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Are you looking for assistance with claiming R & D Tax Credits?
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Creative Digital and Media R&D Tax Relief
R&D tax relief in most cases targets businesses that are carrying out innovations using science and technology. For many years, the digital market was not regarded as a science and technology driven industry. It was more of a business and artistic venture.
Things have however changed over the years and today, the digital and media markets are seen to do as much as any other development oriented business. More and more people are relying on creative digital and media to put their products across to the by way of advertising. For this reason, the industry has engaged in building efficient marketing tools that allow their clients to get the best out of putting their products out there.
Some of the strategies the digital and media companies are using, require real science and technology. They also require numbers which is quite a hard area to tackle. They need to employ high quality and efficient software development processes in order to achieve this. The development processes they take are agile and need clear cut directions. They need to be at their best always to do their work and still get time to respond to clients and cope up with changes in technology.
With the help of R&D tax relief, the digital and media firms can cut on costs and get time to work and improve their products.
What companies make up creative digital and media?
The companies that fall under digital creative and media are\television production companies
- Film production companies
- Video game productions
- Television production companies
- Museums and galleries
- Orchestral and theatrical production companies
What activities in creative digital and media benefit from R&D tax relief?
Though many of the digital and media firms do not think that what they do is advancing in technology, they could be completely wrong. It may not be about the innovation of new ventures but the processes the firms put in place to improve on the already existing functions and features is enough to qualify them for R&D tax relief.
Many of these firms customise their own software in order to achieve better and faster results. Below are some of the activities that could qualify your firm for R&D tax relief.
- A new product in the market
- If you are introducing a new product in the market that has some kind of uncertainty, then you qualify for R&D tax relief.
- Existing product improvement
- If you are improving on an already existing product and you have probably duplicated an already existing technology, then you qualify for the tax relief.
- Creation of customised middleware
- If you are advancing a functionality platform that is not in the market yet
- If you are developing AI and machine learning to make your products meet all the needs of your clients
- If you are using virtual reality and augmented reality experiences to improve your products
- If you are on the process of making apps for your clients that will help them to market their products
- If you are in the process of improving all internal systems for reporting
- If you are on the process of developing algorithms that will help in data analysis and search
- If you are improving search engine optimisation tools for auditing
- If you are developing better ways of bringing data from various sources to one area
- Improving your firms reliability and functionality by applying business intelligence algorithms
How much R&D tax relief can creative digital and media companies claim?
Small scale digital and media firms with less than 500 employees could make claims worth 8.9% of the qualifying costs of R&D. these are firms with a turnover of not more than €100 million.
If your firm has packaging and printing equipment that is third party, then note that it is not eligible for R&D tax credit. Included in the tax relief credits are the costs of the consumables and fully employed staff members. Other costs besides consumables and staff salaries that get R&D tax relief are the software you use to enhance development.
Why contact us?
Many people in the digital and media sectors shy away from making R&D claims because of the misconception that the sector isn’t reliant on science and technology to carry out any innovations.
If you are not sure, we have an expert team in place that can come and assess your business to check if you are eligible or not.
All you need to do is complete a simple form on our website and we will come to you.
Don’t miss out on the benefits you could derive from R&D tax relief because you are not sure if you qualify.