Attitude is everything - positive attitude leads to innovation and creation, an attitude of “it can’t be done” usually acts as a predicator of mediocrity. If you think it can’t be done, then chances are, it can’t...until someone else does it.
In the UK today, we have possibly the most generous R&D Tax Credits recognition and reward for innovation anywhere in the world, yet, as a nation, our take-up of this amazing entrepreneurial incentive is probably the lowest.
How can this be? Daily we meet clients who are innovating, clients in highly competitive markets who have to innovate to survive, people who are continuously developing bespoke business operations to make their businesses more efficient and profitable - yet their accountants advise them they have no R&D to claim.
On occasion, we get to speak with these same accountants to find out why they are advising their clients they have no qualifying R&D projects, and so often it boils down to Attitude. It’s easier to tell a client they have no R&D rather than having to investigate the legislation and guidelines surrounding R&D Tax Credits.
It’s easier to tell a client they have no R&D rather than investing time and resources into technical report writing courses or employing technical writers - technical reports are required to justify every R&D Tax Credit claim. The same goes for Patent Box and RDA Allowances.
Success comes down to attitude - when clients are not advised correctly it can severely impede growth. Aspen Waite have done many industry first R&D claims in areas such as Care for the Elderly and Infirm, Food Production and Mental Health to name a few, where business owners have been told by their accountants they have no R&D.
The most exciting part of the process is observing how our clients use this incentive to further invest in their business success, developing new products and services, investing in coaching, or employing further people.
HMRC figures reveal for £1 R&D Tax Credit awarded they receive £17 in increased tax revenue down the line as those same companies expand and prosper.
Aspen Waite are proud to be the fastest growing SME Business Advisors in the UK, we believe all businesses deserve the opportunity to be well advised - regardless of their size. The answer is YES - so what's the question?