The A to Z of R&D

A: Advancement

A development or improvement.

“Technological advancements”

B: Business

A person’s regular occupation, profession, or trade.

“Experts who typically conduct their business over the internet”

C: Cash

Money in coins or notes, as distinct from cheques, money orders, or credit.

“We’re hoping to get some cash back for our developments, so we’re doing an R&D claim”

D: Developments

A new and advanced product or idea.

“The latest developments in information technology”

E: Eligibility

The state of having the right to do or obtain something through satisfaction of the appropriate conditions.

“A lot of companies are eligible for R&D tax credits, but they just don’t know it.”

F: Facts

something that is known to have happened or to exist, especially something for which proof exists, or about which there is information.

“All of our technical reports are propped up by facts”

G: Going Concern

An accounting term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary.

“The business is still a going concern”

H: Honesty

The quality of being honest.

“They spoke with convincing honesty about their fears”

I: Inventions

The action of inventing something, typically a process or device.

“The invention of printing in the 15th century”

J: Justify

The action of showing something to be right or reasonable.

“The person appointed has fully justified our confidence”

K: Knowledge

Facts, information, and skills acquired through experience or education; the theoretical or practical understanding of a subject.

“A thirst for knowledge”

L: Loss

An amount of money lost by a business or organization.

“A company operating at a loss can still claim R&D”

M: Materials

The matter from which a thing is or can be made.

“Materials are just one of the many things that can be included in an R&D claim”

N: New

Produced, introduced, or discovered recently or now for the first time; not existing before.

“The technology opens up completely new ideas and methods for us”

O: Ownership

The act, state, or right of possessing something.

“The ownership of the business”

P: Problems

A matter or situation regarded as unwelcome or harmful and needing to be dealt with and overcome.

“The company dealt with many problems on site which had to be overcome”

Q: Qualify

Be entitled to a particular benefit or privilege by fulfilling a necessary condition.

“An array of costs qualify for the relief such as staff, subcontractors and materials”

R: Research

The systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.

“The group carries out research to try and solve the problem”

S: Solution

A means of solving a problem or dealing with a difficult situation.

“There is no easy solution to overcoming the structural issues”

T: Tax Relief

Remission of a proportion of income tax normally due on earned income.

“We received a huge chunk of tax relief by completing an R&D claim”

U: Understanding

The ability to understand something; comprehension.

“The company had a greater understanding of the industry after the project was complete”

V: Value

The regard that something is held to deserve; the importance, worth, or usefulness of something.

“The service was of great value to our business”

W: What

Asking for information to specify something.

“What projects have you undertaken this year that have caused you headaches?”

X: X-Ray

An electromagnetic wave of high energy and very short wavelength, which is able to pass through many materials opaque to light.

“Like an x-ray, we like to look behind the skin of your business and dig deeper”

Y: You

The pronoun of the second person singular or plural, used of the person or persons being addressed, in the nominative or objective case.

“Have you claimed your R&D this year?”

Z: Zero

No quantity or number; nought; the figure 0.

“We haven’t looked into getting an R&D claim so we’ve zero money back from HMRC”