If you’re running your own Construction business R&D Tax Relief isn’t something that is going to be on your mind every day. You’ve got long hours, you’re under a lot of pressure and time is precious. It can also be difficult to take a step back and see your day-to-day activities as R&D, not just daily work.
That’s where we can help.
But what is R&D Tax Relief?
R&D tax relief was introduced by the government to incentivise innovation amongst SME UK businesses. Meaning UK companies with under 500 employees and a turnover under €100m, can claim back up to £33 for every £100 spent on Research and Development Projects.
What type or projects can you claim for?
Here are some example projects you might be doing that could qualify for R&D Tax Relief:
Innovative energy saving techniques that are challenging to implement.
Time spent on tendering for contracts, even if unsuccessful.
Designing or using new equipment that is new to the industry and needs to be technically upskilled on.
Changing processes to improve efficiency, reduce costs, or reduce waste. For example, recycling a waste product which has to be processed in order to make it disposable.
Anything software related – if you’ve adopted technology like apps or platforms which you have built or modified yourself, then you may be able to claim for that.
Example: If you had to think about technical problems and design solutions in order to tender for a contract, this can also qualify, even if you didn’t get the relief.
Example: Removing hazardous materials from old buildings and separating out parts to be re-used or made recyclable.
How do I know if I am eligible?
To be eligible to make a claim you need to be meeting these two key criteria points:
1. Making a considerable improvement to existing technology: This does not always mean it is ground-breaking or innovative work. If you are working to make products, services, or processes, faster, less expensive, or better in some way, then this may be eligible for R&D tax relief.
2. Overcoming technological challenges: This is especially where the solution is not immediately obvious to a qualified professional.
Want to know more?
To claim is really straightforward and it only take about 1 hour of our time.
If you’d like to find out if your business could be eligible, hop over to https://www.completehq.co.uk/page/randtaxcredits/ where you can book a call in with our R&D specialist. Or just use the button below.
