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Quotes serve to make us think, affirm our beliefs, and teach us to see things differently. But where do Myriad’s top 7 favourites fit in with R&D Tax Credits?
At Myriad Associates we're fascinated by popular and inspirational quotes related to business. Whether it be something by a popular historic figure or the random musings of a latter-day entrepreneur, quotes serve to make us think, affirm our beliefs, and teach us to see things differently. A great topic for an article!
Rather than simply listing a load of random quotes, we thought we’d pick our top few favourites and relate them to what we specialise in - R&D Tax Credits and innovation. We’ll also look to see how each one can be applied to your business and your innovative projects.
“You can’t use up creativity. The more you use, the more you have.” - Maya Angelou
We love this one because it taps into our belief that every staff member has a part to play when it comes to innovation.
To get the best out of employees, business owners and managers should encourage everyone to speak up about their ideas. No matter how bold, quirky or off-beat, innovative ideas can come from anywhere. Creativity breeds creativity so get them to pass it on!
“The way to get started is to quit talking and begin doing.” - Walt Disney
Myriad works with businesses large and small, and with research and development we know that size matters.
Some larger companies find it difficult to actually get projects off the ground, simply because there are multiple layers of management to get through. And let’s face it, design by committee can be inhibiting.
It’s important that structures and systems are in place to allow actual building and marketing of new products and services promptly. After all, it’s great to have ideas but they won’t make any money if they don’t actually exist.
“Someone is sitting in the shade today because someone planted a tree a long time ago.” - Warren Buffett
Again, we really like this one. There’s a certain charm to it, highlighting the fact that problems don’t just solve themselves - someone actually thought of a solution.
It touches on the planning and forethought aspect of innovation, especially when it comes to R&D Tax Credit claims.
Pretty much every R&D project involves some level of planning before it can start. Perhaps the work itself will be undertaken inhouse, or you’ll be using external subcontractors. But whatever your innovative plans and costs look like, it’s important to understand how they relate to your R&D Tax Credit claim. This means not simply applying for R&D Tax Credits as an afterthought, but instead keeping your claim in mind throughout your project.
“Be so good they can’t ignore you.” - Steve Martin
Designing, building, testing and marketing a brand new product, service or process means being bold and disruptive.
As part of your R&D Tax Credit application, you’ll need to submit a persuasive, compelling technical report to Revenue. In it, you’ll explain - emphatically and clearly - the scientific or technical advancement your innovative project looked to make. It’s about letting the decision-makers know what your R&D project achieved and why the relief should be awarded. It’s your company’s time to shine.
Get the lowdown on technical reports here.
“I have not failed. I’ve just found 10,000 ways that won’t work.” - Thomas Edison
One great thing about R&D Tax Credits is your company’s innovative project doesn’t actually have to have worked. In other words, it can have failed in its objective and still attract R&D tax relief.
The whole point is that there was uncertainty from the beginning and that technical or scientific progress was made. Don’t forget too that it doesn’t matter if your company is generating a profit or a loss.
R&D Tax Credit claims are about the journey, not the destination.
“Innovation is the creation of the new or the re-arranging of the old in a new way” - Mike Vance
For a company to be innovative, it doesn’t necessarily need to come up with something never seen before. Making a demonstrable change to a product, service or process that’s already on the market can change its purpose, use or intention. For example, your project may look to upgrade a piece of existing technology or aim to diversify a product line. Manufacturers may look to create new recipes, flavours or sustainable packaging. As long as money has been invested in scientific or technological research, and the outcome was uncertain, then innovation has occurred. R&D Tax Credits will therefore likely follow.
“The great thing in this world is not so much where we are, but in what direction we are moving.” - Oliver Wendell Holmes
There are lots of barriers to innovation in the workplace, and this quote ties in nicely. It’s also true that some companies embrace change more readily than others, and it’s often a culture thing. But innovative projects are about pushing forward.
Forbes actually put together an interesting article recently that looks at this in more detail: 10 Barriers to Employee Innovation.
Encouraging innovative, creative ideas within your workforce is essential. The last thing your company needs is for staff to fear chastisement when voicing their ideas. As we already know, failure is fine - it’s the way we test our theories, refine them and move forward that counts.
If anything in this article has rung a bell, then your company may well be due a sizable cash injection. In fact, as much as 30% of qualifying R&D expenditure can be claimed back from Revenue.
For profitable companies this means a reduction in Corporation Tax. Those that haven’t turned a profit will instead receive a cash credit. And the best bit? All ROI-based companies can claim.
The Myriad Associates team has built a market-leading reputation for maximising R&D tax claims for clients. With decades of experience in handling claims from a broad range of sectors, we’ll work with you from start to finish. We also work remotely, so will be pleased to help you write and submit your claim wherever in Ireland you’re based.
Why risk missing out? Call us on +353 1 566 2001 or use our contact page to find out more and get your claim started.