#r&d sme scheme

[alexander-clifford]

Understanding R&D Tax Credits: How Far Back Can I Claim?

Don’t run out the clock on your R&D claim, instead, understand how you can form a compliant claim that awards you significant financial benefits.

When it comes to R&D tax credits, timing is crucial. Not only do HMRC set time limits for first time claimants, but each claim must adhere to specific deadlines in accordance with their own accounting period.

When seeking out information on these deadlines, the language can sometimes seem a little complicated however. So instead of spending hours trying to make sense of the government guidelines, we’ve simplified the material to present you with a direct insight into the time limits and deadlines that you need to know.

Understanding R&D Tax Credits

After its introduction in the year 2000, the R&D tax credit incentive has empowered businesses throughout the UK to invest in innovation. Initially the incentive was available only to small and medium sized enterprises (SMEs), but as of 2002 has been opened up to large companies, forming two primary schemes:

SME scheme Available for businesses with fewer than 500 employees and either an annual turnover under €100 million, or a balance sheet under €86 million

RDEC Available to large companies with 500+ employees and SMEs with subcontracted R&D that doesn’t meet specific qualifying criteria under the SME scheme

In order to qualify for R&D tax credits, businesses must ensure that their projects fit HMRC’s definition of research and development. That is to say that qualifying research and development projects are those that aim to achieve an advancement in science or technology by resolving uncertainties that could not be overcome by an expert in the field.

In order to understand more about R&D tax credits and whether your research and development project meets the eligibility criteria, book your call with one of specialist consultants.

Book a quick call back : https://calendly.com/alexanderclifford-marketing/30min

Time Limits for Claiming R&D Tax Credits

Understanding the time limits and deadlines of R&D tax credits is one of the most important aspects of the claims process, and at present there are two that you need to keep in mind when preparing to make a claim.

Firstly, you need to understand the claim notification deadline. As of April 1st 2023, businesses looking to make a claim must notify HMRC of their intention to claim R&D tax credits if:

They have not claimed R&D tax relief in the previous three years.

They are claiming for the first time

Businesses making a claim notification must do this within six months of the end of their accounting period.

Secondly, you have to understand the time limits involved in claiming the tax relief. Aligning with the deadline for a corporate tax return (CT600), the time limit for claiming R&D tax credits is two years from the end of the accounting period during which the research and development project occurred.

Example of the R&D Tax Credits Time Limit

3 Ways to Prepare Your R&D Tax Credit Claim

When looking to make an R&D tax credit claim, there are a few things that you should prepare beforehand in order to maximise the potential financial benefit of your claim. We’ve broken down what you should prepare into these 3 simple steps.

Step One: Identify Your Qualifying Factors

Before making your claim, you must first establish your qualifying activities. These are the actions that you took throughout your project in order to overcome the identified uncertainties, and that adhere to the following criteria:

Activity should aim to advance knowledge or capability

Activity must seek to resolve industry related uncertainties

Activity should be conducted using a systematic approach

Activity should not be easily replicated

Prior to identifying your qualifying activities, you’re required to identify the qualifying expenditure associated with each activity. These costs include:

Direct staff costs (such as PAYE, NIC and pension contributions)

Consumable item costs

Software used directly in R&D

Test stage prototype costs

By identifying the qualifying factors in this order, you may be able to maximise the extent of the financial benefits received from R&D tax credits.

Step Two: Gathering Documentation

Your documentation is what certifies your R&D claim. The documents that you gather should be able to present a timeline of your project, and certify your qualifying expenditure, some of which include:

Project reports

Employee time sheets

R&D related financial reports

Step Three: Organising Your R&D Claim for Each Accounting Period

Many research and development projects span across a variety of years, necessitating more than one claim. For this reason, it is imperative that you organise your project documentation for each accounting period.

By organising your claim for each accounting period, not only will you be able to make the claims process more efficient, but you’ll also be able to prepare for any potential HMRC enquiries.

How Alexander Clifford Can Further Maximise Your Claim

Known for their efficiency and expert insights into HMRC policy, our specialist team is dedicated to ensuring that your claim is compliant and rewarding.

As leading R&D tax credit specialists, the team at Alexander Clifford have compiled and submitted over 2,400 claims on behalf of our clients, resulting in an average financial benefit of over £50,000.

That’s what makes Alexander Clifford your trusted choice for R&D tax credits. https://alexanderclifford.co.uk/

[news365timesindia]

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[news365times]

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[beststeel]

How MSME Registration Can Unlock New Business Opportunities for Steel Manufacturers

India’s steel manufacturing industry has been growing rapidly, driven by strong demand in sectors like construction, automotive, infrastructure, and energy. However, many steel manufacturers, especially small and medium-sized enterprises (SMEs), face challenges such as high costs, limited access to financing, and stiff competition. 

One powerful solution to these challenges is registering as a Micro, Small, and Medium Enterprise (MSME) under the Government of India’s MSME Act. MSME online registration can unlock new business opportunities and provide significant benefits that can help steel manufacturers level up their operations.

So, why not explore how MSME registration can be a game-changer for steel manufacturers looking to grow their business.

1. Access to Financial Support and Credit Facilities

One of the biggest benefits of MSMEs registration for steel manufacturers is improved access to finance. Many steel businesses struggle with working capital management due to the high upfront costs of raw materials, machinery, and technology. MSME registration can ease these concerns by providing access to several government schemes that offer loans at lower interest rates and longer repayment periods.

