Innovation Projects

Spring 2023 Budget £1m Prize Fund 

The Chancellor’s Spring 2023 budget included the announcement of a £1 million pound prize fund for ground-breaking artificial intelligence (AI) research and development. The prize will be given once a year for the next 10 years and is designed to incentivise innovation and promote the development of cutting-edge AI technology. Understandably, it has created a wave of excitement in the tech industry, but there are plenty of reasons for the care industry to get involved in the action, utilising and benefitting from AI. 

So how could AI work in care? One example would be the development of facial recognition software to improve healthcare by detecting emotions, diagnosing diseases, and improving communication between patients and care staff. This project aims to improve Point-of-Care diagnostics and personalised care in an unintrusive manner, helping to assess pain in patients with verbal or language limitations. By using AI-based facial recognition technology, the goal is to outperform human observation, improve accuracy and efficiency, and reduce unnecessary human interaction, ultimately addressing workforce shortages. Care companies could look to using AI to advance their services in delivering higher standards of personal care.   

As a company, Complete Care Advisory is uniquely positioned to assist the care industry with claiming research and development (R&D) tax relief for their AI research projects. R&D tax relief is a government incentive designed to encourage innovation in the UK by allowing companies to claim back some of the costs of qualifying R&D projects. 

By using Complete Care Advisory’s services to claim R&D tax relief, companies can offset some of the costs of their AI research and development projects. This can help to reduce the financial burden of innovation and free up resources for further research and development. 

The UK Government’s prize fund is an exciting development for AI, and Complete Care Advisory are well placed to help you take advantage of this opportunity. By assisting you with claiming R&D tax relief, Complete Care Advisory can help to stimulate innovation in the UK and encourage the development of cutting-edge AI technology that has the potential to transform the care industry and change lives. 

Contact us today if you’d like to find out more.

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