There have long been calls for the UK to re-balance its economy, a task made more urgent if the City of London’s big financial firms slim down operations after Brexit.
As quoted Prime Minister Theresa May’s, so-called Modern Industrial Strategy for a post-Brexit UK will “Put an emphasis on technical education”.
“Will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success.”
May clearly wants to back successful sectors and wants to encourage these to grow.
If you have the dilemma of knowing that you should invest in technology and/or new products and procedures to stay afloat, let alone grow, however are concerned what a post-Brexit Britain will have in store for your business, then it could be wise to establish what funding options are available to you before deciding on the most appropriate course of action for your funding requirements.
As Business Owners ourselves, we understand this dilemma, especially if this means you need to access funding from third parties and what this means in terms of:
- Interest payments
- Personal Guarantees
- Parting with Equity
- Parting with Control!
- Accommodating the Venture Capitalists
It’s that age-old business/life dilemma, stick or twist? However, stick in the business world could well mean becoming obsolete over time.
Check what incentives you could qualify for – this may help in your decision making.
Hopefully the following will help determine whether you have another option available…
R&D Tax Credits
Before lending, check the following:
* Are you attempting to develop a new (or bespoke) product?
* Are you trying to achieve something that has a level of uncertainty?
* Are you modifying an existing product or process?
* Have you made any environmental improvements to your processes?
* Have you carried out in-house design/development work?
* Have you developed new software/CRM (or enhanced an existing one)?
* Have you changed the composition of any products, in response to changes in legislation?
* Are you regularly “problem solving” to meet your customer’s needs?
* Do you seek to test, or improve innovation, new materials, processes or code?
If you answer ‘yes’ to any of the above, it is likely that you are undertaking qualifying Research & Development activity, and could benefit from the substantial pledges in R&D funding set out by the Government.
Please note: Failed products/ventures can also qualify!
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