Bag a boost from your business’s research – and stay in control

R&D

Big benefits are being shared by many SMEs which have switched on to the financial advantages of claiming R&D tax credits – but we believe many more could be due a slice of the cake.

In the last 12 months alone, Leonherman has helped clients identify R&D expenditure of in the region of £1.44million – resulting in corporation tax savings for those clients of in excess of £365,000.

Example successful claims include:

  • Company A – A supply chain and warehouse management specialist, benefited to the tune of £69,355, for work leading to the implementation and customisation of new bespoke warehouse management systems for a number of clients, which integrated with other systems already in use.
  • Company B – A digital marketing agency, received £76,879 for work which integrated psychological behaviour and data analytics to its conversion rate optimisation services, and so improved the way a major customer’s website works. This has enabled greater efficiency for the customer and led to a more customised user experience increasing revenues.

The Oxford Dictionary defines ‘research’ as ‘the systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.’

So provided the conclusion your research reaches hasn’t already been publicly revealed elsewhere, and can be shown to have contributed to achieving a specific benefit to your working practices and productivity, then your project is likely to qualify for some direct funding.

And the best part of it is, those savings can be channeled into any part of your business, so in theory, you can use them, for example, to employ extra staff to capitalise on your research efforts, or to publicise your work.

Such funding can even be the catalyst for your business to diversify, without the need to resort to venture capital, ‘angel’ funding or mainstream sources, so enabling you to control the scope of your research, its outcome, and of the future destiny of your business.

You’re also likely to see other benefits from this approach, such as:

  • Enabling you to carry out your research, and evaluate it, at your own pace:
  • Remaining sharply focused on the issues you want to address, and being better able to do this without outside influence, and last but not least:
  • Being able to share the benefits among the staff directly responsible for your pioneering work (and who wouldn’t appreciate some of that?).

With a little help, you can quite easily claim back about one-third of the amount spent on direct research and development and all the supporting efforts and time you put into it.

In our experience we have often found that companies are not necessarily aiming for major breakthroughs, but more to make tweaks and small improvements, often building upon already-available technology, to achieve tangible results which can be applied in a specialised and individual setting.

We will apply tried and tested measurement criteria to determine whether your business has a valid R&D tax credits claim, and will then support you in gathering all the evidence needed to ensure that it is lodged successfully – an approach which has so far yielded a 100% success rate.

So get the due credit for what makes your business unique – by contacting us on 0161 249 5040, or emailing partners@leonherman.co.uk