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Many businesses are doing this in their day-to-day work, from software development and engineering companies to firms working in food production.
How manufacturing and software companies can claim R&D tax credits for the development of new products
Most companies working in manufacturing or software development will be undertaking eligible qualifying activities. If the technical lead of a project (the R&D manager, lead engineer, or lead developer) is struggling to overcome the project’s technical challenges, then it will almost certainly qualify for R&D tax credits.
What type of software projects qualify for R&D tax credits?
Common examples of software development projects that may qualify for R&D tax relief include:
What type of manufacturing and engineering projects qualify for R&D tax credits?
Common examples of product and process development projects that may qualify for R&D tax relief include:
R&D tax credit claim opportunities available across other industries
Many businesses don’t realize that they qualify for R&D tax credits or that they are not claiming their full entitlement. The R&D tax relief scheme has been in existence for over 15 years and nearly £2bn per annum is currently being claimed. On average SMEs are claiming £46,000 each per year.
What activities can be included in an R&D tax credits claims?
The following activities would be considered eligible for R&D tax credits:
In addition, certain indirect support activities may qualify for R&D tax relief, such as:
Is your business eligible for the SME or large company scheme?
R&D tax credit claims made by industry sector
HMRC’s are for the 2014-15 financial year. Once again, there was an overall increase in the number of tax relief claims submitted, as well as in the overall total amount of relief claimed.
Although there has been a continuing increase in the number and value of R&D tax credit claims, there are still thousands of companies – especially SMEs – that aren’t claiming what they’re entitled to. If your company is doing ground-breaking, innovative work in any industry, it’s very likely that you qualify for R&D tax credits, and there’s no better time to make your first claim. You can only make R&D tax claims going back 2 accounting years, so if you don’t make the claims now, you’ll be missing out.