E-Learning has become one of the best innovations, especially during the time of this pandemic. It is only because of e-learning that students from all across the country have continued their education. E-learning has become the means through which Universities and other education providers offer flexible learning programmes. Though with the world progressing so quickly, any system must keep up with the competition.
Even though e-Learning is receiving worldwide recognition, there is still a lot that needs to be achieved for future economic development. Educators and governments are still facing challenges with how to fund e-learning within constrained educational and national budgets. R&D Tax Credits can help in multiple ways to augment the e-learning sector and ensure the development of e-learning systems is consistent with the demand. For example, the funding provided by R&D schemes is becoming an essential element of support for the innovative development of new products within e-learning.
To give you an overview, R&D tax credits will support the commercial development of an innovative process, service, or product. These innovations don’t always have to be a breakthrough; it could be for some improvements in an already developed product or process for example, some improvement in the real time assessment process. This process exists, but through innovation, could be vastly improved. Grants are available to assist and support almost all kinds of innovation. Typical examples include:
As the country is preparing to become increasingly knowledge-based, its education system must find ways to evolve to be better prepared for the upcoming workforce, which is already equipped with 21st-century skills, including problem-solving and technology literacy, collaboration, and creativity skills. R&D Tax Credits can help organisations make a better sift to e-Learning. Through technology innovation, organisations will be able to provide improved teaching, which will result in significant learning outcomes. Innovation in education, specifically e-learning, allows organisations to cut down on costs, and improve efficiencies, two factors that the education system enforce.
The education sector is not the only sector to benefit from e-learning innovation. Companies that promote self-development amongst their employees see an increase in productivity and confidence. It’s no longer the responsibility of the company to provide the training required. E-learning solutions mean that employees can carry our self-directed learning, and the companies can reap the benefits, driving excellence.
For innovative companies, these e-learning solutions may even be developed in-house, tailored around a certain qualification, developing product knowledge, or for induction training. SME R&D tax credits can be highly beneficial for those small and medium-scale businesses who want to accelerate their e-learning R&D and innovation. For large businesses, the RDEC scheme will support their innovation.
Research and development play a major role in developing any new product. The concept “e-learning” came into existence because of research and development only. With R&D, a company can experience improved business processes. If you are investing in e-learning, and have innovative ideas, you could be eligible for R&D tax relief to receive either a corporate tax reduction or cash payment.
If you would like to talk about whether your company is eligible for R&D Tax Credits, then get in touch with our friendly team today.