We’ve always had a fascination with the future. From novels like 1984 by George Orwell to movies like The Matrix trilogy, there has been a fascination with what the world will look like in 20 years’ time, 50 years’ time, 100 years’ time. We read about it, watch it and think about how it will look and feel.
The images of the here and now, 2018, from the past were of flying cars, man living on the moon or a future of zombies and alien landings, according to Hollywood. And the world hasn’t managed to keep up with our imagination. All of the hopes and fears we have had for the future have been very different to the reality that unfolded around us.
The advances we are able to put together in terms of technology mean that we can now start to build our ideas and dreams more easily than ever before. People can come up with an idea and turn it into reality in a relatively short space of time. Businesses that specialise in innovation are at the forefront of changing the world we live in. This is true of many industries –
• Advances in medicine are keeping people alive longer
• We are back in a space race to take people to the moon
• Driverless cars are a thing of reality
• Dubai leads the way in developing a drone taxi service
The world we thought we were living in is changing around our eyes. And this is down to innovative people and companies that see the potential in developing their ideas – no matter how futuristic.
The world of tomorrow
They say that if you buy a piece of tech today, it will be out of date tomorrow. Technology is moving so quickly that it is almost impossible to keep up. Wearable tech is changing the way we live in terms of monitoring our lives and feeding the data back to our smartphone. This has been used to help people monitor everything from exercise to heart rate and blood sugar levels.
And all of this development needs cash – plenty of it. Being at the forefront of the tech revolution means –
• Making prototypes
• Testing solutions
• Improving all the time
• Discarding some of your work
• Researching your ideas on your target market
The way that a tech solution enters the world is rarely a simple solution devised over a short space of time and ready for the world with no issues. The reality of it is that finding the right product, piece of software, app or service takes time and money to develop. The risks taken by entrepreneurs to get their idea to market is a huge leap of faith.
Supporting the innovators
The government sees the vast potential in the people of the UK innovating solutions, products and services. It means that we stay at the forefront of the tech world and we continue to have an economy that is renewed by fresh opportunities. The World Economic Forum has recently stated that they believe 65% of all primary school students today will work in roles that don’t currently exist. This is a staggering statistic that shows the stark truth that the jobs of tomorrow don’t correlate with the jobs of today.
This all comes down to innovation. Leaving the EU is another trigger than the UK needs to have a vibrant economy to deal with all the challenges it faces over this. R&D tax credits are part of the arsenal of tools the UK government is deploying to boost innovation and develop an economy fit for the future.
R&D tax credits are to reward the entrepreneur, like those above, that take a commercial risk in order to provide a better solution. This may be a new product, a new way of working or a significant change to how things were done. They can make a claim for Research and Development carried out in their business. It has been used by companies across the United Kingdom to put money back into their business for further investment, more R&D or to reward the team. In fact, R&D tax credits can be used for any purpose. And they could be in your bank account in the next few weeks.
It only takes a quick phone call to understand your business and see if we can help. From there, we work on your R&D tax claim on a no win no fee basis. Give us a call and find out if we can help.
By Harlands Accountants LLP