make your ideas happen and transform your business
The path to discovering new or better ways of doing something can be long and costly. But fortune favours the brave (or in this case the innovators) and there are a range of tax incentives to encourage businesses to invest in R&D.
R&D tax credits allow you to offset all the costs associated with R&D activity against your tax bill – and also receive a lump sum as well. RfM Transform Innovation has helped clients to claim over £1.25 million in R&D tax credits. With an average £11k saving per client, this could provide a generous income boost for your business.
The only downside to the scheme is that many businesses don’t even realise that the tasks they are carrying out qualify as Research & Development. R&D activity does not necessarily need to lead to the development of a new product; it might result in the modification – and subsequent improvement – of an existing product, service or process. You do not need to have made a profit to qualify.
The first step of our R&D claims process is to work with you to identify where R&D activity has occurred and then pull together the evidence and a full technical report that are vital to a successful claim.
No industry stands still. Every industry has businesses that are seeking to grow or improve, which pushes the industry forward. Industry leaders occupy their position through a unique product, established brand or higher levels of efficiency. Innovation is what powers these companies on.
Innovation does not have to be a eureka moment that changes the industry. The majority of innovations are done through setting objectives for the short-term and long-term and working hard to achieve them. Businesses must identify what their barrier to innovation is, whether that be a lack of time, ideas or skill sets within the business. Identifying these barriers, and setting goals of how to remove them, is important for innovation.
At RfM Transform we use a Value Discipline approach. This method suggests that an important step towards innovation is to decide on the key discipline that the business needs to promote (Operational Excellence, Product Leadership or Customer Intimacy). Our consultants work with you to determine where you need to focus your efforts and can facilitate innovation workshops to drive forward and transform Innovation.
We make it our business to keep up to date with news from grant-awarding bodies across the region and ensure clients don’t miss out on the funding they need to realise their growth ambitions and business goals.
Unlike funding from a lender or investor, money awarded in grants does not have to be paid back by the business. You will usually have to provide at least the same amount in funding from other sources, but a grant could be the difference between the project being successful or never getting off the ground.
Banks and other finance firms also look more favourably on projects supported by grant funding as it improves the expected return on investment.
If you have made plans for growth and need additional funding, please get in touch. Even if you are not currently eligible for grant funding, we may be able to help you revise your plans to meet the criteria for other grant funds.
Want to know more about how we could transform your business?
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