The UK’s technology sector is widely acknowledged as one of the fastest growing areas of the economy, with Prime Minister Theresa May describing it earlier this year as a “great British success story”.
Did you feel the earth move on 13 January? This was the day when what’s been described as one of the greatest shake-ups of personal finances came into force.
With just two months to go before the introduction of the General Data Protection Regulation (GDPR), IT and digital teams are working hard behind the scenes to ensure that companies comply.
Expect the best, plan for the worst, and prepare to be surprised! What do you want from your R&D tax credit claim? Of course there is the obvious – maximised value to give you the best cash flow opportunities. But what about the cost of getting there? Surely you don’t want to waste vast amounts of your valuable time, […]
Get the WHOLE team involved in the tax claim , not just the MD or FD … It is really important to get the technical team involved in compiling the claim. They did the work, know the challenges involved and how long they took to resolve. Remember, most people underestimate the time they took to […]
Let’s talk about grants –This might affect the amount you receive so it’s important to know about any other form of R&D funding for your business. R&D tax relief is only one of many innovation funding options available to companies. If an SME receives a grant or subsidy for an R&D project, this may affect […]
Watch out for subcontracting gremlins! If you are using subcontractors, they must be engaged to perform a specific task, rather than providing a service, as contracts to provide a service are exempt from R&D tax relief. Carrying out sub-contracted work on behalf of a client is a little trickier and would normally only be eligible […]
Record keeping is important! Keep track of all things relating to R&D – eg staff time or raw materials or any smaller costs, all of which add up. Establishing a method of tracking staff time and cost of materials is critical for a robust claim, and shows HMRC that your company has processes in place […]
Look closer at your day to day activities – are you doing R&D without realising it? Where’s the tech in your business? And what ISN’T R&D? If you have experienced staff who utilise science or technology as part of their role, and regularly encounter challenges that cannot be simply rectified, then there is a good […]
Recent innovation by SMEs and academia has led to several exciting new material developments with implications for a wide variety of different industries.
