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As well as featuring James Caan on the cover, the March 2020 Edition of Your Business Magazine has a lot more inside.

We were pleased that FI Group UK and our Managing Director, Peter Azu, featured in this edition, to talk about how R&D Tax Credits can help fuel innovation for businesses.

Your Business Magazine has the highest print run and circulation in the UK of any business magazine, so we were proud to be included.

In our first article we take a look at how understanding R&D Tax Credits can help fund your research and development.

Your Business Magazine featuring Peter Azu - FI Group UK

In this feature, we take you through the different types of funding that is available for R&D for businesses in the UK. The UK Government puts aside money every year to ensure that businesses in the UK are rewarded for the novel projects and innovation that they contribute to the UK economy. Recognising that research and development can be an expensive but vital process, these incentives ensure that businesses are able to continue to look for new solutions to existing problems, and contribute these for wider use.

As one of the UK’s leading tax specialists, FI Group is ideally placed to help companies with their R&D Tax Claims. We support businesses through the whole process and can work on compiling the claim, as well as dealing with questions raised by HRMC during the process.

And our expertise isn’t limited to the UK. As our Managing Director Peter Azu points out

‘Our team is part of the wider FI Group, which is truly a global network. That means our clients not only have access to our UK-based advice, but can tap into our network of international consultants as well.’

Over the page, in a feature on tax called ‘Taxing Questions’, Peter continues to talk about R&D Tax Credits and what they can bring to a business. Here is his advice in full:

R&D Lowdown

Peter Azu, Managing Director at FI Group, explains who may qualify for R&D tax credits

R&D tax credits were introduced in 2000 to incentivise companies to invest in research and development by providing credits that reduce their tax bills or cash credits on the qualifying expenditure.

SMEs carrying out activities seeking the resolution of scientific or technological uncertainties may qualify. In the digital sector, those using software development to create new products by overcoming scientific or technological uncertainty could qualify too. Developing platforms, integration software that cannot plug and play, or optimisation of search engines may also mean you can claim. Manufacturing companies investing in new products that require development work may claim as well, while IT SMEs working on projects that require development work to overcome significant technological challenges before testing and production runs can claim for the costs involved. Other factors including process development, and engineering development can also qualify.

Uncertainty is likely after the UK leaves the EU, and R&D could help to establish the UK as a hub of innovation. The removal of the state aid cap could lead to more funds being allocated, and easing of qualification rules could increase competitiveness.

To see the article in full, including a feature by FI Group UK on innovation and R&D Tax Credits you can view the online edition here. Look for us from page 82 onwards.

If you’d like to talk about R&D Tax Credits and whether you can claim for your innovative project, then get in touch with our friendly team today.