Why R&D is Important for a Firm?
Date: 17th November 2014
R&D (Research and Development) is why mankind has progressed to such an extent. If a few brave men and women didn’t have the courage to venture into the unknown, we would not have been able to step into the light as a society.
R&D can never be underestimated just like an idea. Given the right fuel and encouragement an idea can change the world. This is very apparent with the current generation; innovation is progressing at a rapid phase. A ground-breaking technology is at any given time right around the corner in today’s world.
In the corporate scene R&D plays an important role in a company which looks at bringing about innovation through investment in the future, and in turn being an instrumental part in creating the future as well.
What can R&D do for a company?
In any industry today finding more efficient ways of doing things has become the one of the main driving force behind innovation. Take today’s smart phone for example, its predecessors the 2G mobiles were simple in design and features, the drive to provide better and easier access to telecommunication and mobile technology is what led to the development of the smartphones. You never know where or how the next innovation is going to come from.
Can small and medium business afford R&D?
An SME in UK which is having second thoughts about investing in R&D could be the next big game changer. This is where research and development tax relief can be of assistance. Research and development tax credits are a UK tax incentive designed to encourage companies to invest in R&D. Companies can reduce their tax bill or claim payable cash credits as a proportion of their R&D expenditure, asserting on more focus on R&D.
RandDTax helps SME’s get the best out of the Research and development tax credits in the UK. Get in touch to know more.