Key Benefits:

Priority lending: Banks are mandated to prioritise lending to MSMEs, making it easier to secure financing.

Subsidised interest rates: Registered MSMEs are eligible for loans with interest rates that are significantly lower than market rates, reducing financial burdens.

Collateral-free loans: MSMEs can also avail themselves of collateral-free loans under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). This can be a huge benefit for steel manufacturers with limited assets to pledge as security.

2. Government Subsidies and Incentives

The government of India offers various subsidies, rebates, and incentives to MSMEs. These financial benefits are aimed at encouraging small businesses to invest in new technology, energy-efficient practices, and research and development, all of which can be crucial for a steel manufacturer looking to stay competitive.

Available Schemes Include:

Technology Upgradation Scheme: Helps MSMEs modernise their technology and production processes by offering capital subsidies.

Subsidies on Patent Registration: MSMEs can get up to 50% subsidy on fees for patent and trademark registrations, encouraging innovation and protecting intellectual property.

Market Development Assistance (MDA): MSMEs can benefit from financial assistance to participate in international trade fairs and exhibitions, expanding their market reach globally.

3. Tax Benefits and Concessions

Another key advantage of MSME registration is the tax benefits that are available. Steel manufacturers who register their business under MSME can avail tax deductions that reduce their overall tax liability. Some of the tax-related benefits include:

Tax exemptions for newly established MSMEs: If your steel manufacturing unit qualifies as a small or medium enterprise, you may be eligible for certain tax holidays for a specific period.

Deductions on expenses related to R&D: For businesses investing in research and development (R&D) to create innovative products or improve processes, deductions on R&D expenditures can provide significant tax relief.

Reimbursement of ISO certification expenses: Steel manufacturers seeking ISO certification can receive up to 75% reimbursement of the certification costs, further reducing operational expenses.

JSW Steel – Your Trusted Partner for MSME Success

For MSMEs in the steel industry, registering under the MSME Act is just the beginning of unlocking growth. To truly succeed, you need the right partner, and JSW Steel is here to help. With a specialised range of products and services, JSW MSME offerings ensures that small and medium businesses can operate at their best capacity.

JSW Steel offers high-quality steel products designed to meet the specific needs of MSMEs, helping you improve efficiency and deliver better end-consumer products. Additionally, JSW Steel’s dedicated sales team provides personalised support to ensure your business gets exactly what it needs to grow.

By partnering with JSW Steel, MSMEs can overcome challenges, optimise their processes, and take full advantage of the opportunities provided by MSME registration. Explore JSW Steel’s MSME-focused services today and see how they can help you achieve greater success.

[thxnews]

Revolutionizing Business: Permanent Full Expensing Unveiled

  A Game-Changing Legislation for British Business

In a groundbreaking move following last week's Autumn Statement for Growth, the government unveiled the Autumn Finance Bill 2023 on Wednesday, 29 November 2023. This bill aims to enshrine a series of landmark tax changes into law, with the goal of bolstering British businesses and paving the way for unprecedented economic growth.  

A Corporate Boost: Permanent Full Expensing

At the core of the bill lies a commitment to make full expensing permanent, thereby constituting an effective £11 billion per year corporate tax cut. Financial Secretary to the Treasury, Nigel Huddleston, expressed the government's vision, stating, "This Bill marks our next step in making the UK the best place in the world to do business."   Permanent Full Expensing: A Historic Business Tax Cut The permanency of full expensing translates to a remarkable £11 billion annual cut in corporation tax. This move ensures that the UK maintains not only the lowest headline corporation tax rate in the G7 but also boasts the most generous capital allowances in the OECD group of major advanced economies. The anticipated result of the Autumn Statement is an additional £20 billion of investment per year by the end of the decade.   Continuous Investment Incentive Permanent full expensing empowers companies to invest continuously for less by allowing a 100% deduction of the cost of various plant and machinery from profits before tax. This covers essentials like lorries, drills, and office chairs. For every pound invested, companies benefit from up to a 25p reduction in taxes.  

Beyond Full Expensing: Comprehensive Tax Reforms

Chancellor Jeremy Hunt, in addition to the monumental full expensing, announced a host of other measures incorporated into the Autumn Finance Bill 2023. These comprehensive reforms are designed to simplify tax and boost investments across various sectors.   R&D Tax Relief Simplification The Bill includes changes worth £280 million annually to simplify and enhance R&D tax reliefs. This involves merging the current R&D Expenditure Credit and SME schemes. Additionally, more generous support for loss-making R&D intensive SMEs, as announced in spring, is legislated.   Extended Support for Enterprise Investment and Creative Sector Extending the sunset clause to 6 April 2035, both the Enterprise Investment Scheme and Venture Capital Trust scheme undergo significant changes. In addition, the government has reformed film, TV, and video games tax reliefs to refundable expenditure credits, aiming to boost the creative sector.   Simplifying Tax for Growing Traders Expanding the 'cash basis' not only streamlines but also provides a simplified method for over four million smaller, growing traders. This approach enables them to calculate profits and pay income tax more efficiently.  

