As you should have realised by now we do more than just accounts and tax. We like to think that we support our clients in all aspects of their business. If it means securing ( Cash Back from HMRC ) a timely cash payment when they are developing new equipment or processes is just a part of our service.
Just think what a boost this could be to that project that you are trying to get off the ground.
A while back I was recently discussing developments with a company and it quickly became apparent that they were doing R&D. Nothing very large of fancy but nevertheless, a significant development and one like so many others that could do with a financial shot in the arm.
R&D is an interesting area of tax and perfect for this weeks sound bite.
Research and development or product innovation are a big deal for both the Scottish and the UK government. Nothing generates more revenue ( and more tax income ) than a unique product or concept that can be exploited exclusively using a patent or other form of intellectual protection. There is a lot of support available for the right projects be it grants, information and advice and TAX INCENTIVES….
R & D is Not Just for Men in White Coats.
What is research and development? Do you really need a white coat? During my research, I was surprised to learn that over 60% of R&D in the UK is lead by the private sector. Some of that will be drug companies which are, in fact, men in white coats.
But the majority of that development is done in ordinary businesses. I also discovered that while Scotland is a small country we are good at successful innovation. Scotland is well represented on the world stage.
Here are five Scottish innovations you may not have heard about.
LiFi” – or “light fidelity” Developed by Harald Haas. This is a totally secure replacement for WIFI it allows the sending and receiving data at high speed using the lighting system in the home of office.
MindMate is a phone app developed by Rogelio Arellano, and Susanne Mitschke to create MindMate, it is part of an online platform for people with early-stage memory loss to promote and help with healthy and independent ageing.
ZoneFox is an AI security tool for networks to help businesses protect their data. developed by Jamie Graves
Aridhia developed by David Sibbald & Chris Roche puts innovative data analytics tools into the hands of clinical researchers aids collaboration and medical innovation.
Touch Bionics Livingston-based The company was spun-out from the National Health Service in 2003 and in 2007 launched its revolutionary i-limb, the first powered prosthetic hand to incorporate articulating fingers. (
All of these innovations had some great support and the world will be a better place because of them. Discover more here
It does Not Need to be Rocket Science
Cash Back from HMRC for R&D
Your project can be more humble than rocket science. It could still qualify if you are developing or enhancing a process or developing or improving a bit of kit. White coats are not essential. Boiler suits will qualify. As long as it is development work to solve a problem or provide a new solution, particularly if the solution seems impossible at he outset, may be R&D.
You and your project might qualify for some amazing tax reliefs. Or even get a payout from HMRC which could provide a much-needed cash injection to develop the idea.
As an after thought. I wonder if the new bridge across the Firth of Forth would have qualified. I know of a few very small projects that qualified. So, what are you doing?
As ever, any thoughts or questions on the above or other aspects of tax planning, please call or email.
Call us on 0800 180 4401 or email firstname.lastname@example.org
Slaying your tax dragons and making life less taxing!
The Long Partnership
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