Most start-ups need funding in order to operate. It’s no secret that the more funding you get the more likely it is that your company will succeed.
Investors not only give funds to your company – they can also open doors by introducing you to important contacts which could lead to critical business deals. But applying for funding is a time-consuming task. There are application forms, pitch decks, pitching and then post-offer reviews to consider.
It is a necessary evil.
Help is at hand however – First Accounts can help you secure funding for your start-up. We have experience in applying for investment from investors like NDRC, Enterprise Ireland and the Bolton Trust. We can help you perfect your pitching skills and even go to the pitch with you as your company’s interim CFO.
There is a plethora of grants and schemes available to startups. Grants available include the Local Enterprise Office (“LEO”) Priming Grants or Innovation Vouchers. Tax schemes aimed at startups include EIIS and SURE.
First Accounts can complete these application forms for your business. From experience we know if your company qualifies for a grant/scheme. We also know exactly what you need to do to win grant/scheme funding.
When you start a company, there are many reasons why you can reclaim taxes that you have paid, or get money for other reasons, such as:
- Losses carried forward
- SURE scheme (Startup Relief for Entrepreneurs)
- EIIS Scheme (Employment and Investment Incentive Scheme)
- R&D Tax Credits (for Research and Development)
At First Accounts we have researched how these schemes work, how to apply for them, and how to test for eligibility. Find out more by searching through our helpful articles.
Your R&D has extended overall knowledge or capability in a field of science or technology
You developed a process, material, device, product or service which incorporated or represented an increase in overall knowledge or capability in a field of science or technology
You made an appreciable improvement to an existing process, material, device, product or service through scientific or technological changes
Science and Tech
Used science or technology to duplicate the effect of an existing process, material, device, product or service in a new or appreciably improved way (e.g. a product that has exactly the same performance characteristics as existing models, but is built in a fundamentally different manner), will also be considered R&D.
Frequently Asked Questions
Many first-time claimants find it difficult to identify the activities and costs they incurred in the last two accounting periods. Our R&D experts ensure all qualifying activities and expenditure is identified in order to maximise the claim. It is important to note, not all R&D related expenditure qualifies for R&D.
Staff Costs: Cost of directly employing staff who are actively engaged in R&D activity. Includes: PRSI, pension fund contributions, bonuses and (if applicable) payment to subjects involved i.e. for clinical trials.
Externally provided workers and subcontractors: Cost of paying a staff provider for staff provided to the company, or a sub-contractor who is directly and actively engaged in carrying out R&D activity.
Consumable Items: Consumable or transformable materials used directly in carrying out R&D.
Software: Revenue expenditure incurred on computer software employed directly in R&D.
Utility Costs: Power, water and fuel used directly in carrying out R&D.
There are many reasons, but there are two vital ones:
- Out of necessity: in order for your business to continue, you will need to apply for these extenuating forms of finance. They are completely legal and available for your business, so nothing to be worried about.
- It’s better for business, and the economy: if your business is successful because it had the cash to invest in the right things at the right time, then it will bring employment and create growth in the economy.
It certainly can be, but it really depends on your what your business does.
At First Accounts, we will assess how long it will take based on a variety of factors, which will need to find out by discussing your business and investigating with your current accounting.
One of our experienced, qualified accountants will take care of your grant, investment and tax refund claims. They are quick, efficient and know everything about our system setup so you can be sure everything is taken care of.