Guides: Five ways to spend £63,000
Here are five things you could do with that £63,000 to grow your business and secure future success.
1. Innovate again
There are multiple ways to qualify for research and development tax credits, but at the heart of it all is innovation. Whether it’s in developing new products or processes, or just approaching a problem in a new and fresh way, these projects have associated costs and a successful R&D tax credit claim can give you the funds to make your next development even bigger.
Particularly relevant for start-ups, this type of innovation funding cycle naturally pushes businesses to the next stage of growth.
2. Purchase new equipment
Efficiency, quality or scalability are all common barriers to growth for small businesses.
£63,000 could go towards new machinery, better quality packaging, bigger premises, more staff…the possibilities, while not quite endless, can be exciting for those looking to take the next step.
3. Develop new processes
From machinery to IT equipment, there are always opportunities to do things differently and improve.
Funding received from R&D tax credits could go towards the purchase, development or implementation of new systems and processes to increase efficiency, productivity or profitability.
4. Invest in talent
At the heart of any successful business is the people; many businesses use R&D tax credit funds to attract top talent, build internal knowledge or expand expertise.
Ensuring your people stay happy, trained and challenged – especially within new and innovative companies – promotes not only personal growth, but ultimately company growth too.
5. Subcontract expertise
Businesses that aren’t ready to increase headcount or who need temporary support can instead invest funds in expert contractors with the specific skills and expertise required at the time.
This is particularly important for companies with aggressive innovation cycles who may be running complicated projects with definite deadlines, or for those who need to keep overheads low.
These are just a few of the ways you could use the funding unlocked by R&D tax credits but there are so many more. In fact, we know it can be hard to map out and stick to a route for growth and success when there are so many options – for funding, and for spending. That’s where we come in.
MPA is a full-service consultancy with experts in a variety of sectors and fields, from tax and accounting to grants and strategic planning. We’re at our best when we work with companies to create exciting plans with innovation at the heart, and we’ll do our best to ensure you seek the best funding and have the right financial structures in place to carry on succeeding long into the future.
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