Navigating the Legislative Waters

The Bill underwent its first reading in Parliament on Monday, 27 November 2023, marking a crucial step. It is now poised to follow the standard parliamentary process, signifying a pivotal moment in shaping the future of British business. This aligns with the government's commitment to foster a thriving economy and elevate living standards for all.   Sources: THX News, HM Treasury & Nigel Huddleston MP. Read the full article

[aserougi]

UK Spring Budget: Government trumpets improved tax relief scheme for ‘R&D-intensive SMEs’

http://dlvr.it/Skxqwx t.ly/m_Jb

[innovationcalls]

Maximizing R&D Tax Credit Benefits

Maximizing R&D Tax Credit Benefits for Organizations: Factors Influencing the Credit Amount

Research and Development (R&D) activities are vital for organizations that seek to innovate and stay competitive in their industries. However, these activities can be expensive, making it challenging for some businesses to invest in them. To encourage R&D investments, the government provides the R&D tax credit, which allows eligible organizations to offset their federal taxes or even carry forward the credit to future years. In this article, we will discuss how organizations can calculate the value of the R&D tax credit and the factors that influence the credit amount.

Identifying Qualified Research Expenses

To determine the credit's value, organizations must first identify the Qualified Research Expenses (QREs) incurred during the tax year. QREs are expenses associated with R&D activities, such as wages, supplies, and contract research costs. It is crucial to ensure that the expenses meet the criteria set by the Internal Revenue Service (IRS) for eligibility. Qualified expenses must be directly related to research activities, technological in nature, and intended to develop new or improved products, processes, or software.

Calculating the Base Amount

Another essential factor that influences the credit's value is the base amount calculation. The base amount calculation compares the organization's current QREs to a base amount that considers the previous years' QREs. If the current year's QREs exceed the base amount, the organization is entitled to receive the tax credit.

The base amount calculation can be done in two ways: the Regular Credit method and the Alternative Simplified Credit (ASC) method. The Regular Credit method compares the current year's QREs to the base amount, which is the average of the previous four years' QREs. On the other hand, the ASC method compares the current year's QREs to the base amount, which is 50% of the average QREs of the previous three years.

Factors Influencing the Credit Amount

Apart from QREs and the base amount calculation, several other factors can influence the credit amount that an organization is entitled to receive. These include:

Tax Status: The tax status of an organization can significantly impact the credit amount. For example, if an organization is profitable and has a tax liability, it can claim the credit to offset the taxes owed. If the organization has no tax liability, it can carry forward the credit to future years.

Size of the Organization: Small businesses may receive a higher percentage of the credit amount than larger corporations. The tax law allows a 20% credit rate for qualified small businesses, while large corporations receive a 14% credit rate.

Type of Industry: The R&D tax credit can vary by industry, with businesses in certain sectors eligible for more significant credits. For example, businesses in the biotechnology and pharmaceutical industries typically have higher R&D expenses and, therefore, receive more significant credits. Conclusion: In conclusion, the R&D tax credit is a valuable incentive for organizations that invest in R&D activities. To maximize the credit benefits, businesses must understand how to calculate the credit's value and the factors that influence it. By identifying the qualified research expenses, performing the base amount calculation, and considering the industry and tax status, organizations can make informed decisions and optimize their R&D investments. With careful planning and execution, businesses can reap the rewards of the R&D tax credit and continue to innovate and grow.

If you claim R&D tax relief under either RDEC or SME schemes, the change may appear. The changes will take effect from the 1st of April, 2023. Inventya’s input can assist you in adapting to these changes, whilst helping you to optimize your claim of this valuable resource.

Common mistakes

Common mistakes to avoid when claiming R&D tax credits While claiming R&D tax credits can be a straightforward process, there are several common mistakes that companies should avoid. These include:

Failing to document R&D activities properly

Misunderstanding the eligibility criteria

Failing to include all eligible costs in the claim

Submitting an incomplete or inaccurate claim

Not seeking professional advice

Who qualifies for R&D tax credits? To qualify for R&D tax credits, a company must be engaged in eligible R&D activities. In general, this means that the company must be working on a project that seeks to achieve a scientific or technological advance. In addition, the company must be able to demonstrate that the project involves uncertainty and that it is seeking to overcome this uncertainty through a process of experimentation.

[lizseyi]

Rising Fraud R&D Claims Force HMRC To Act - TS Partners

R&D tax relief claims are taking longer to process, leading to longer waiting times for companies expecting the tax relief. HMRC has been forced to take action to reduce fraudulent claims.

Those processing the claims are asking for additional information to confirm the claims by small and medium-sized enterprises (SMEs) qualify for the tax credit. SME claims totalled £5.9 billion in the year to April and were completed in 30 days. However, earlier this month, HMRC informed tax advisers to prepare clients for a wait of up to two months.

R&D Tax credits reward innovation and creative solutions by allowing companies to offset qualifying costs against their tax bills.

Fraudulent claims have risen to 4.9% of all claims by SMEs in the year to April, costing roughly £469 million. This jump is a significant increase from the previous year’s 3.6%, costing £336 million. So, it comes as no surprise that HMRC has been trying to crack down on fraud.

What has HMRC done so far?

HMRC identified a pattern of irregular claims in April, so they paused payments to assess the situation before adding extra compliance checks. It is also building an anti-fraud team, announced in the autumn budget.

Heather Williams, an R&D relief specialist, talking with The Times, warned accountants and companies that the resulting delays could severely impact SMEs.

“If they’ve planned for people’s salaries and that money is not coming in for 60 days, that could be critical.

“We’ve got a [client with a] very large claim at the moment, nearly £1 million, where the money has been approved, but it’s not been paid. It could cause a business real financial difficulties.”

