The opportunities for innovative ideas and businesses to thrive are very real, but they depend on a deep understanding of what research and development actually means. Even now, with recognition growing of the huge rewards R&D work can offer, far too many agricultural innovators are missing out. Some simply never realise that R&D tax relief exists, or that it applies to what they do.

RIFT Group would like to highlight a number of changes to the UK tax system that were announced during the Autumn Statement (17th November) that will have a direct impact on Research & Development Tax Relief.

The exploding cost of living’s putting serious pressure on households and businesses across the country and, while there’s no sugar coating to mask the bitter taste of that pill, research and development is still the surest, clearest way forward.

With advanced manufacturing being rightly recognised as both a cornerstone of the future UK economy and an essential component in meeting the country's sustainability commitments, the Research and Development Tax Credits scheme is a vital tool for any business involved in the sector. Any form of innovation involves risk, but the rewards, opportunities and markets innovative thinking opens up are immense and undeniable.

Meanwhile, every stage of food and drink production needs to tackle the problem of sustainability, from eliminating water wastage to breaking our deadly dependency on single-use plastics. The challenges are immense, but the food and drink industry is rising to meet them with new products, new processes and new principles. There will inevitably be stumbles and obstacles along the way, but that vital spirit of innovation is alive and well in the sector.

Against this backdrop, agricultural innovation is a key factor in the UK’s entire levelling-up programme, with ground-breaking work going on constantly in creating a more streamlined, productive and sustainable sector. We’re not just seeing incremental improvements and developments, either. From hydroponic farms that require no soil to produce crops to vertical farming technologies, Agritech innovators are expanding the very definition of agriculture itself.

Given its still-significant reliance on an ageing workforce and the oncoming skills shortfall cliff-edge, it would be easy to mischaracterise UK construction as having dug itself too deeply into outdated methods and technologies to gain the full rewards of innovation. However, the ongoing challenges of the job have kept the building trade perpetually positioned at the very forefront of innovative developments, from initial designs through to final products.

Human beings are community creators by nature. We’re just not built to function in isolation. Our physical and social evolutionary paths have developed side-by-side throughout history, so it shouldn’t be any surprise to see how much of our collaborative effort and technological innovation are still devoted toward keeping us connected. From the printing press to the telegraph and from the radio to the internet, we’re continually creating new ways to put people in touch with one another – because it’s unhealthy, and even dangerous, to wall ourselves away.

The UK government has set itself a mission to rework its R&D tax relief schemes to better reflect the state of the industries it supports. We first talked about this in February and, while the outlook was generally positive, we felt there were still some serious questions that needed to be answered. Fast forward to last month’s Spring Statement from Chancellor Rishi Sunak, and a lot of those issues have now been addressed.