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Ask the Expert - Making R&D Tax Relief Part of Your Company Culture
10 June 2024
Ever considered that R&D tax relief might involve more than just your Technical Staff? We spoke with Doug Reid, Tax Director at Visiativ, about how fostering a collaborative culture could help you gain a fresh perspective on your R&D projects and ensure no qualifying activity is overlooked.
Read on to learn how to get everyone involved in your R&D efforts…
Q | Hi Doug – how can we integrate R&D tax relief into our company?
First and foremost, I’d say that creating a culture that values innovation is essential. Encourage every employee to recognise and report potential R&D activities. This starts with leadership promoting a clear understanding of what qualifies for R&D tax relief..
Q | What steps can we take to ensure comprehensive involvement?
An easy way would be to implement regular training sessions for all staff: helping them identify which of their activities qualify as R&D, highlighting their importance and how they contribute to tax relief. Establish an open line of communication for employees to share their insights and ideas.
Q | We have a lot of different departments! How can we keep track of feedback across the organisation?
With input from various departments, it’s crucial to use collaborative tools and platforms that facilitate easy tracking and recording of R&D activities. Regularly review and audit these records to ensure compliance.
Q | What role does leadership play in fostering this culture?
An important one! Leadership should lead by example, emphasising the strategic importance of R&D tax relief. By doing so, they set a tone that encourages all departments to actively participate in identifying and documenting eligible activities..