HMRC plans to make it a requirement for companies registering for R&D relief for the first time to notify their intentions in advance, no later than six months before their financial year-end. This new requirement will be implemented for accounting periods beginning on or after the 1st of April 2023.

Williams stated that the change will result in businesses standing to lose out.“I come across people all the time who don’t realise they have a claim … It does sometimes take an external person to sit down and go, ‘Do you realise that was R&D that you’ve just undertaken there?’ [The new rule] means they’re probably going to miss that first year’s claim in a lot of cases.”

She recommends business owners seek advice from a professional familiar with R&D tax credits instead of a generalist accountant.

“I probably see hundreds of technology claims, but if you were somebody who hasn’t, then you might not know that actually, a baseline has moved and that something a few years ago that would have been good technology for an R&D claim now is not”, said Williams.

One of the main culprits for HMRC slowing down claims was companies included non-eligible expenses.

“I’ve heard that’s one of the big triggers stopping claims. For example, rent is not an allowable cost, but some people have put that in claims and will get picked up, and it will hold them up. So they really need to check their claims carefully.”

HMRC understands that the additional rigorous checks are negatively impacting businesses.

An HMRC spokesperson said: “We’re making extra checks on R&D tax credits claims to protect the public purse due to an increase in concerning claims.

“We’re still processing the majority of R&D tax credits claims within 40 days and aim to return to our usual service as soon as we can.”

Need help with your R&D claim?

If you are considering an R&D tax credit claim, then you need help from the experts. TS Partners have a proven track record of successful claims and truly understands the scheme for small to large enterprises.

We have offices in Plymouth, Newton Abbot and Wellington but help and advise clients across the country. Contact us today to see if you have an eligible claim, and we can help you submit a totally compliant claim.

[openideas2open]

Union Budget 2023 is coming soon – it is that time of the year again when businesses and commoners listen keenly to every word of the Finance Minister on how the Govt. will allocate funds and amend rules across various sectors. The Finance Minister will also be cognizant of the low fiscal growth in the last two years due to the pandemic and complications arising from the Russo-Ukraine war in mind.

In November 2022, the Finance Minister met leading economists and stalwarts from across industries to discuss how India can maintain healthy growth in the impending policy-induced global recession. India braved the last two years of the downturn and maintained a healthy growth rate by providing fiscal incentives and relaxation to businesses and, to some extent, to individuals. Before diving deep into the outcome of the discussion, we will take a brief look at Union Budget 2022, which will help us decipher and set expectations for the Union Budget 2023.

Union Budget 2022 Highlights for MSMEs and StartUps

The Union Budget 2022 saw a renewed focus on providing financial support and promoting the growth of SMEs (Small Businesses) and Startups so that they can weather the turbulent times. Read this blog on Union Budget 2022 for more details; however, you can find some key highlights below in a nutshell:

Union Budget 2022 for MSMEs: The Udyam, NCS, e-Shram, and ASEEM portals were interlinked, and the government rolled out various credit guarantee schemes to support MSMEs.

Union Budget 2022 for StartUps: The Govt. prompted selective startups to facilitate ‘Drone Shakti’ and defense R&D for startups, industry, and academia. A fund was raised under the co-investment model to finance agriculture startups and rural enterprises. 

Union Budget 2022, Tax Relaxations for StartUps: Eligible startups got tax incentives for three consecutive years. Govt. gave a concessional tax regime of 15% to newly incorporated domestic manufacturing companies. Startups got an extension of customs duty exemption by another year.

The Union Budget showcased the heightened focus of the Govt. on sustaining growth and helping MSMEs brave and sail through the stormy waves of turmoil and uncertainty during the pandemic and war.

As Union Budget 2023 came closer, the Finance Minister, Nirmala Sitharaman, called for industry experts and economists to discuss how the nation can sustain growth during a policy-induced recession.  A policy-induced recession is a global recession due to monetary and fiscal policy moves in advanced economies to curb rising inflation and low GDP growth rate due to pandemic risk that pushes the world towards global recession. Below are some excerpts from the discussion.

Union Budget 2023: Excerpts from the Prebudget discussion between the Finance Minister and Experts

As mentioned at the blog’s beginning, November 2022 saw the Finance Minister’s prebudget meeting with industry leaders and renowned economists of the nation. The critical point of discussion was providing incentives to businesses to sustain financial growth during an economic slowdown. There were eight meetings with 110 invitees. 

In these meetings, the experts offered various suggestions and implored the ministry to continue with selective spending and incentivize specific industries to spur growth. They recommended the Govt. to shift focus to the following: 

Create various mechanisms for green certification to help MSMEs

Schemes for improving domestic supply chains

Reduction of taxes on electric vehicles (EVs), the introduction of EV policy, and measures to promote India as a hub for green hydrogen,

Cover unorganized workers under the ESIC scheme.

Based on the above extracts from the meeting and taking deep dive into Union Budget 2022, we can have a fair idea of what to expect from the Union Budget.

What can MSMEs expect from Union Budget 2023?

95% of businesses in India are of micro-scale with limited access to funds given the stringent banking regulations. Simplifying the rules and tax relaxations should be the government’s primary focus. Gradually, improving the ease of doing business can provide a great impetus to growth. 

