5 Key Indicators That Your Company is Innovative
Even though HMRC has made serious efforts recently in raising the awareness of and access to research and development (R&D) tax relief, qualifying businesses (mainly SMEs) UK-wide are still not applying.
Could your business be missing out?
As R&D Tax Credit speicalists, consultants and analysts, we often meet business owners applying for the first time that were not aware of either the initiative or their eligibility. There’s widespread doubt or misunderstanding that relates to what qualifies for research and development.
That’s why when working with a business we send in our professional analysts to assess the client’s activities.
That said, if you’re wondering whether your company qualifies there are five thoughts that will open your mind as to where the R&D could be hiding within your business. Don’t discount the possibility simply because you don’t call it R&D.
An innovative and eligible company will be:
1. Solving Problems Occurring in Projects
Are you overcoming what might be called uncertainties or overcoming problems with an order or commission? If your work is more than simply delivering a ready-made solution to a standard problem, then R&D is likely there – somewhere in the processes.
2. Experimenting with New Materials or Code
The absence of white lab coats and scientists does not signify an absence in R&D activity. Tests in selecting materials in any way or experiments in coding require you to risk time and money exploring something new. This means you’re likely performing R&D.
3. Prototyping New Designs
Are you investing resources and time are invested in an advanced or experimental design. Either way, this kind of innovation is pushing the boundaries within a given field – breaking new ground.
4. Exploring the Cutting Edge
Perhaps your company’s time is turning the status quo on its head by exploring new options for advancement, new processes or alternatives. There’s a great chance that you’ll qualify for R&D tax relief.
5. Building Better, Faster and More Efficient Solutions
Are you an innovator looking to make technology cleaner or more environmentally friendly? Perhaps your uniquely developed process delivers a product to the same manufacturing integrity but more quickly and cost-efficiently… you’ve appreciably improved upon knowledge.
Momentum’s expert analysts thoroughly assess your business – helping our clients to recover as much R&D expenditure as is possible. We then prepare the technical report and manage the entire process, from start to finish.
Our clients consistently praise our comprehensive R&D application service and often gently reminds them that the work they’re busy undertaking is making both their sector and region a better, more competitive place.
Exactly the reason they’ve earned R&D Tax Relief – a reward that you shouldn’t miss out on either!
Contact Momentum today to speak to an advisor
about a FREE consultation on +44 (0)28 9140 4030 or via email@example.com