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In today’s fast-paced, hectic world, all businesses need to grow and innovate in order to thrive long term – and this can mean some serious expense. Ultimately there are several different ways you can boost the amount of money your business has available, with bank loans and private investment being a couple of the main ones. But when it comes to financing research and development activities specifically, an R&D Grant is potentially something you may not have considered but which could make a big difference.
At Myriad Associates we work with a large number of clients across the Republic of Ireland who are looking to make claims for R&D Grants and regularly hear myths and misconceptions about them. That’s why we’ve put together this article to dispel some of the most common ones and set the record straight.
Wrong! Grants can be used in paying salaries for both staff and consultancy costs as well as generally financing the manpower required for the R&D project specifically. Salary support is dependent on the actual salary paid to an employee (base salary minus any bonuses or extras) as long as their salary is no more than €80,000 per annum. It’s worth nothing though that no claim can be made for employees attending trade fairs or shows. When external consultants are used, this must be included in the Consultancy Fees section.
It is essential that daily rates for consultancy are a true reflection of actual market rates up to a maximum of €900 per day. Daily rates are to be inclusive of subsistence and travel as well as all out-of-pocket expenses. If more than one consultant is taken on from the same firm, the daily rate applies to the whole firm, not per consultant. For multiple consultancy firms involved in the R&D project, the daily rate is applicable to each firm separately.
Not necessarily. The claims process itself has been around for some time and is a highly tried and tested one. Having said that, it’s very important you understand what you’re doing, provide all the supporting documentation that’s asked and complete the process accurately. Once your application has been received, your Development Adviser will review the claim and send instruction to the Payment Officer to either pay or disallow your claim (dependent on their findings). If all is well, the Payment Officer will issue an email with details of the approved payment and any further advice before monies are then sent to the Grantee Company’s bank account.
This myth in particular is quite a funny one and sadly very common. It’s a real shame as it’s holding back a large number of companies from receiving such vital financial assistance. We’ve found that quite often it’s ourselves that make our clients aware of R&D Grants simply by getting to know their business area; many companies themselves don’t actually think of their activities as being innovative when in fact they are.
For instance, food and drinks companies often don’t realise that things like freshness testing or adjusting their recipes to be sugar-free would be classed as R&D and could therefore potentially attract a grant.
Certainly not! Although this is again looked at on a case-by-case basis, in just about all circumstances your business is still able to claim both R&D Tax Credits and R&D Grants.
This is also a very common misconception we hear from clients who may not be totally familiar with all the details of both schemes. But, Myriad Associates are experts in this field and will be pleased to help you with an application for an R&D Grant if you’re already receiving R&D Tax Credits.
No - quite the opposite in fact. R&D Grants are open to businesses across a massive range of sectors and many companies that are only in their first or second year of trading can find them incredibly useful. R&D Grant applications are not like credit card applications where it’s all about a long credit history; many more diverse factors are involved in the process and some people would say innovation grants are easier to obtain!
With offices in both Dublin and London, Myriad Associates consists of experts that specialise in all areas of R&D grants & R&D tax relief for businesses in Ireland and across the UK. Whether you’re a brand new company or you’ve been around a few years and are looking to expand, why not get in touch with our friendly, professional team today on +353 1 566 2001 or use our contact page.