet tight deadlines
• We understand the common errors that successful applicants make and can help you to avoid them

Common errors

We deal with a significant number of grant audits every year and the most common issues we find are as follows:

• Ineligible VAT included in the claim
• Calculation errors in daily rates
• Omission of allowable labour costs such as employers national insurance and pension costs
• Capital usage not meeting the grant offer requirements
• Overspending on an individual cost
• Insufficient evidence
• Invoices not received and paid before the end of the project start and end dates
• Failure to comply with grant terms and conditions

Information that you may need to provide

Labour – payroll reports, timesheets and other supporting evidence, we also may need to review employment contracts

Subcontractors – copies of original invoices and confirmation of the location of the businesses that you have engaged with

Travel and subsistence – documentation detailing the expenses

Capital usage – details of the capital equipment used, depreciation rates, the timeframe and time used on the project

Deadlines

There will often be deadlines for submitting reports. We are used to working with clients to provide a fast and efficient service.

Our costs

We always provide a fixed rate cost for our IARs. We review the information included in the grant offer letter and often request a detailed breakdown of the costs incurred. We are then able to quote and provide you with confidence that you will receive a value for money service.

If you would like more information, please do not hesitate to contact us.