Providing evidence for R&D 101
Are you a business owner looking to get some sweet tax credits for your R&D projects? Well, it’s not as sour as you might think. All you need to do is explain how your project was an advancement in your field, how you overcame some scientific or technological uncertainty, and how it couldn’t be previously figured out by a professional in the field.
Advancements in the field
First things first, how was your project an advancement in your field? Did you come up with a new way to make lemonade that’s faster, cheaper, and more delicious than ever before? Did you invent a new type of juicer that extracts more juice from oranges than any other juicer on the market? Whatever it was, make sure you highlight how it’s a step forward in your industry.
Overcoming uncertainty
Next, let’s talk about how you overcame scientific or technological uncertainty. Did you encounter some challenges along the way, like not being able to get the right balance of flavours in your new grapefruit smoothie recipe? Or did you need to develop new machinery to process the fruit in a different way? You will need to make sure you explain how you faced those challenges head-on and came out on top.
Could a professional in the field easily resolve it?
Finally, you’ll need to explain how your project couldn’t be easily worked out by a professional in the field. This is the key to getting those sweet R&D tax credits. Did you come up with a completely new way of blending fruits together that nobody had ever thought of before? Did you develop a new type of fruit preservation technique that no one else has tried? Whatever it was, make sure you explain how your project required a level of innovation and creativity that couldn’t be replicated by someone who’s already an expert in the field.
So, there you have it. If you can explain all of these, then you’re well on your way to getting those juicy R&D tax credits. Don’t worry if it all seems a bit complicated – our fantastic team are on hand to help you through the process and make sure you see the fruits of your labour. Now, if you’ll excuse us, we’re off to make ourselves a nice tall glass of freshly squeezed orange juice…
