As we progress through the first month of 2019, many will be optimistically embracing New Year resolutions and establishing new routines for a productive lifestyle. Across the UK, some of the most common resolutions that are made (and broken!) each year are to eat healthily, exercise more and save more money.
However, it’s important to look forward into the year ahead not only with personal resolutions in mind. Consider making resolutions from a business perspective, with a focus on finance and strategy. Take the time to reflect upon your key goals for the year ahead, methods of driving your business and means for achieving greater success.
R&D Tax Credit specialists, The Momentum Group, is sharing advice for businesses to stay on top of their financial records. With their insight, the resolution of saving your business more money has never been easier to keep. Through optimising your R&D benefit for the year ahead and availing of this generous UK government incentive, you can maximise your business success.
To fully optimise your R&D tax relief one key method that Momentum recommends is nominal coding, using unique reference numbers to chart financial transactions. Nominal coding particularly helps with sub-contractor costs and consumable costs, that are important in calculating R&D eligibility. Momentum recommends that businesses implement the practice of assigning a nominal code for R&D spend on project, as this simplifies the process when sending financial reports to their experts and ensures all costs are fully optimised.
Other tips that could save time when reporting rolls around include maintaining timesheets for staff and having a tracker log for projects. Keep record of start and end dates; who worked on what project; a step-by-step account of project progression and any challenges faced. This, along with the timesheets measuring the hours allocated, will assist not only in compiling financial reports but will provide the basis for evaluating success. These habits will promote efficiency for informing future endeavours.
The Momentum Group works in partnership with innovative and forward-thinking accountancy firms, businesses and organisations across a multitude of sectors within Northern Ireland, ROI and across the UK. With an expert team including chartered accountants and ex-HMRC technical analysts, the company prides itself on its 100% success rate for clients.
Kickstart your new year with a resolution that won’t be broken and contact The Momentum Group to find out your eligibility for R&D Tax Credits and what your claim may look like. Visit www.momentumgroupni.com or call 028 9140 4030 for a confidential discussion.