The average Research and Development Tax Credit claim value made by SMEs across the Uk is £63,000. Companies use R&D tax relief to cover the costs of innovation, but you could use this extra funding on a variety of different ideas.
We have put together a list of five things you could do with £63,000 to help grow your business and secure its future success.
3 common blockades to growing your business are efficiency, quality and/or scalability. £63,000 could be put towards getting brand-new machinery, increased packaging quality, more employees or even bigger premises for the business. There are so many possibilities – and this could be an exciting step for you and your business to take.
Invest in development
There are always opportunities to improve and do things differently, from machinery to new IT equipment. Once you receive the funding from R&D tax credits, they could be put towards the development, purchase or implementation of new systems and processes which, in turn, could help your business grow.
There are many ways to qualify for research and development but at the end of the day, it all comes back to innovation. It could be developing new products, processes or tackling a problem in a new and fresh way. These projects have associated costs and a successful R&D tax credit claim can provide you with the funds to make the development even bigger. This is especially helpful for start-ups. Following this type of innovation funding is a great funding cycle to help your business through the stages of growth.
Businesses that need to increase employee size temporarily may find that using the funds to hire professional contractors with specific skills and expertise is particularly helpful. This idea will be exceptionally important for companies with aggressive innovation cycles which could be running multiple complicated projects with strict deadlines, or for those who need to keep overheads to an all-time low.
At the end of the day, the reason so many UK businesses are successful is because of the people. Therefore, many companies use R&D Tax Credit funds to try and attract top talent, train the team to improve internal knowledge or expand their expertise. Ensuring that your employees remain happy, challenged and well trained, will not only inspire personal growth but also company growth too.
Best of all, companies that invest in Researching & Developing are eligible for tax relief.
We don’t want you to miss out on this tax relief, so we urge you to check your eligibility today (it takes just a few minutes). If you’re eligible, great! If not, then at least you have the peace of mind of knowing that you explored the possibility. https://www.greenjellyfish.co.uk/contact/
Find out how much you could claim by using our handy R&D Calculator!