13TH AUGUST, 2019

How Can Companies Find Extra Money To Help Prepare For A No Deal Brexit?

As we are all very much aware, a referendum on EU membership was held in June 2016 where the British public voted to leave. Ever since then, the focus has been on getting a deal through Parliament in order to exit as seamlessly as possible, although at the time of writing this has yet to happen.

The UK joined the EU (previously the EC) in 1973 and it has since had access to a single market allowing capital, goods, people and services to move freely across each of the member states. Joint decision-making has also occurred with regard to economic policy, as well as the adoption of certain EU-wide laws.

The new UK Prime Minister Boris Johnson has vowed to make Brexit happen on the 31st October - with or without a deal. So in practical terms, what does this mean?

Well essentially if arrangements are not made in time, the UK will lose 70 international trade deals immediately, meaning our currency is likely to devalue and goods may become subject to tariffs making many things more expensive. We also won’t have access to certain EU information like criminal databases and there will likely be goods checks between Northern Ireland and the Republic. But the UK’s preparedness for a no-deal Brexit is about much more than just politics; it means that individuals and businesses above all must take action so they can be ready.

In the summer of 2018, the government began publishing various ‘technical notices’ about how public bodies and businesses need to prepare for a no deal scenario. Brexit has always been about uncertainty, and a no-deal withdrawal simply means yet more of it. With everything from potentially having to pay more VAT and increased costs of customs checks to having to find new suppliers and suddenly losing access to EU workers, the costs involved for businesses are likely to be many and varied. This is why it’s highly recommended that companies find ways of financing these costs or they could end up seriously struggling.

Here we look at ways your company can save money so it’s in the best financial position to weather a no-deal Brexit storm.

1. Evaluate and simplify your systems and processes

Take the time to look closely at your company’s current work processes and procedures. This will allow you to locate the inconsistencies or flaws in a system and where efficiencies can be made. Consider if any roles could be reduced or cut out altogether in the form of redundancies, without diminishing the quality of the process. For instance, if you carry out a certain quality check twice, decide if one of those checks can safely be gotten rid of without quality standards slipping. If the work process is performed by a number of employees, look at how each one of them works to uncover any differences. Make sure any inefficient steps in the process are then streamlined.

2. Boost your social media offering to increase sales

What do Instagram, Facebook, Pinterest, Twitter, YouTube, LinkedIn, Tumbler, Reddit and Qzone all have in common? They’re all social media platforms that are completely free to use, where you can advertise your company’s goods and services absolutely free.

Whilst these platforms do also offer awareness campaigns and paid advertising, penny-wise business owners need to know how to optimise their free accounts to bolster their marketing efforts. Writing an engaging post or creating an eye-catching graphic, all finished off with a specific call to action, can quickly translate into new customers. And customers mean revenue.

3. Go 100% paperless

The trusty piece of paper could actually be costing your business far more than you think, with some surprising direct and indirect costs at play. Paper requires shipping, storage, filing, sorting and posting – all very labour intensive activities that could needlessly be costing your business thousands. Producing things on paper is also quite slow, so time is eaten up that many companies can ill-afford – after all, time is money.

With all the technology available nowadays for documenting, messaging, storing, data sharing and processing, many companies are discovering that paper simply holds them back and with cloud technology it’s all easily accessible too.

4. Take on remote contracted employees

For many businesses, a large percentage of operating costs are taken up in employment expenses. Staff members that work onsite require computers, desks, equipment and facilities – all of which cost serious money. However with contracted help, businesses are able to take on admin assistance, web designers, content writers, advertisers, IT engineers and more, all whilst keeping their core team intact. By employing remote help, companies are saving a lot of the expense of having a team member sitting at an office desk.

5. Switch suppliers

Some businesses may not have the same access to EU suppliers that they have now so it’s a good time to look at the value for money your suppliers are offering and whether they’ll still be there for you after a no-deal Brexit. Then, save money and hassle later on by seeing if you can switch.

6. Take advantage of government funding for innovation

Does your business, however large or small, undergo work that involves research and development? You could receive help from the government towards the costs.

Whether your company is developing a new product, service or process (or is enhancing an existing one) it is likely to qualify for R&D tax relief. If this innovation requires money to be spent, you can make an R&D Tax Credit claim in order to receive either a reduction in your Corporation Tax or a payable benefit as a cash lump sum. The good news is that just about every industry can be eligible as the scope for identifying R&D is massive. Plus if it’s your first claim, you can make an additional tax relief claim for your last two full accounting periods.

Then there are R&D Grants too. Backed by the UK government, grants that are designed to help with research and development are administered by Innovate UK. These are awarded via competitions, where companies based in the UK make their pitch before winners are selected. UK innovation grants are typically offered for these types of projects:

  • Creating new products, services or processes, or improving existing ones
  • Early research studies;
  • Collaborative working to complete research alongside other companies, institutions or organisations

The amount of grant a company will receive can be anything from £25,000 to a cool £10 million. They’re very often technology grants but as long as innovation has taken place, anyone can be in the running. A handy cash injection for any business, especially with a no-deal Brexit on the near horizon.

