Do you normally get rewarded for failure?
If you get below the pass mark on an exam do they give you two other exam passes as a prize?
If you miss a plane do they give you a free flight somewhere more exotic?
If you make a huge mistake at work do you get a pay rise and promotion?
The answer is always no.
But Research and Development Tax Credits are different (the average claim is just under £54K).
They give you more money ?
Why?
Because they are government incentives rewarding innovation, provided in the form of tax refunds or tax savings, and this includes new products even if they don’t work.
I had a client who developed an app. It was a failure. He only had one client.
We made a claim, he received a tax refund, he improved the app, attracted lots of new clients, and made a ton of money.
If you try and develop a new product, and it doesn’t work, you can still get a tax refund!
That £ can help you make the product a success.
Have you developed a product and it hasn’t worked – yet?
Would you like the government and HMRC to team up to help you get it right?
Do you think my obsession with R and D Tax Credits is unhealthy? That’s okay but if you want to know anything more about claiming R and D tax credits, get in touch and I’ll happily help.