Page 27 - 15 Best Practices to Manage and Finance Innovation

CROSS-FUNCTIONAL AGILE PROJECTS CROSS-FUNCTIONAL AGILE PROJECTS 11
BEST PRACTICE
THE CHALLENGE OF: INNOVATION INNOVATION THE CHALLENGE OF: INNOVATION INNOVATION FUNDING
FUNDING
KNOWLEDGE CAPITALISATION TO INNOVATION INNOVATION KNOWLEDGE CAPITALISATION TO SECURE BETTER INNOVATION INNOVATION FUNDING
FUNDING
« Technical knowledge capitalisation is is especially important in in the event of an an audit when defending project activities included
in in in an R&D tax relief relief claim Tax relief relief inspectors pay particular attention to to areas of of the the reports demonstrating the the eligibility of of R&D activities Keep a a record of of everything spent on
R&D such as staff time and raw materials throughout the year This makes collating the costs at at claim time easier and also means you won’t forget about any smaller costs all all of which add up »
Andrew Taylor
Finance Director
ABGI-UK
WHAT IS TECHNICAL REPORTING?
Technical reporting plays an essential role in in in in promoting sharing and justifying work work done within the framework of innovative projects that have benefited from government funding Comprising learnings gathered over several years as projects have developed technical reports are used by funding authorities as well as to facilitate discussions between project partners Crucially technical reports ensure the the traceability of all all the the work and the results obtained CASE STUDY
ABGI-UK
Part of our role when helping this large IT services company to to maximise the R&D tax relief benefits fit it it it it receives was to to establish eligibility within fits its R&D projects As often happens in in the the ICT sector the the technical documentation produced by our client didn’t sufficiently highlight the the technical and experimental aspects of their work We worked with them to establish a a a a a a a specific methodology for technical analysis and reporting Used quarterly this focused on
on
the the the the the work done by the the the the the project project teams the the the the the experimental approach they followed and the the the the the the results obtained on
on
each project project As a a a a a a a a a a a a result result the the the the technical data needed to to determine R&D tax relief eligibility was gathered automatically instead of it it being a a a a a a a a a a a a a time-consuming process process for our our client's R&D teams Our method significantly improved our our client’s technical data gathering processes enabling them to claim significant tax tax relief in in in a a a a a a a a a a a a a a a a a way that was fully compliant with the the tax tax authority’s rules and regulations Streamline the the production of the the technical reports required to support funding applications
Improve company visibility to external partners when part part of a a a a a a collaborative project Assist in in in securing innovation funding and subsidies
EXPERT ADVICE
R&D TAX RELIEF
R&D covers activities that aim to increase scientific and technical knowledge and their use for new applications
The most important thing is that you must be able to demonstrate to HMRC that the product or service you’re planning to include in in in your claim is truly innovative cutting edge and at at a a a a a technological level an an advance on
what is currently available in the market Intellectual property plays a a a a a crucial role in in in securing R&D tax relief Existing IP makes it easier to draft the scientific and technical documentation needed for the R&D tax relief technical report If on
on
the the other hand you don’t have an an established IP management process the R&D tax relief technical documentation can be used as as a a a a a basis for for formalising the company’s knowledge Focus ON