Get in touch with the team at Tax Cloud

The Tax Cloud calculator is the brainchild of Myriad Associates who are experts in all aspects of R&D accounting. With separate arms for both businesses and accountants, its sole purpose is to make R&D tax relief calculation quicker and simpler, saving you time and money.

Call us today on 0207 118 6045 or feel free to use our contact page to speak with a friendly expert.

Barrie Dowsett, ACMA, GCMA
Author Barrie Dowsett, ACMA, GCMA CEO, Tax Cloud
Latest posts
26TH MAY, 2020 How The COVID-19 Pandemic Has Brought Our Supply Chains Into Sharp Focus
19TH MAY, 2020 What Is The Future Fund?
12TH MAY, 2020 Innovation And The Race To Build Ventilators
5TH MAY, 2020 Top 7 Tips For Attracting An Angel Investor
28TH APRIL, 2020 Small Business Tips For Cash Flow During COVID-19
21ST APRIL, 2020 Top Technology Trends Set To Transform The Travel Industry Beyond 2020
15TH APRIL, 2020 Types of Business Crowdfunding
7TH APRIL, 2020 How Previous Pandemics Have Inspired Medical And Social Innovation
2ND APRIL, 2020 Imagine What £65,000 Could Do For Your Innovative Company - Think R&D Tax Credits
2ND APRIL, 2020 Tax Cloud - COVID-19 Update
24TH MARCH, 2020 What Is Entrepreneurs Relief?
17TH MARCH, 2020 How R&D Across The World Is Helping To Fight Coronavirus
11TH MARCH, 2020 Top 10 Reasons Why Your Business Should Invest In Social Media
3RD MARCH, 2020 Top 5 Easy Ways To Speed Up An R&D Tax Relief Claim
25TH FEBRUARY, 2020 How Does Using Tax Cloud Compare To Making A DIY Claim For R&D Tax Credits?
18TH FEBRUARY, 2020 Latest Statistics Around R&D Spending In The UK Since 2017
11TH FEBRUARY, 2020 Easy Mistakes That Accountancy Firms Make Regarding R&D Tax Credits
4TH FEBRUARY, 2020 Tax Cloud Announces New Reduced Pricing
27TH JANUARY, 2020 5 Ways Charities Are Using R&D Advances In Virtual Reality
21ST JANUARY, 2020 Soft Drinks Sector - What Are The R&D Challenges?
15TH JANUARY, 2020 Science Fact: R&D and Eco-Robots
3RD JANUARY, 2020 5 New & Innovative Technologies Helping To Cut UK Food Waste
17TH DECEMBER, 2019 5 (Legal) Ways To Reduce Your Corporation Tax bill
10TH DECEMBER, 2019 Continuing Innovation After Brexit
4TH DECEMBER, 2019 8 Important Factors To Consider When Starting Up A Business
26TH NOVEMBER, 2019 Are You A Growing Business? Get Money From The Government To Help With The Costs
19TH NOVEMBER, 2019 Why Construction Companies Should Embrace R&D Tax Credits
13TH NOVEMBER, 2019 7 Most Common Misconceptions About R&D Tax Credits
5TH NOVEMBER, 2019 How Should I Allocate My Staff Time For An R&D Tax Credit Claim?
31ST OCTOBER, 2019 Do R&D Tax Credits Represent Value For Money For The Government?
22ND OCTOBER, 2019 What Are The Four Main Benefits Of R&D Tax Credits?
14TH OCTOBER, 2019 Flight Shame Has Landed - But Could R&D Be The Aviation Industry's Ticket To Greener Travel?
10TH OCTOBER, 2019 What Power Does HMRC Have Over My R&D Tax Credit Payment?
1ST OCTOBER, 2019 Why Do Some Applications For R&D Tax Relief Fail?
24TH SEPTEMBER, 2019 R&D Tax Credits: What Happens If I Need To Switch From The SME Scheme To The RDEC Scheme, Or Vice Versa
17TH SEPTEMBER, 2019 What Financial Help Is Available In The UK For Entrepreneurs?
10TH SEPTEMBER, 2019 What Consumables Can Be Claimed Under R&D Tax Relief?
3RD SEPTEMBER, 2019 How Long Does It Take For HMRC To Make A Decision On An R&D Tax Credit Claim?
29TH AUGUST, 2019 What Is The Most Efficient Way Of Submitting An R&D Tax Credit Claim?
21ST AUGUST, 2019 Are Businesses In Wales Getting The Most Out Of The R&D Tax Credits Scheme?
13TH AUGUST, 2019 How Can Companies Find Extra Money To Help Prepare For A No Deal Brexit?
6TH AUGUST, 2019 Quick Guide To R&D Tax Reliefs In Engineering
31ST JULY, 2019 Claiming R&D Tax Credits In The Healthcare sector
26TH JULY, 2019 How Can Businesses Make R&D Investment A Priority?
18TH JULY, 2019 How Will Brexit Affect R&D Tax Credits?
12TH JULY, 2019 Tax Cloud Launches In Ireland
5TH JULY, 2019 How To Claim A Critical Tax Boost For Your SME
