“Myth: (1) A traditional story, especially one covering the early history of a people or explaining a natural/social phenomenon [like the ancient Greek myth of Ikaros, pictured here, who attempted to fly...]. (2) widely held but false belief.”
R&D Tax Credits have been around for quite some time, yet many early stage / start-up entrepreneurs seem to be only vaguely familiar with them, shying away from taking the time to consider the scheme.This lack of enthusiasm appears to stem from “widely held but false beliefs”, such as:
a) that the credits are only for larger, established companies with their own separate R&D departments;
b) that start-ups experience losses in their first years of trading, and as such, there is no need to apply for Tax Credits;
c) that the claiming process will be too much of a hassle for what it would be worth;
As these myths are preventing companies from optimising governmental incentives (and essentially losing out on money), I am going to try to dispel them.