Your Business With James Caan 2017 - 62
To get the best support from the government, involve the professionals
ver the past five years, the
need for businesses to think
about innovation, progress and
invention has grown exponentially and
is now a staple agenda point for many
growing companies. The good news
is that the government recognises the
importance of businesses investing
in innovation and wants to ensure
the UK is the global leader - a desire
strengthened since the Brexit decision.
There are multiple routes available to
government funding. At GovGrant, we focus
on the most successful mechanism - HMRC.
Research and development (R&D) tax credits
are among the most successful initiatives from
the government. Not only are they designed to
give money back to the deserving innovation
community, they can also help them overcome
some of the challenges that come with
continued growth and competitive pressures.
Forget the image of people in white lab coats
and world-changing breakthrough moments
that may come to mind when thinking about
R&D - the reality is quite different. Following
more than 10 years' experience of working
with HM Revenue & Customs, GovGrant's view
on what the scope is for R&D is broader than
ever. Software that drives a business forward,
new products and processes, or even a simple
inventive step all fall within the scheme's scope.
Do I qualify?
To qualify for R&D tax credits, you must be
a UK limited company and liable for paying
corporation tax. That doesn't mean you have
to be making a profit.
The definition of R&D focuses on
technological or scientific advancement and
uncertainty. To understand this test and apply
it to everyday businesses takes an experienced
eye, as many companies simply evolve and deal