Detox your business with R&D tax credits

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 its not just us!

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

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, its 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.

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 Hulton Associates be your detox support group! Contact Mark Lear on 07967 462704. We can help!