From science to tax relief
I am an environmental scientist and biochemist by training, with a particular interest in how science and technology can shape tomorrow’s world. I work for RIFT Research and help entrepreneurs that have the creativity, vision and know-how produce the ideas and products that keep Britain great.
Looking for opportunities to spread the word
Part of my role is to get the message out that there is a huge amount of support from the government to help if they just know where to look. In fact one of the most powerful funding mechanism takes the form of R&D tax relief. Tax relief and tax credits may not be glamorous - indeed for many it’s the stuff of nightmares - but they can be the difference between getting an idea up and running or staying stuck firmly on the start line.
Being part of Innovate 2015
This year we have decided to exhibit at Innovate 2015 to spread the word and ensure delegates and exhibitors alike are aware about R&D tax relief and find out if they are eligible. They can then follow up with their accountant (who sometimes is unaware of the potential or thought their client was not eligible) or use a specialist like us to prepare and submit their claim.
Tax relief is for every innovator
One thing we consistently find is that many entrepreneurs believe these tax credits are purely for scientists in white lab coats beavering away at complex formulas and algorithms. But that simply isn’t the case. Whether you’re designing a brand new product or streamlining the process of building something, you could be entitled to a much needed cash injection or chunk of tax relief.
Software developers to door engineers can reap the rewards of their innovation and we look to make sure nobody misses out and that for all SMES ‘inventiveness pays’.
This isn’t about loopholes
Most excitingly, this isn’t about finding loopholes or fancy paperwork. The government wants SMEs to claim these credits because they know innovation drives economic growth.
Like Innovate UK we appreciate that taking a new concept from that ‘light bulb’ inspiration moment to finished product can be incredibly daunting. Many entrepreneurs and SMEs may have the technical smarts needed to build their ideas, but lack expertise when it comes to the financial side of things.
Don’t fail because of a missed opportunity
Seeing a great company fail because it got tangled up in paperwork or didn’t realise what opportunities were out there is frustrating. Taking a small business from a position where it may not even be aware it is entitled to tax credits through to getting something back that transforms its fortunes is what drives us.
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You can follow us on Twitter @innovateuk and see our YouTube channel here