The noughties have brought an age of technology and innovation to the forefront of industry. With smartphones, computers and medicines pioneering the surge in research and development, the future is seemingly bright for this sector. But is this really case? Is the future of research and development going to maintain its current form?
With an increase in funding for the research and development sector outlined in the plans for all parties in the latest general election, and with the head honchos of Amazon recognising the potential of this industry by doubling its R&D workforce, this immediate answer is yes. The argument, in this case, is not whether research and development will continue to succeed, but whether it will go on to exceed its current standards?
Research and development, as an industry and as a concept, has always existed in some form. The turn of the century has seen an acceleration and an increased desire to design, craft and create. There is, therefore, the perfect environment for research and development to grow and succeed. Companies of all shapes and sizes are expressing their desire to research and develop, and that desire is being supported and supplemented by the appropriate bodies, such as Amazon and the government.
This level of funding and support creates an environment that is arable for success. Visionaries with a million dollar idea will be supported and encouraged, either by a manufacturing mogul in the shape of Amazon or by governmental schemes in the form grants and tax credits, which can be prepared by randd uk to give companies the best chance of rebate.
Particularly for small and medium sized enterprises, the almost guaranteed success of this industry will be encouraging. With hundreds of thousands of businesses and startups being created each year, the chances of success are far greater, providing more scope and potential for creating the next must-have or finding the answer to an age old problem. As we circle back to the topic of the general election, you can see why there were few grumbles about how much support the research and development sector would receive. By supplementing the R&D sector, we, as a nation, edge closer to finding cures for diseases and ailments, as well as creating products which greatly benefit our lives and generally improve our quality of life.
With accelerated innovation in the mobile apps sector and further advancements in the pharmaceutical area, as well as other industries showing signs of increased growth, the future could not be brighter for companies in research and development. It is a future that will consist of drone delivery services, millions and millions of mobile apps and more advanced technological systems in hospitals, factories and every industry in between.
If you represent a company in the research and development sector and need assistance in your tax credits application, randd uk have a number of tax consultants and experts readily available to help. For more information on our services, contact us today on 01332 477 070 or use our online form to leave us a message.