Your trusted adviser for R&D Tax Credits and R&D Grants
Research and development (R&D) has been a principle of business for a long time, however, it has recently been kicked into hyperdrive...
Technological advances breed more technological advances and new scientific or technological discoveries are increasingly common. The Covid-19 pandemic brought much of that innovation to the fore, as society looked to new processes and developments to keep the wheels turning.
Many of these advances seem to be pulled from sci-fi, and what’s coming next is anyone’s guess. However, we can guarantee that informatics will continue to be refined, providing the foundation for innovation in every field.
Based on our experience working with companies for whom R&D is their bread and butter, we present our five predictions for what’s to come.
Artificial Intelligence, or AI, is already taking the world by storm. Combining Big Data and AI will allow businesses and individuals to make decisions driven entirely by data. They also provide a platform for an immense amount of R&D, from data storage to searching software. The Internet of Things (IoT) also complements AI, as our world quickly becomes optimised in every possible way. Every sector will benefit from these advances, which will reduce waste, reduce costs and improve efficiency. Data processing and software development are to be some of the biggest areas for R&D in the future.
Climate change is undeniable at this point, and people are scrambling to keep up. Efforts to upheave an energy system and implement zero-emission alternatives are being subsidised by governments, like the Sustainable Energy Authority of Ireland’s electric vehicle grant. Solar power, wind power and other renewable energy sources are also areas of exponential growth, growing cheaper and more efficient almost by the day. Innovators should be encouraged to look at the sector, offering advantages for the environment and a company’s bottom line.
Cloud storage is expected to grow globally from USD 50.1 billion in 2020 to USD 137.3 billion by 2025. The increase in data volumes and the necessity of international communication with remote working. Low costs and flexibility make cloud storage an attractive option for many companies. The pandemic only made these benefits more obvious. However, there are improvements to be made to the system yet, in terms of security, decentralisation and customisability.
Data security has been a big theme of the past few years, as several high-profile hacking incidents have compromised important information. Cyber attacks are growing in number and in consequence, as the speed of technological advances leaves chinks in the armour. With strict GDPR rules in place, now is not the time to skimp on security. Cyber security can be combined with artificial intelligence to create a stronger defence.
The importance of safeguarding our health cannot be understated. Vaccine development has taken the main stage for the past few months, however there are many, many areas for R&D in medicine, from medical devices to biomanufacturing. Irish companies are especially well-positioned to capitalise on funding opportunities for innovation in the medical field, due to the generous tax rates and a number of grants, as well as experts already working in the area.
Innovation is a word we use for new ideas or improvements which add value. R&D not only solves problems, improves efficiency and creates new or upgrades existing products, but also connects various parts of an organisation’s strategy and business plan. These new products, processes and services allow your company to differentiate itself from rivals.
The economy is driven by productivity; if people spend more, companies sell more. Innovation also drives down these costs, with the development of more efficient, more affordable versions of what’s on the market. On top of this, R&D attracts investors, especially aggressive innovation. Some smaller businesses may even be acquired due to their R&D. Marketing can also benefit from demonstrable R&D, as it allows them to create marketing strategies around the new features, which appeal to consumers looking for new and improved products.
R&D Tax Credits are a Revenue-backed innovation incentive, offering a 25% credit on qualifying expenditure to reduce a company’s Corporation Tax (CT). It can be used to offset current or previous CT liabilities, or even be used as a credit payable in instalments.
Qualifying R&D activities are intentionally broadly defined so as to offer these attractive benefits to as many as possible. Essentially, if your company is seeking to make a scientific or technological advancement, and is thus resolving an uncertainty, then you will likely qualify for R&D tax credits.
Eligible expenditure can be difficult to pick out, which is why it’s worth speaking to a R&D tax specialist who can simplify the process and maximise your claim. At Myriad Associates, we specialise in R&D tax credits and innovation funding. We have experience helping companies in all industries and all stages of growth, from SMEs to large international businesses, receive the tax credits that they are entitled to.
If you want to find out more, give us a call on +353 1 566 2001, or use our contact page. One of our friendly staff will be happy to offer you professional guidance on the best route to claim your R&D tax credits.
Please contact us to discuss how working with Myriad Associates can maximise and secure R&D funding opportunities for your business.
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