Scotland has an enviable heritage when it comes to invention. The obvious names come to mind; Alexander Graham Bell, John Logie Baird, Alexander Fleming to name a few.
Innovation, a term we are now more familiar with, is definitely in our blood, we encourage it in school, support it in apprenticeships, develop it in university and build it in industry. From engineering to IT, construction to the food and drink industry, we have an intrinsic need to make things better today than they were yesterday.
You might wonder where these innovations are happening? Simple, eureka moments are happening all around us, at kitchen tables, in back street lock ups, assembly lines and boardrooms. Yes, there are the high profile company and media driven innovations, but realistically, most innovations happen to satisfy a personal or business need or gap in the market. They are more than likely absorbed into the day to day work processes, becoming the norm, and just ‘part of the job’, sadly, becoming another discovery lost to our coy and canny nation.
You might be surprised to know there is money hiding in the innovative work that is carried out. The UK Government, through Research and Development Tax Relief, wants to reward companies that are developing new, or improving existing products, processes, systems and materials. You will be even more surprised at what qualifies for Research and Development Tax Relief. It’s not just about people in lab coats, it’s available across all business sectors whatever the orientation.
Most eligible Scottish Companies do not take advantage of this valuable relief, leaving millions of pounds untouched. Encouraging uptake will see millions of pounds flood into the business economy, relieving the financial impact of research and development and encouraging continued future growth.
As with all unknowns, education is the key to success. As dedicated professionals in this arena we are here to support and guide companies across all sectors, identifying and monetising the activity that leads to successfully attaining the rewards for their investment in innovation.
To learn how this might impacts your business, contact Sharon Ritchie.