What is Research & Development?
Research and Development or “R&D” is typically work directed towards the innovation, introduction and improvement of products and processes.
INNOVATION - Company A designs and manufactures a machine which is used in the production of aluminium cans – This is Research and Development.
INTRODUCTION – Company B produces aluminium cans. It spends time and money determining whether company A’s machine will improve the production rate of the aluminium cans – This is Research and Development.
IMPROVEMENT – Company C has access to company A’s machine but spends time and money on making the machine more productive while also determining how to produce it at a lower cost – This is Research and Development
As the guidance provided by Revenue is limited, Quintas are in a position where it can help clients determine if a claim can be made and if so to maximise their claim. We can also assist in reviewing claims that have been made to give clients further comfort surrounding the claim. As we have been involved in numerous R&D audits we have an understanding of what Revenue are looking for when they are investigating these claims.
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