Each year the Government sets aside billions of pounds to support and encourage innovative, efficient business practice.
According to HMRC figures (from Autumn 2017) between 2000-01, when the R&D tax credit schemes were launched, and 2015-16, over 170,000 claims have been made and £16.5 billion in tax relief claimed.
However, year on year the vast-majority of funding goes unclaimed.
Many business owners do not see their day to day activity as anything out of the ordinary, adding to the misconception that R&D tax benefits are only available to huge Pharmaceutical Companies or Institutions that employ hundreds of technical people, donning white coats.
Therefore, it comes as a pleasant surprise to realise that certain elements of their work qualify for significant tax credits (or rebates), which can help fund the technological advances required to remain competitive.
As post Brexit Britain takes shape, innovation and efficiency will be of great importance to UK companies. For many this will require significant investment in R&D.
The most common sectors for successful, substantial claims are Manufacturing, Engineering, and Software/IT companies, however we have also uncovered R&D activity in:
- IT support
- Food and drink producers
- Waste Management/Recycling Specialists
- Paint and adhesive
- Security/Lock design
- Steel & Fabrication
- Pet Food Production
- Utility Installers
* UK Registered Limited Company
* Trading for at least 18 months
* Minimum turnover of £250,000 (Lower if majority of activity involves R&D)
If you would like to find out if your business qualifies for R&D Tax Credits or would like more information about the scheme or how we work, please contact us for an informal chat.