Incorporating the following initiatives in the Union Budget 2023 can be very reassuring for businesses. They are as follows:

Extension of the ECLGS scheme: The Emergency Credit Line Guarantee Scheme (ECLGS) brought much-needed relief to credit-starved MSMEs and enabled them to brave through the economic slowdown during the pandemic, subsequent lockdowns, and supply chain crisis due to lockdown of international borders and war. The ECLGS scheme saw reiterations and extensions from its initial launch in May 2020 and is scheduled to expire in March 2023 unless the government provides an extension.

Expansion of the PLI scheme: The Product-Linked Incentive (PLI) can diversify Indian exports further for the better. The current PLI scheme limits itself to large companies and corporates in specific sectors. While these incentives have boosted domestic manufacturing and created more jobs, Budget 2023 may extend the PLI schemes to MSMEs and future industries to boost exports further.

Offering credit at affordable rates: The Russo-Ukraine war has disrupted supply chains that adversely impacted the export sector. It is one of the main sectors that helped revive India’s economy last year and has experienced 37% year-on-year (YoY) growth. Exporters seek credit at affordable rates that promote increased cross-border trade.

Encourage cash flow-based lending: Launching initiatives such as Account Aggregator (AA) and Open Credit Enablement Network (OCEN) dramatically relieved the MSME sector. We can expect supportive measures in democratizing credit and accelerating financial inclusion from Union Budget 2023.

Restructuring of existing MSME loans: MSMEs suffer from a cash crunch and are now requesting to extend the moratorium of existing loans from one year to three years to repay the loans.

Loans to MSMEs be classified as NPAs after 180 days of non-payment: MSMEs face interruptions in the flow of funds owing to delayed payments from buyers. They are requesting the government to consider loans as Non-Performing Assets (NPAs) only after 180 days of non-payment instead of 90 days.

Boost Manufacturing Sector: Government is more likely to encourage the Make in India campaign by laying the bricks for the right enabling framework to build an entire ecosystem of policymakers – from local policymakers to state and central levels. The sectors the government is looking to focus on are manufacturing, capital goods, defense, sustainability, railways, and public sector banks already seeing new investments. We expect these sectors to continue to be in the spotlight.

What can Startups expect from Union Budget 2023?

Currently, India is home to 108 unicorn startups, making it the third largest ecosystem in the world, and by 2025 this number is estimated to reach 250. These startups create millions of job opportunities for the country’s youth and contribute significantly to the national economy, which means that they have high expectations from the 2023 budget making it easier and more lucrative for them to go about their business. Let’s look at some of the major things that startups expect from Union Budget 2023. 

Simplified compliance 

One of the main things that startups expect is an increase in the ease of doing business, at least insofar as government regulations and compliance requirements are concerned. Simplification in the tax regime and the introduction of specific policies that help startups navigate the process of setting up and running a business with minimum hassles are expected this year. 

Tax benefits for early-stage startups

In the early stages, startups need support from the government to come out successfully at the other end of the growth curve. One of the ways in which this can happen is through the government providing tax benefits to startups working out of shared office spaces, also known as co-working spaces. Programs such as REITs (Real Estate Investment Trusts) can play an important role in this, and if the tax burden on real estate companies is reduced, startups will have to spend less on infrastructure, enabling better cash flow.

Focusing on specific sectors Industries like Fintech and EdTech have given some of India’s most successful startups in the last couple of years. Now, the startups in these particular sectors expect the government to form a framework that allows them to interact and collaborate with government agencies. Such collaborations will lead credibility to the startups, bring them within necessary regulatory structures, and allow them to a appeal to wider customer segment.

Conclusion

Budget 2023 is likely to focus on capital expenditure as a growth driver and give an impetus to manufacturing. The finance minister will try to boost capital expenditure from the current 2.9% GDP to nearly 3.5%. Startups, small businesses, and MSMEs can expect better credit access. Promoting growth and generating more employment may remain the key focus. Tax relaxation and regulations that improve the ease of doing business will likely hold priority.

[alexander-clifford]

Unleashing Innovation: The Role of R&D in Startups and Small Businesses

In today’s competitive world, startups and small businesses must innovate to survive and grow. Research and development (R&D) is at the heart of this innovation, helping companies create new products, improve existing ones, and find solutions to industry challenges. However, funding these R&D activities can be a major hurdle.

Government Support and R&D Tax Credits

The UK government offers valuable support to businesses through R&D tax credits. These credits are designed to ease the financial burden of innovation, allowing startups and small businesses to invest in their future without breaking the bank.

Why R&D Matters for Small Businesses

For small businesses, R&D isn’t just about creating new products; it’s also about staying ahead in a crowded marketplace. Investing in R&D helps small businesses:

Better meet customer needs

Adapt to market trends

Gain a competitive edge

This ability to innovate is crucial for small businesses that are often up against larger, more established companies.

The Importance of R&D for Startups

Startups thrive on innovation, whether they’re launching a new product, solving a unique problem, or disrupting an entire industry. R&D is a key part of this process, offering benefits like:

Turning ideas into reality

Protecting intellectual property

Testing market assumptions

However, the cost of R&D can be a significant challenge for startups.

Overcoming Financial Barriers with R&D Tax Credits

One of the biggest obstacles for startups and small businesses is finding the money to fund R&D. R&D tax credits are a lifeline, providing financial relief that supports ongoing innovation. These credits can be claimed by businesses that meet the criteria set by HMRC, making it easier to continue developing new ideas.

