News, Culture & Society

Need R&D tax Advice? 5 Tips to choose the right Consultant

A nation’s growth is, many a time, determined by what innovations it brings to the world. Tokyo’s advancement in technology and Germany’s contribution to the automobile industry are widely talked about. The power of innovation has always played a key role in finding an important place for the nation on the global spectrum. The Australian government understands that and that is why it provides benefits to companies that invest in Research and Development(R&D). The government recognises that while a company is just building itself, it gets difficult to fund the R&D.

That is why through the cashback opportunities and tax incentives, the government tries to have the back of these companies and encourage them to work on their idea rather than invest their energies into bringing cash flow to the company. With cashback, the government allows entrepreneurs to access the tax losses that would otherwise only be available to them when their company makes a profit. This is done, especially for start-up companies that do not make a profit in their early years and maintain a cash flow. Through the tax incentive method, the government wants to keep supporting these companies even when they are comparatively doing better. For this, the government provides an additional tax benefit on any expense that the country makes on account of Research and Development.

So, do you too want your business to be eligible for R&D incentives so that you can now finally focus on the idea that you’ve been dreaming about without worrying about the finances? Some personalised guidance from platforms like Rimon’s EMDG and R&D tax incentive grant consultants can help you along the way. However, finding the right consultant can be difficult. Here are five steps that will help you find the perfect consultant.

One who understands your innovative idea: It is never a good idea to work with someone who doesn’t understand your idea. Since these incentives are given with the criteria that the innovation one brings to the table should be ground-breaking, thus it is important to choose a consultant that gets your idea and the driving force of your passion. That will help them in helping you with your application better.

Market expertise: It can get confusing to understand exactly at what time your business is in a position where they can apply for the R&D incentive, especially because the government provides the incentives to all scales of firms-big, small, or medium. The said time is supposed to be when you have conducted or at least plan to conduct one core R&D exercise. However, what is considered a core exercise? These dilemmas can be really confusing. Therefore, having someone who has experience in the R&D and knows what core exercise would work the best, will help you file a successful application.

Non-pusher: In innovation, uncertainty is always welcomed because along with uncertainty comes a lot of possibilities.. The more flexible and yet potential that the product, the better it is. Therefore you cannot have someone who constantly pushes you to meet deadlines. Since these kinds of work are more creative, they need to be free-flowing. You should submit your application only when you think you are ready.

Making a substantial blueprint: Although the result of your experiment should be unknown, the process of achieving it shouldn’t. That is why, you should be ready with your hypothesis, observations, and probabilities of different conclusions instead of a definite one. Your consultant should have a deep knowledge of your business plan and with their experience, they should be able to guide you to make a systematic and logical blueprint of your plan.

No pending work: If you are hiring someone to do your work, they might as well do it efficiently so that you don’t have to pick up the unfinished ends and work on them. Rimon’s R&D tax incentive consultant does all the work for you – from calculating your R&D tax incentives to the cashback you are supposed to get while also helping you file your application.

Carrying forward with this process can be extremely taxing and might actually take your time away from running your business. Apart from these, you always need to calculate your incentives, which can also be an exhaustive process. That is why, with the help of platforms like Rimon, who do the hard work for you, you can focus on building that idea that might change the world. Rimon’s EMDG and R&D tax incentive grant consultants have an in-depth idea about these respective structures and their service can help you through the application process.