As an accountant, a small business owner, a self-proclaimed entrepreneur – I am completely biased in my views on R&D tax credits. Simply that not enough businesses are taking it seriously, not enough businesses are taking the time to find out about it, and not enough businesses are taking advantage of the pot of money just sitting there literally as a cash payment or tax reduction.
And although the value of R&D tax relief claims rose by 38% last year, the actual number of claims for the tax relief went down, which only adds to my point above!
So why aren’t more businesses carrying out research and development? Well, it’s actually not a case of businesses not doing it, they probably already are but just don’t realise!
Call centres who record telephone conversations between customer and agents and then sit down afterwards to talk over what went well and what could go better qualify for R&D.
Companies who use a CRM system, make adjustments in order to store bespoke data or information have qualified for R&D.
Restaurants that create a new recipe, find a new way of cooking or creating a new flavour qualify for R&D.
The possibilities are truly endless. And even where you fail to create or improve a product, service or process, as long as you can provide evidence that you have incurred costs in an attempt to do so, you could still receive a cash pay-out.