Adapting to Market Changes and Filling Skill Gaps

In a fast-changing market, startups and small businesses must be flexible. Using agile R&D methods, which involve breaking down projects into smaller, manageable tasks, can help companies respond quickly to changes and reduce risks.

Additionally, finding the right skills for R&D can be difficult. Businesses can address this by upskilling current employees or bringing in temporary experts to work on specific projects.

Measuring R&D Success

Measuring the success of R&D is crucial to ensure that it’s delivering value. This can be done by looking at outcomes like new product development, intellectual property protection, and market performance.

How R&D Tax Credits Support Innovation

R&D tax credits, funded by the UK government, can significantly reduce the cost of innovation. To be eligible, businesses must follow HMRC guidelines, which include aligning with their definition of R&D, calculating qualifying expenses, and providing necessary documentation.

For more information on how R&D tax credits can benefit your business, check out our detailed guide on Claiming R&D Tax Relief for Startups and Small Businesses.

[mantra-softech]

Mantra Softech is a global hi tech manufacturer of biometric products and solutions. We offer a wide range of products in biometric and RFID industry. This dream project of like minded visionaries started in 2006 continues to push the envelope on biometric system capabilities. Customer's rapidly growing requirements for complex and sophisticated security system are the inspiration behind Mantra's Innovative products and solutions.

Globally recognized as one of the leaders in this field, Mantra continues to position itself as an innovation driven brand. Mantra's product portfolio includes Fingerprint Sensors, IRIS Sensor, Integrated Fingerprint Devices, Integrated IRIS Devices, POS / MicroATM / Financial Terminal, IRIS Recognition in Mobile and many more biometric devices. New products and solutions are added every year in our services and in the product category to meet the future needs of business in terms of their security concerns. Our security solutions include Business Security Systems, Enterprise Security Solution, Integrated Security Solution, Access control system, Smart City Solution, Airport Solution, suitable for application in both SME and large enterprises.

Mantra is the pioneer of Aadhaar, enabling biometric devices which are currently used by the Indian government for the social welfare scheme, and also by telecom and banking sector for KYC purposes. Our manufacturing units are equipped with cutting-edge technology, intense automation and zero chance of human error. Mantra’s state-of-the-art, manufacturing facility is in Ahmedabad.

Our valuable assets are the Mantra brand, R&D and Manufacturing facilities along with unparalleled, multil-ayer distribution network. With a view of taking our range of products to distant corners, we have carved out a strong network around the globe. In addition, Mantra's international presence spans across African and middle eastern countries.

Mantra is one of the few players in the industry to have successful R&D facilities to improve product functionality and develop new products which are future proof. As for quality standards, Mantra is committed to the core values of integrity, ethical practices and responsibility towards customers and the environment. Brilliant quality and design achieved by the vision of our leaders, has led to the rapid growth of Mantra as a global brand and Mantra has now become a powerhouse of biometric innovations in just a few years even though it is just a beginning.

About Us: Mantra is one of the few players in the industry to have successful R&D facilities to improve product functionality and develop new products which are future proof. As for quality standards, Mantra is committed to the core values of integrity, ethical practices and responsibility towards customers and the environment. Brilliant quality and design achieved by the vision of our leaders, has led to the rapid growth of Mantra as a global brand and Mantra has now become a powerhouse of biometric innovations in just a few years even though it is just a beginning.

Our Products: Mantra offers a cutting edge range of industrial and commercial security products that will help to safeguard your business and facilities. Most of the times the companies get confused in deciding whether to invest in a branded or local security system, but we are here to help you in making things easier. Safeguard your business from any sort of threats with Mantra Security products that helps to secure your business assets and facilities.

FINGERPRINT SENSORS: Fingerprint scanners are used to recognize the fingerprint of an individual for authentication purpose with the help of fingerprint recognition module that produces the best performance, sustainability, and accuracy. Fingerprint scanner is a safe and reliable machine for any of the security as it does not require remembering the password. Mantra’s MFS series shall help you identify, authorize and verify the fingerprints. Why shouldn’t we use our fingerprints as a digital password that will not be lost, forgotten and stolen?

IRIS SENSOR: Mantra has Built high quality IRIS Sensors for IRIS Authentication supporting desktop and network security. IRIS Sensor recognizes the human eye retina. IRIS is the significant part of a human body because the structure remains the same throughout a lifetime.

POS / MICROATM / FINANCIAL TERMINAL: Mantra introduced mTerminal 100 & 200 which provides an all-in-one solution with mobile terminal alongside various biometric technologies. POS (Point of Sales) / MicroATM / Financial terminal supports ‘Aadhaar’ Certified Fingerprint, IRIS Reader. As the system is WiFi enabled, it provides mobility and efficiency that will give more productivity.

AADHAAR PRODUCTS: Aadhaar is a biometric resident Identification program from Govt of India. It aims to empower the citizens of India with a unique identity by building a digital platform for the authentication of an individual at any time and any place. It helps to access Government services related to various welfare schemes in Education, Banking, Health Care, Agriculture, Insurance, Telecom and other sectors.

OUR SERVICE: In search of an innovative biometric security solution but not aware of which solution will suit your Organization security requirements?

Mantra Softech has the capability to develop custom security solutions to serve your evolving needs through the latest biometric and RFID technologies. We understand your organization security requirements and concerns, to provide consultation regarding security solutions best fitted for an organization. We are among the few players in the industry having R&D department, creating an innovative set of technologies in biometrics along with the customized solutions to offer the best user experience.

