How can business advisors make money and grow their income through R & D - is easy to explain!
Start with your existing clients and ask yourself if they could be spending money on development activities. Most businesses have large and growing technology or new product spend and it is likely that a significant part is for spending on development activities that will qualify as R & D (Research & Development).
How does a Business Advisor tell what costs qualify for R & D?
The costs that qualify include a large part of a company's spending on their technical/development people's wages and a portion of their costs for outsourced help with development activities. These can include costs for contractors based anywhere is the world. In many businesses, this will add up to a considerable sum.
How should a Business Advisor approach an existing client about R & D?
Business owners and directors enjoy talking about their development activities - and hearing what they are doing is also really fascinating. So simply be inquisitive, ask them if they're investing in developing new or bespoke products or services or software etc. If they are, they will probably be very willing to share some of the details with you, such as whether they have a staff team devoted to their developments, or are using external contractors, or both.
If you discover they are putting resources into developing or improving their own or their client's products, processes or services, you will know there is a good chance they should be benefiting from getting R&D tax credits.
Once you have a feel for the scale of their development activities, you are in a position to float the idea... so ask them if they are aware that they can get support for some of their development costs under the UK Government's R&D tax credit scheme.
If it looks like you have a potential R&D tax credit client, you should involve an R & D expert at this stage and they will take things forward. Most experts can tell in an initial telephone conversation with your client (or contact) whether they have the potential to qualify, so suggest a phone conversation with a specialist.
How much involvement do business advisors have after the introduction to an expert?
We keep our Business Advisor referral partners appraised of progress and the scale of their client's R & D claim, but Business Advisors don't get involved in advising on the detailed process, that's the role of R&D specialists.
How does a Business Advisor make money from R & D?
You will receive referral income from every successful claim. So your clients benefit and you benefit. It’s a win/win scenario!
How does a Business Advisor grow their income from R & D tax credits?
Many companies claim R&D tax credits year on year, so there is an ongoing benefit for them. If they are claiming using a specialist introduced by a Business Advisors, the business advisor may also receive referral fees year on year.
With each referral, Business Advisors understand more about what development activities qualify, so soon they are confidently introducing more clients. Where an introduction leads to a successful claim they see how delighted their clients are and their clients have more money to spend on getting the business advice and support they need.
Business Advisors can also introduce other advisors who have clients and encourage them to get their clients to take advantage of R & D tax credits.
Hi, I'm an R&D tax credit claims specialist, helping companies save thousands of pounds by reducing their corporation tax payments, or if they are loss making helping them get tax credit cash payments.
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Find me at: http://www.cobizfunding.co.uk