No matter if you're running a start-up or have been in business for some time, as a business owner you must always look for new ways to save money, increase sales and keep your business afloat.

It's important to remember that rules and policies change constantly and in order to take advantage of all available options, you have to keep up to date and regularly check what's out there.

Some of the first things you should look into, especially if you're new in business, are government schemes. The UK government offers various loans, grants and tax reliefs to businesses which can be a huge help when you are only just starting your business.

But even if you have been running your company for years and remember that there weren't many options suitable for the type of business you run back when you first started, it doesn't mean that new opportunities haven't opened up since then.

One of the often overlooked government initiatives available to entrepreneurs today is Research and Development Tax Credit. It might sound like something only laboratories or high-tech companies should look into, but don't be discouraged by the sound of it. Even if you're not running any groundbreaking research or working on a big invention you can still apply!

The UK government offers tax credits to businesses engaged in research and development in order to encourage startups to focus on innovation. These tax savings assist in increasing growth for businesses. But keep in mind that in this case innovation can mean a lot of things - as long as you are contributing to innovating or developing something new in your field, even in a small way, you might be eligible for the tax relief.

The R&D Tax Relief is targeted at companies that invest in creating and developing new processes, services or products. And that doesn't mean that you have to be an inventor. If you are improving an already existing product or service, and you're spending money on innovation, you can claim tax credits in terms of cashback or corporate tax reductions. In some cases you might even be able to claim up to £60,000.

What's more, this tax credit can even be claimed on unsuccessful projects. So if you tried something new and it didn't work out for some reason, the government still considers it your contribution to innovation.

Of course there are a number of conditions that are considered before you can be granted R&D tax credits but it's definitely worth looking into if you're running a business.

As an entrepreneur you have to be agile, take advantage of all available opportunities and try to adjust your business model to new circumstances. Sometimes this can mean just making small changes in order to be eligible to apply. And if R&D tax relief is not for you, keep in mind that there are many tax incentives governments offer, and you should check which ones you could be taking advantage of.