Increase Your Company’s Innovation With R&D Tax Credits
Apple Inc. is noteably one of the most successful and well-known technology companies across the globe. As the world’s largest information technology company based on revenue alone, along with being the world’s third highest ranking mobile phone maunfacturer, after Samsung and Huawei, it is no surprise that many within the technology industry view Apple as truly aspirational.
This week, Apple filed its annual Form 10-K in the United States, highlighting how its growing annual spend on R&D expenses has risen exponetially to nearly $3 billion. The company has spent $14.2 billion on research and development in its 2018 fiscal year, increasing by almost 23% from the $11.5 billion it spent in its 2017 fiscal year.
This incredible increase in Apple’s direct investment in R&D provides key insight into the company’s success, partly thanks to R&D Tax Credits. If one of the world’s largest technology companies, at the forefront of innovation, can avail of the generous R&D Tax Credits initiative, why can’t your business?
However, the latest annual HMRC statistics show, that there has been a slight decrease in companies across all regions of the UK claiming R&D Tax Credits. Whilst the information and communication industry accounted for the highest amount of claims submitted, at almost 26%, there is still a vast amount of potential within the sector.
The high claim rate within the industry means that the average value received per R&D Tax Credit claim by technology, information and communication companies was £66,000. This is slightly lower than the £85,000 average overall payment per claim across the industries surveyed. With R&D Tax Credits designed to help companies evolve, grow and to drive innovation - such as with Apple - technology, information and communication companies are still missing out.
As a leading UK R&D Tax Credit Advisory firm based in Northern Ireland, The Momentum Group is ideally positioned to provide strategic insight and advice to companies across the UK and ROI market. Companies wishing to increase their innovative work within the technology sector can avail of R&D Tax Credits to help expand innovation within their products, processes and services; a strong business objective during times of economic uncertainty, linked intrinsically with Brexit, but also helping to make the UK and ROI more competitive in the global marketplace.
At Momentum, we have helped hundreds of large and small highly competitive companies from within the technology sector to reach their maximum potential, with assistance from R&D Tax Credits. We provide expert knowledge and support throughout the claiming process, including areas such as investment in understanding and optimising R&D expenditure.
Through helping companies to avail of this UK government incentive, our expert team of chartered accountants, business, commercial and ex-HMRC technical are each championing the innovation taking place within the technology sector. We pride ourselves on being able to play our part in helping companies avail of the generous R&D Tax Credits initiative, sharing a piece of Apple’s successful pie.
Find out if you qualify for R&D Tax Credits at www.momentumgroupni.com or contact us on 028 9140 4030 for a confidential no obligation review.
Photo taken from Irish News Online Article