[industryarcresearch]

Superconducting Magnets Market Forecast to Reach $1.6 Billion by 2025

Superconducting Magnets Market is forecast to reach $1.6 billion by 2025, after growing at a CAGR of 5.6% during 2020-2025. With rise in the consumption medical equipment and MRIs demand, the Superconducting Magnets Market is witnessing an increase in demand. Growing public concerns specially regarding heart will further enhance the overall market demand for superconducting magnets during the forecast period.

Superconducting Magnets Market Segment Analysis - By Application

MRI Machines sector has been the primary market for superconducting magnets. Magnetic Resonance Imaging (MRI) is a non-invasive imaging technology that produces three dimensional detailed anatomical images. It is often used for disease detection, diagnosis, and treatment monitoring. It is based on sophisticated technology that excites and detects the change in the direction of the rotational axis of protons found in the water that makes up living tissues. MRIs employ powerful magnets which produce a strong magnetic field that forces protons in the body to align with that field. When a radiofrequency current is then pulsed through the patient, the protons are stimulated, and spin out of equilibrium, straining against the pull of the magnetic field.

Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=16277

Report Price: $ 4500 (Single User License)

Superconducting Magnets Market Segment Analysis - Geography

APAC dominated the Superconducting Magnets Market with a share of more than xx%, followed by North America and Europe, owing to high adoption in medical sector and manufacturing industries in the region. The health sector is another field where neodymium magnets are incorporated in medical devices for example in magnetic resonance imaging devices to diagnose and treat chronic pain syndrome, arthritis, wound healing, insomnia, headache, and several other diseases due to their ability to generate a static magnetic field. An increase in their usage has been observed over the last decade. These magnets are thought to have a curing effect and are therefore sometimes called “magic magnets".

Superconducting Magnets Market Drivers

Increasing R&D towards Energy sector

Superconducting Magnetic Energy Storage (SMES) is a novel technology that stores electricity from the grid within the magnetic field of a coil comprised of superconducting wire with near-zero loss of energy. SMES is a grid-enabling device that stores and discharges large quantities of power almost instantaneously. The system is capable of releasing high levels of power within a fraction of a cycle to replace a sudden loss or dip in line power, these kinds of technologies are increasing day by day around the world. Owing to the growing energy sector the superconducting magnets demand in the market will grow.

Implementation of Stringent Environment Regulations

Governments globally are focusing towards health care by launching schemes and regulations. Few of the schemes are such as Awaz Health Insurance Scheme, Aam Aadmi Bima Yojana, Karunya Health Scheme and many more. In Awaz health scheme, this is a health insurance cover for migrant workers and is initiated by the Government of Kerala. It also offers insurance for death by accident for labourers. The scheme was launched in the year 2017 and targeted 5 lakh inter-state migrant labourers working in Kerala. The health insurance coverage offered under Awaz Health Insurance is Rs.15000, while the cover for death is Rs.2 lakh. These kinds of policies will increase the demand for medical equipment which will increase the demand for superconducting magnets.

Download Sample Report @ https://www.industryarc.com/pdfdownload.php?id=16277

Superconducting Magnets Market Challenges

Impact of COVID-19

The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of International transportation. Global crisis for all sectors including manufacturing sector have slower down the demand of goods’ production and exports of Superconducting magnets market.

Coolant replenished periodically

Superconducting magnets are cooled with liquid helium. A disadvantage of this magnet technology is that the coolant must be replenished periodically. A characteristic of most superconducting magnets is that they are in the form of cylindrical or solenoid coils with the strong field in the internal bore. A potential problem is that the relatively small diameter and the long bore produce claustrophobia in some patients. Superconducting magnetic design is evolving to more open patient environments to reduce this concern.

Superconducting Magnets Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Superconducting Magnets Market. In 2019, the market of fuel additives has been consolidated by the top five players accounting for xx% of the share. Major players in the Superconducting Magnets Market are Siemens AG, General Electric Co, Sumitomo Electric Industries Ltd, Agilent Technologies Inc, Janis Research Company, among others.

Acquisitions/Technology Launches

In January 2020, Siemens India has acquired Delhi-based electrical and electronic equipment maker C&S Electric for cash consideration of Rs 2,100 crore in its biggest acquisition in the country till date outside the group.

Key Takeaways

Asia-Pacific dominates the Superconducting Magnets Market owing to increasing demand from applications such as MRI machines, mass spectrometers and others.

The growing popularity for medical equipment and MRIs demand, is likely to aid in the market growth of superconducting magnets market.

COVID-19 pandemic will create hurdles for the Superconducting Magnets Market.

Related Reports :

A. Conductive Polymers Market

https://www.industryarc.com/Report/15567/conductive-polymers-market.html

B. Magnetostrictive Material Market

https://www.industryarc.com/Research/Magnetostrictive-Material-Market-Research-501446

For more Chemicals and Materials Market reports, please click here

[greystoneaccountants1122]

Five tax benefits available to your business for going green

There are several tax incentives on offer to business owners that can give your firm financial aid to make it a greener going concern.

 Being an eco-conscious, sustainable business is no longer about PR stunts. It’s about the commercial viability of your operation and ensuring your business continues to thrive. There are several Tax Accountants Walsall incentives on offer to businesses owners that can give your firm financial aid to make it a greener going concern.

