There's money hiding in the work you do
Tuesday 13 March
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.
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, most innovations happen to satisfy a business need or gap in the market. They are more than likely absorbed into the day to day work processes, becoming the norm, and just ‘part of the job’, sadly, becoming 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 the 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. Improving this percentage will see millions of pounds flood into the business economy, relieving the financial impact of research and development and encouraging continued future growth.
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, we work hard to minimise our clients’ involvement whilst achieving the most favourable result.
We have a dedicated team here in Scotland working closely with companies across all sectors, offering support and guidance throughout the process. We have experience and had much success in retrieving funds for companies in the food and drinks industry, much to the surprise and delight of the company owners. 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.
To find out more about how we can support you, please contact
Lorraine Politi, 07538 192071 Lorraine.firstname.lastname@example.org
Sharon Ritchie, 07714 986851 Sharon.email@example.com