A Problem-Solver's Guide to Research and Development in Consumer Business
Across the country, businesses of all kinds and sizes are pushing boundaries, solving problems and making a difference - not just to their own affairs, but to society as a whole. It's happening in every sector, and it benefits everyone.
The UK government is going to great lengths to promote and reward innovators through its R&D tax credit scheme. The problem is, far too few businesses realise how much they could gain from it - or even that they qualify at all!
It's More Than White Coats
You don't have to be curing diseases or launching rockets to qualify for R&D tax relief. Research and Development covers many more kinds of activity than you might imagine. In general, you could qualify if you're:
Overcoming obstacles or answering questions that affect more than just your own business.
Pushing against the limits of scientific knowledge or technological capability.
Making your products or processes safer, more efficient or less costly.
Using existing ideas in new ways or areas.
What R&D Tax Relief Means for You
R&D tax relief is one of the most important schemes the UK government has ever established to support business. Here are a few key points to keep in mind:
The average single claim from an SME is worth £46,000.
For SMEs making repeated claims, that average hits £82,000 per year.
Your innovation doesn't have to be successful or make a profit to qualify.
So, if you're the kind of business that never lets an obstacle stand in your way, RIFT R&D can make sure you're getting the most from your innovations.
R&D for Consumer Business
One thing that trips up a lot of businesses looking into R&D tax relief is pinpointing which of their activities qualify for the scheme. Many of them aren't obvious, so it's worth taking a closer look at things like:
The design work and testing you're doing on prototypes.
Any new materials you're working with.
The production techniques you're refining or automating.
Existing knowledge or technology you're finding new or better uses for.
How you're cutting the waste or environmental impact or your processes or products.
RIFT Research and Development's technical experts speak the same language as yours do. We'll quickly find all your qualifying R&D costs and fight your corner to get them properly rewarded. We're on great terms with HMRC and have a 100% success rate on our clients' claims, so get in touch now to make sure you're not missing out.
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