Many companies – particularly smaller ones – know that it’s just not possible to have an expert on everything, and there are many aspects of product design and development that it is simple not practical to keep in-house. While a company may have specialists in its particular field – maybe optics, or computing, or mechanical design, or electronics etc – it would not be practical to have a load of other specialists who would only be working for relatively short amounts of time on a project that may last months or even years. This means that a company will often hire in certain specialists as they need them, rather than have them full time and then support them when they are needed. In this way, a company may have the fundamentals of their system worked out but are unsure of how it should be packaged, so they will hire in an industrial design company to design the final product look for them. Or they may have the mechanics competed and need electronic control added, and may take an electrical engineer on as a sub-contractor to work with the mechanical people for a few months to establish the PCB and control side. There are a great many specialists that a company can call upon, ranging from purely scientific, to design, through to ancillary aspects such as admin and data entry. But one area that companies rarely think about is the finance side, and many are poorer because of it. Financing a project can be difficult, particularly if the work is going to take a long time and may cost many thousands of pounds. Many of companies don’t have that kind of money to commit to a new project and some potentially ground-breaking developments may end up being shelved because of it. But help is at hand, and there are financial people who can not only help with funding, but have enough understanding of one of the best areas of funding that companies usually fail to appreciate; research and development tax credits.
These benefits are available to a company that is engaged in research and development, and the introduction of new products, provided that they meet certain criteria. These are;
The project may research or develop a new process, product or service or improve on an existing one, so there is plenty of scope for different projects. Deducing if a project meets these criteria is a highly technical area, that requires a specialist to help you walk through it. Luckily, such specialists exist and are able to not only help you initially secure the benefits but can help you in an ongoing way to get the best out of these Government-run funds. Finding such a consultant is easy, by carrying out a search for R&D Tax Consultants Leicester, or R&D Tax Consultant Derby, or wherever your business is based. You will soon come across a list of financial consultants who are well versed in securing these valuable assets. If you have a new project that fits the bill, and you are not already claiming R&D Tax Credits, you are missing out on a good source of funding, so get in contact with an R&D Tax Credit consultant now, and get the funding you need.
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