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There's money hiding in the work you do, sometimes we just can't see it, with the correct support, uncovering it can be easy.
18th December 2017
Here, the Scottish team of CATAX give an insight to how Research and Development Tax Relief might work for you and how by association, future like minded business relationships are built.
Scotland has an enviable heritage when it comes to Invention. The obvious names come to mind; Alexander Graham Bell, John Logie Baird, Alexander Fleming to name a few.
Innovation, a term we are now more familiar with, is definitely in our blood, we encourage it in school, support it in apprenticeships, develop it in university and build it in industry. From engineering to IT, construction to the food and drink industry, we have an intrinsic need to make things better today than they were yesterday.
You might wonder where these innovations are happening? Simple, eureka moments are happening all around us, at kitchen tables, in back street lock ups, assembly lines and boardrooms. Yes, there are the high profile company and media driven innovations, but realistically, they happen to satisfy a business need or gap in the market, most of which will probably be absorbed into the day to day processes, becoming the norm and just ‘part of the job’, and sadly another discovery lost to our coy and canny nation.
You might be surprised to know there is money hiding in the innovative work that is carried out. The Government, through Research and Development Tax Relief, wants to reward companies that are developing new, or improving existing products, processes, systems and materials. You will be even more surprised at what qualifies for Research and Development Tax Relief, it's not just about people in lab coats, it's available across all business sectors whatever your orientation.
Last year less than a third of one percent of eligible Scottish Companies took advantage of this valuable relief, leaving millions of pounds untouched. It may be time therefore for companies to consider is it really ‘just my job’ or are we really embarking on change and enabling improvements that make a difference, after all with additional funding, what else could be achieved?
Catax operates in this Research and Development arena as well as the Capital Allowance market, securing £136m of net tax relief for our 12,000 clients in the past ten years. We have a proven track record, a sixty strong team of industry, business and tax experts at our head office, and many more on the ground. Together we make a complicated process simple and easy and work hard to make sure we take up as little of our clients’ time as possible.
We have a dedicated team here in Scotland working closely with companies across all sectors, offering support and guidance throughout the process. Relationships are forged through our hands on approach, providing a virtual database of specialist individuals and innovative companies available to be referred around the Catax network in Scotland and beyond, increasing business opportunities and knowledge.
Currently we are working with Airdecks, an East Lothian business who are on the verge of going to market with their new working at heights innovation. The intervention of the Catax Team and our extended business contacts are helping support the overall development of the Airdeck business.
As with all unknowns, education is the key to success so we have partnered with CeeD so that together we can relay the benefits of our messages across Scotland. We also participate in seminars relating to The Circular Economy, Zero Waste Scotland and Offsite Construction and Manufacturing so that we are abreast of developments. Our other professional partnerships are with ICAEW, the Law Society, ACCA and IFA, all of whom are respected authorities within the industry.
To find out more, please contact