5TH JULY, 2019 R&D Tax Credits Made Simple And Affordable
28TH JUNE, 2019 Why Are SME’s Missing Out On R&D Tax Relief
14TH JUNE, 2019 Is My SME Eligible For R&D Tax Credits?
3RD JUNE, 2019 Why Use An R&D Portal Over An R&D Advisor?
24TH MAY, 2019 How SMEs Can Benefit From R&D Tax Credits
14TH MAY, 2019 Charities Benefit Following Tax Cloud's Successful Show at Accountex
25TH APRIL, 2019 Tax Cloud's Most Innovative Companies 2019
12TH APRIL, 2019 Accidental Innovation - Tax Cloud's Top 8
5TH APRIL, 2019 A Practical Guide To R&D Tax Relief At Accountex 2019
27TH MARCH, 2019 What Software Projects Qualify For R&D Tax Credits?
15TH MARCH, 2019 3 Automotive Innovations To Look Out For In 2019
1ST MARCH, 2019 What Is Research And Development In Business?
22ND FEBRUARY, 2019 Growth Hack: Tap Into R&D Tax Credits
15TH FEBRUARY, 2019 Beyond R&D Tax Credits - Public Funding For Your Innovative Start-up
1ST FEBRUARY, 2019 5 Steps To Deliver An Optimised R&D Tax Credit Claim
25TH JANUARY, 2019 Top Tax Cloud FAQs
16TH JANUARY, 2019 What Projects Qualify For R&D Tax Credits In The Medical Industry?
11TH JANUARY, 2019 Accounting Practices Are Generating Fee Rates Of £325/hr
2ND JANUARY, 2019 R&D Tax Credits - It's Not As Difficult As You Think
14TH DECEMBER, 2018 4 Ways To Determine If You Qualify For R&D Tax Credits
26TH NOVEMBER, 2018 What Projects Could Be Eligible For R&D Tax Relief In Manufacturing?
2ND NOVEMBER, 2018 How To Know If Your Business Is Entitled To R&D Tax Credits
25TH OCTOBER, 2018 Why Isn’t The Agricultural Industry Claiming R&D Tax Credits?
10TH OCTOBER, 2018 Is Your Business Eligible For R&D Tax Relief?
3RD OCTOBER, 2018 The Most Common Mistakes People Make With R&D Tax Credits
18TH SEPTEMBER, 2018 #1 R&D Tax Claim Portal ‘Tax Cloud’ Launches Xero Integration
14TH SEPTEMBER, 2018 What To Look For In An Online R&D Tax Credits Claim Portal
7TH SEPTEMBER, 2018 5 Ways To Grow Your Accountancy Practice
31ST AUGUST, 2018 Common Pitfalls To Avoid While Claiming R&D Tax Credits
24TH AUGUST, 2018 How Far Back Can I Claim R&D Tax Credits?
17TH AUGUST, 2018 Should I Use A Specialist Or My Accountant For My R&D Tax Credits Claim?
27TH JULY, 2018 3 Things To Consider When Making An R&D Tax Credits Claim
13TH JULY, 2018 R&D Tax Credits – Don’t Fall Through The HMRC Trapdoor
25TH JUNE, 2018 Tax Cloud Shortlisted For Innovation Of The Year
30TH APRIL, 2018 Benefits Of A Self-Service R&D Tax Credit Portal
13TH MARCH, 2018 R&D Tax Credits Platform Tax Cloud Celebrates 100 SME’s Seeking Expert Support
5TH FEBRUARY, 2018 How R&D Tax Credits Can Help Your Startup Grow
29TH JANUARY, 2018 Getting The Best Returns From Your R&D Tax Credits Claim
22ND JANUARY, 2018 Introducing: The Tax Cloud Partner Programme
18TH JANUARY, 2018 What Costs Can You Claim Through R&D Tax Credits?
9TH JANUARY, 2018 Common Misconceptions About R&D Tax Credit Claims
5TH DECEMBER, 2017 R&D Tax Credits Made Simple For Small Businesses
20TH NOVEMBER, 2017 The 3 Things You Need To Consider When Making An R&D Tax Credits Claim
Popular Tags
Start your Tax Cloud claim now Discover if you qualify and ensure your R&D tax claim is maximised. Get started
Powered by Myriad Logo

Myriad Associates helps businesses maximise tax reliefs and secure R&D grant funds. We specialise in R&D Tax Credits, Video Games Tax Relief, Innovate UK grants, Horizons 2020 grants, and Research and Development Capital Allowance Claims.

  • Submitting R&D tax claims since 2001
  • 100% success rate
  • Over £100m claimed and counting
  • Industry leading specialists
  • In-house technical, costing and tax experts
  • Member of the Research and Development Consultative (RDCC) committee

Meet some of the team behind Tax Cloud

Barrie Dowsett Barrie Dowsett ACMA CGMA Chief Executive Officer
David Farbey David Farbey MA, FISTC, FRSA Technical Consultancy Director
Lisa Waller Lisa Waller CTA, ACCA R&D Tax Manager
Lauren Olson Lauren Olson MA, MISTC Senior Technical Consultant