The R&D Tax Credits incentive is intended to inspire innovation and expand expenditure on Research & Development activities for businesses operating in the UK. This is one of the government’s topnotch incentives for inspiring investment in R&D and permits up to 33.35% of a company’s R&D expenditure to be refunded as a cash repayment.
Manufacturing is considered as one of the most significant sectors in the UK. In fact, they have contributed 11% of the country’s GVA and have employed over 2.5 million people. Furthermore, manufacturing comprised 70% of R&D spending in the UK, as the sector continually strives for further efficiency and innovation. If you are involved in the manufacturing industry, then we can help you in claiming R&D tax relief, that can help in investing in those crucial research.
Manufacturing companies can likely take advantage of manufacturing R&D tax relief, that can help in covering consumables, sub-contractors, software costs as well as staff costs.
There are a lot of manufacturing companies in the UK which could qualify for R&D tax credits. Manufacturing companies can only be eligible if they met the following conditions:
The following are some of the potential areas which can have several R&D projects but are not limited too:
If you are uncertain if your particular project is eligible, then feel free to contact us to find out. We have an expert team of tax consultants which can help you in identifying if your project is qualified, as well as what scheme should you use in claiming and how much can you possibly receive.