 1. Electric vehicles will continue with low benefit-in-kind tax from April 2022

Small businesses that opt for fully electric vehicles will continue to pay very low rates of company car tax for 2021-22. The rate of 1% of the list price for 2021-22 will increase to 2% for 2022-23.

 It’s hoped this initiative will encourage more small businesses to invest in electric vehicles (EVs) and reduce their carbon footprint of journeys to and from meetings, seminars, conferences and such like.

 2. Vouchers available for the Electric Vehicle charging points

With fully electric vehicles become increasingly popular - September 2021 saw a 49.4% increase in pure-electric car sales in the UK compared to the same month in 2020 - the need for increased vehicle charging points is becoming greater than ever.

 The UK Government’s Office of Low Emission Vehicles (OLEV) continues to offer a tax incentive for small businesses to install their own EV charging points via the Workplace Charging Scheme.

 This voucher-based scheme offers financial support towards the initial purchase and installation costs for electric vehicle charging points for staff of up to £350 per socket up to a maximum of 40 per applicant.

 3. Take part in the Cycle to Work scheme

If you aren’t already, consider engaging your business in the Cycle to Work scheme. This 20-year-old scheme is an increasingly popular salary sacrifice scheme, allowing staff to have access to use road bikes from their employers, completely tax-free.

 Not only can your employees benefit from having tax free access to a new road bike and accessories, employers can obtain tax relief with the Cycle to Work scheme too. It’s possible to claim for the full cost of the bike, as well as a saving of National Insurance Contributions (NICs) up to 13.8% of the bike’s value.

 Aside from the tax benefits for you and your staff, engaging your employees in cycling to work can also help create a happier, healthier workforce and reduce the number of commuting cars on your local roads.

 4. Claim enhanced capital allowances for energy efficient technologies

For small businesses planning on investing in energy-saving technologies, it’s possible to secure tax breaks for these investments via the UK Government’s Enhanced Capital Allowance (ECA) scheme for certain 'Freeport' locations in the UK.

 Under the ECA scheme it’s possible to claim 100% first-year allowances on investments in eligible technologies and products.

 Put simply, you can write-off the entire first-year cost of the investment against your taxable profits of that year.

 If the ECA scheme sounds of interest, make sure you seek advice on it soon as the scheme to check if your business is in a freeport area. The scheme is anticipated to run until 5th April 2026.

 5. Research & Development (R&D) tax reliefs for the development of greener products or services

Better still, if your business is investing in research and development to advance in science or technology in your particular field, you might be eligible for R&D tax relief or tax credits.

 Small and medium-sized enterprise (SME) R&D tax relief is available to firms with fewer than 500 employees and a turnover of less than €100m or a balance sheet total of less than €86m.

 SME R&D tax relief gives you the chance to deduct 130% extra of the qualifying R&D costs from your yearly profit, on top of the normal 100% deduction. This means that for every £1 you spend on R&D you could deduct £2.30 from taxable profits.

 Alternatively, if your business is loss-making the R&D tax credit allows businesses to claim a repayable tax credit at 14.5%, which can help with cashflow during periods of investment.

 The rules determining which projects can and cannot qualify for relief are complex and open to interpretation. You must also ensure the relief is claimed in the correct manner. If you’re unsure whether your business qualifies, don’t hesitate to contact us and we can put you firmly in the picture.

[innovationcalls]

R&D tax relief is changing

If you claim R&D tax relief under either of RDEC or SME schemes, the changes summarised below may be worth your attention.  

The Good: 

R&D expenditure categories are set to extend: 

Great news for players utilising datasets and cloud computing in their R&D activities, as the cost of these pricey resources now qualifies for tax relief. 

Furthermore, Health and Social Care Levies will qualify in R&D staff costs.  

Lastly, R&D in pure mathematics will now qualify for relief.  

The bad? 

While not necessarily bad news for all, one of the most fundamental changes is that tax relief is now limited to work undertaken in the UK. There are some specific exemptions to this rule, whereby work outside the UK is necessary for environmental, social, regulatory, or legal requirements. If the work done outside the UK is for a justifiable and unavoidable purpose, it should still be eligible for tax relief. Examples of eligible works for potential exemption include clinical trials, technology developed for extreme environments and deep ocean research. Non-eligible exemptions come in the form of economic or logistical reasons such as cost constraints or workforce availability.  

The unavoidable:  

New methods are being implemented to combat abuse of the R&D schemes meaning: 

New due diligence and filing processes are now required through a digital system 

All claims must be made digitally (except for those that are exempt) 

Endorsement of a named senior officer of the company will be required 

But, perhaps most importantly… companies will be required to inform HMRC of their intention of filing a claim within six months from the end of the period to which the claim relates, unless a company has claimed in one of the preceding three accounting periods. Meaning a new claimant will only have a 6-month timeframe to inform of the claim (as opposed to the current 2 year window).  

Overall, the changes shouldn’t impact your tax relief harshly. The extension to eligible expenditure will be especially advantageous, given the vast utilisation of data sets and cloud computing in today’s innovation activities.  

However, whilst planning your R&D projects, it is essential to bear the aforementioned changes in mind. Especially given the tightening of rules regarding activities conducted outside of the UK and the need to stay on top of your claims within a stricter timeframe.   

The changes will take effect from the 1st of April, 2023. Inventya’s input can assist you in adapting to these changes, whilst helping you to optimise your claim of this valuable resource. Get in touch to find out how we can support you further.