12 Tips of Christmas

If you’re following us on social media, you’ll notice we’ve been providing you with our 12 Tips of Christmas, based around obtaining grants and claiming R&D Tax Credits, in the build up to the festive period.

You can view a recap of these below;

Tip 1 – Even if you’ve never paid any corporation tax, or made profit you’re still eligible to obtain tax relief on your Research & Development.

Tip 2 – If your project requires collaboration to attract funding, start seeking partners at the earliest opportunity. Early dialogue with potential partners to agree a way forward makes completing funding applications much simpler.

Tip 3 – Always try to understand who will be the real beneficiaries of your innovations. This will aid you to determine the most effective plan for commercialisation.

Tip 4 – You can claim R&D Tax Credits, even if you’ve previously received a grant. The same can be said on the match funding that you’ve placed to develop your innovations.

Tip 5 – Allocate yourself adequate time to put together a high quality application. Don’t leave things until the last minute!

Tip 6 – Try to understand the competitive landscape your innovations will face. This will allow you to best differentiate your tech from others.

Tip 7 – Never underestimate the value of your intellectual property, and how your innovation can stimulate change & transform lives across many sectors.

Tip 8 – Focus on the challenge your technology addresses. Always consider the wider benefits of your project. The real impact may reach further than you initially thought.

Tip 9 – Don’t assume your company doesn’t qualify for R&D Tax Savings. Even if your accountant has discounted it, or perhaps not even mentioned it, don’t assume that your work doesn’t qualify.

Tip 10 – Don’t wrestle with the definition of what activities qualify for R&D tax relief on your own – many companies wrongly count themselves out, when a quick chat with a R&D tax specialist might have helped them understand how they do qualify. Many company owners are stunned at the breadth of the R&D tax relief.

Tip 11 – Don’t think you have to leave your current accountant to access specialist R&D tax advice. Most R&D specialists will supplement the good work your accountant is already doing for you with their specialist R&D tax services so this needn’t upset your ongoing accountancy support relationship.

Tip 12 – Have an absolutely wonderful Christmas, and a happy New Year. We’ll catch you all in 2018.