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Please contact us to discuss how working with Myriad Associates can maximise and secure R&D funding opportunities for your business.
Unfortunately, for many people, work isn’t particularly fun. It’s a stressful necessity, and achieving a good work/life balance can be difficult. As a supportive, dynamic Irish business, there’s plenty your company can do to become a highly innovative, happy place to be. Which, not least for your own sanity, is a huge driver towards success.
Creating a working environment that inspires employees to be innovative in their work can bring serious benefits. Employees who are content, not just in terms of remuneration but in their general working conditions are more likely to remain loyal and productive. But how can innovation specifically make a workforce happier? Here we take a look:
If employees spend all their time on the day-to-day details of their job, then innovation can become something of an afterthought. It’s worth remembering that people tend to be most creative (and happy) when they’re busy but not stressed and overwhelmed. If you’re a manager, ensure your teams are adequately staffed so that staff have the time and head space to be inventive.
It’s vital to encourage workplace happiness by empowering your employees to find their own solutions to problems, and to innovate. This doesn’t mean you don’t offer support along the way, but also don’t jump to fix things yourself all the time. Only through finding our own creative solutions to adversity can we be more dynamic and innovative in the workplace.
Intrapreneurs are staff who are already working in your company and who possess the skills and mindset to innovate. You’ll probably have a fair idea who they are - consider them as entrepreneurs who just so happen to already be in your team. Identifying, nurturing and motivating intrapreneurs within a company is an excellent way to not only retain them but to encourage a more innovative problem-solving approach. It’ll also help them feel valued, which can only help them feel happier.
Innovation needs to become second nature to a company. If thinking outside the box becomes something that only happens on a ‘good day’ or during workshops or training, the true potential of employees’ imagination, creativity (and satisfaction) can never be fully reached.
Everyone has a need to feel that the work they’re doing really matters. So that they can be happy and fulfilled in their work, people should always understand the company’s ethos, purpose and mission. This should be a big part of a manager’s role, as everyone needs to be aware of what other departments are doing. When staff see the inner-workings of the company from every perspective, they’ll likely feel better connected to it and therefore have a more vested interest in its success.
A company’s management team are at the forefront of developing a creative culture. It takes time and skill to do, and requires an open mind to receive staff ideas. But only by giving staff time and freedom to develop their creativity and to put their ideas forward will the best solutions become apparent.
The fact is, everyone is unique and we all think differently. By encouraging and using the creative abilities of your team, a more deep and varied mix of solutions will come about. A diversely spread group will collectively possess knowledge from a variety of viewpoints - a veritable goldmine of ideas.
It’s human nature to seek approval and cohesion with your peers - and what better way than getting stuck into a new, innovative work project. Teams and individuals will have more chance to come together and bring their ideas forward, and to really feel like they’re having their voice heard. Innovation can help a workforce to gel together, to trust each other, and to ultimately be more content.
The Irish government has long encouraged businesses to innovate and grow - that’s why it has, for nearly 20 years, offered its R&D Tax Credits scheme.
Administered by the Revenue, it’s available to all companies in the Irish Republic that have recently underdone (or are currently undergoing) qualifying research and development work in Ireland or inside the European Economic Area. This could be creating a new product, process or service or upgrading an existing one; if an advancement in science or technology has been made - regardless of success - then you might well have a claim.
Relevant R&D expenditure will generate a 25% tax credit for use again Corporation Tax, plus a tax deduction set at 12.5%. This means effectively a company can receive back €37.50 for every €100 spent on R&D - which is certainly very generous.
R&D projects can also result in a cash refund. If a company has no tax liability for the current period, or that immediately previous, it can claim a cash payment instead in three equal instalments over a three-year period. Claims for R&D Tax Credits must be made within 12 months from the end of the accounting period in which the R&D costs were incurred.
You can read more about the credit and how to claim on our R&D Tax Credits page.
If you’ve got any questions about the points we’ve raised here or are interested in starting a claim for R&D tax credits, why not contact the team at Myriad Associates. Although the scope of projects and expenditure is very wide indeed, putting together the figures and narrative in a way that the Revenue will accept is notoriously difficult. So let us use our expertise to assist you.
Made up R&D accountants and tax specialists, we can guide you through your claim and away from the pitfalls to get you the money your business deserves. With bases in Dublin and also in the UK, our professional service is second to none and we’re proud of our 100% success rate.
Why not use our contact page today or call +353 1 566 2001. We look forward to hearing from you.