20 Dec 2017

12 Tips of Christmas

Matt Symonds
Director

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.

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