Encouraging R&D at Digital DNA
What a great buzz at Digital DNA in St George’s Market earlier this month. With research and development highly applicable to those in the technology sector it was a fantastic platform for us to share the valuable opportunity offered to innovative and forward-thinking businesses through the Government’s R&D Tax Credits. Surprisingly though many people that we spoke to were unaware of this lucrative tax relief.
The latest HMRC statistics showed an increase in Northern Ireland businesses engaging with the R&D Tax Credit scheme. A total of 610 businesses here took advantage which equated to £25 million of money being poured back into companies for growth and further innovation. SMEs in Northern Ireland accounted for 79 per cent of the successful claims processed, but, overall Northern Ireland still lag behind the rest of its UK counterparts.
It's now time for local companies to take notice of R&D Tax Credits. When companies dismiss the notion that they are undertaking research and development they potentially throw away hundreds of thousands of pounds. This is one reason why we are falling behind the other UK regions. R&D tax relief is not just for the 'white coats'. We need to get that notion out of our heads.
You can be creating a new process, product or indeed service. You can be making improvements to an existing service or using science and technology to duplicate existing processes, products or services. This is incredibly relevant to those in the technology sector who are undoubtedly undertaking R&D on a regular basis. With the average UK claim totalling £54,000 - it’s a valuable opportunity not to be missed.
To find out if your business qualifies for R&D Tax Credits, call Momentum for a FREE confidential R&D assessment on 028 9140 4030 or email firstname.lastname@example.org