Much has been said recently about how businesses and their employees have risen to the challenge over the last few months, in a radically changing working environment and we all continue to adapt.
Here at Crowe we have been looking at the important decisions businesses need to consider when getting back on track but it is also a great time to reflect on whether the last few months have given your company the opportunity to make an R&D tax credit claim.
The way you have responded to changing business practices, customer needs or supply chains may have involved creative thinking or innovation that could open the door to this valuable tax relief.
Perhaps the way you supply your product or service to the end user has involved overcoming technical difficulties in a wholly new way, or a change or interruption in demand has allowed for ideas you previously shelved to be explored further?
It is important to remember that at its heart a successful R&D tax credit claim involves activity to achieve an advance in science and technology and that there must have been an uncertainty to overcome. The advance must be in the overall field, not just for your own business.
Whilst creating and adapting processes and products can qualify for R&D tax relief, innovation is key so simply changing your processes to incorporate existing technology would not achieve the advance required, so care needs to be taken here.
However at a time where how we work and live has never changed so swiftly, why not make reviewing the possibility of R&D tax relief one of your considerations within your strategy for bouncing back.
Our Innovation Taxes Team can help you review your activities and advise on how to claim R&D tax relief, or you can read more on our R&D pages.