Member Article

Detox your business with R&D tax credits

A New Year is upon us and, as is traditional, out pop the various health brigades and their talk of healthy eating and detoxing!

Hands up who, every year, enthusiastically swears to stick to a more healthier lifestyle, only to revert to Friday morning bacon rolls, a week later? Come on, we know it’s not just us…!

Why not set yourself up for detox success, by instead putting all your energies into giving your business a New Year health boost? R&D tax credits could be the perfect detoxing agent and following these tips could make your company (and yourself!) financially healthier in 2015:

1. Detox your habits. Time to take a closer look at your day-to-day activities! Could you be carrying out R&D without realising it? Are you pushing the boundaries and thinking outside the box? Pouring money into trying new things to improve your products and services? Sometimes failing? If you can answer yes to any of these questions then you may be doing R&D. Which means that you could be eligible for R&D tax credits, giving your company a nice healthy financial boost.

2. Embrace the art of decluttering. How? By keeping track of staff time… Knowing what your staff are spending their time on is, of course, just good business sense. However, when it comes to R&D tax credits, it’s more important than ever to keep track – the biggest cost in the majority of claims is that of staff – and having an accurate record of what every member of staff has worked on in a year will help make sure you maximise your claim. Setting up a tracking system could be the decluttering action that your business needs in the New Year.

3. Some is good, more is better. After your R&D tax credit claim has gone in, resulting in a nice financial boost for your company, make sure you reinvest in more innovation! Now is the time to flush out those stagnant old methods and look at reinvesting in more R&D and innovation, thus creating a never-ending loop of financial rewards for your business.

4. Keep going. Don’t make claiming for R&D tax credits just another failed resolution. Turn it into a habit that you keep up with year on year, continually claiming and reinvesting.

5. Don’t go it alone. It’s always easier to keep New Year resolutions with support, so let Jumpstart be your detox support group!

Email us or visit our website: t: 0131 240 2900 e: helpinghand@jumpstartuk.co.uk, www.jumpstartuk.co.uk

This was posted in Bdaily's Members' News section by Jumpstart Ltd .