Australians: You are not dreaming. You are not hallucinating.
This is what UK software companies get from Investing in R&D and Innovation.
We wish!!!! In Australia, Software companies are under attack by the Government and AusIndustry because they Innovate.
Improve current systems to maximise the efficiency of production and performance
It’s important for any business to improve production efficiency and performance. Without increasing capacity and efficiency, your business might not reach its full potential, or worse, fail to supply the demands of the customer.At Brainomix, a leading imaging software company that specialises in diagnosing cerebrovascular and neurological diseases. They discovered how a lack of timely scan readings can deter patients from getting proper medical attention. By working on the available programs, they were able to create a more advanced system that can help save more stroke patients.
Building new software or systems to provide better services
If the business your currently operating requires you to create a software to upgrade the service or product that you provide, you should also make a claim for your R&D tax relief.
A perfect example of a company that has been using systems and software to provide more value to their customers is Logistex. They have partnered with Pharmacy2U to create an n automated system that can receive, pack and deliver prescribed and OTC drugs at an amazing rate of 600 orders per hour. If your company is doing something similar or if you want to build a program that can upgrade your customer’s experience, you can apply for the R&D tax incentive.
Developing specialised solutions to solve a certain client problem
Sometimes, clients demand a bespoke solution. Not a lot of company can provide customised solutions to clients because it will entail a lot of work and effort from the R&D team. However, if you want to take advantage of the research and development tax credit, you might want to consider providing bespoke products and services to your customers as well.
A company that creates scaffolding systems for large commercial construction projects all over the country is the best example for this situation. Their company strongly believes in creating unique scaffolding systems to offer new and better solutions. Like many other businesses, they continue to improve their products and services so they also receive an R&D tax relief.