Don't make the mistake of thinking that to qualify for R&D benefits you need to employ a bunch of white-coated boffins who spends weeks exploring seemingly madcap notions in the hope of discovering something entirely new to mankind.
For a while I worked for a small software company that regularly claimed, and was given, tax credits for R&D. They weren't engaged in anything particularly unusual - just writing custom web applications for an assortment of clients.
By a careful reading of the HMRC's guidelines for Research and Development (R&D) Relief for Corporation Tax, and an equally careful assessment of the work they were doing, they were able to claim thousands of pounds a year.
Members of the Weymouth and Portland Chamber of Commerce were reminded of this relief by Richard Bugler of Albert Goodman earlier this week, at the monthly networking breakfast.
If you're engaged in any scientific or technology development work, it's worth talking to your accountant to see whether you could quality.
Grants for Research and Development
In a further bid to promote R&D within SMEs, from this month, the government is offering firms the chance to apply for grants.
A new scheme by the Technology Strategy Board is offering funds for projects in science, technology and engineering which could lead to new products. Established companies, start-ups or pre-start-ups are encouraged to apply.
Grants can cover work to prove the market, prove the concept and develop prototypes.
Dorset is full of small and medium sized businesses engaged in many activities, including information technology, engineering and scientific development. If yours is one of them, I recommend that you consider whether you could benefit from R&D tax relief and grants.
