Manufacturing and Engineering :
If your R&D project either resolves a scientific or technological uncertainty, manufacturers and engineers could claim a tax rebate or cash repayment for up to 33% of the costs associated with their R&D work.
Manufacturing & engineering companies may be eligible for valuable R&D tax credits. Learn more about the potential benefits, filing process and how Myriad Associates can assist in unlocking these funds through our expert R&D tax credit consultancy service.
Manufacturing & engineering R&D tax credits is a government-funded incentive designed to encourage manufacturers and engineers to embark on innovative R&D projects.
The projects that result in the design, build and development of new, innovative products, processes and services or the enhancement of existing ones are eligible. If the R&D project resolves either a scientific or technological uncertainty, manufacturers and engineers could claim a tax rebate or cash repayment.
Your project doesn’t even need to be successful to qualify for R&D tax credits.
To qualify for R&D tax credits, your R&D project must either attempt to resolve a scientific or technological uncertainty or seek to uncover knowledge that doesn’t already exist in the manufacturing or engineering industry.
The average R&D claim that manufacturers and engineers receive is £129,000. This covers costs like:
To find out what type of projects might be eligible for R&D tax relief, see the FAQs at the bottom of this page.
Let us be your guide on the journey to R&D tax credit success. Our team of specialist experts has extensive knowledge and experience in dealing with R&D tax credit claims, giving you a greater chance at profiting from this valuable scheme.
With thorough analysis of every project our professionals will analyse your project from a scientific & technological perspective to ensure it qualifies under the scheme's ever-changing guidelines before proceeding any further.
Get in touch today!Tax Cloud is an online portal that offers UK businesses the ability to prepare their own R&D tax credit claim like an R&D claim expert. We make understanding and preparing your claim simple, fast and cost-effective.
Our portal is designed to help you get the most out of your claim, quickly and easily. Plus, our fees are much lower than those of traditional consultancies. Sign up today and see the difference for yourself!
"Myriad’s understanding of the industry is excellent. They were able to successfully identify projects we didn’t even think would qualify as R&D and secured us a combined R&D Tax Relief savings of £57k."
Simon Sinclair
Technical Project Leader at N.D. Precision Products
The government’s definition of a qualifying R&D project is broad. Some examples of eligible manufacturing and engineering projects include:
Tasks and activities, such as the below, would be considered eligible for R&D tax credits:
You can submit an R&D tax relief claim at any time up to the first anniversary of the filing due date of the company tax return for the accounting period in which the claim is made (paragraph 83E(1) of Schedule 19 to the Finance Act 1998). This means that a business can claim for R&D tax relief going back 2 accounting years. The claim can be made in a company tax return or as an amendment to it.
HMRC works to process applications for R&D Tax Credits within 28 days. However, the processing time required for HMRC to review and consider an R&D Tax Credit claim depends largely on the nature of the claim itself in addition to the complexity of a company’s structure and its accounting. Even the time of year can make a difference, with peak accounting times such as March and December being particularly busy and resulting in slower processing times.
HMRC will follow the guidance supplied in their Statement of Practice SP 05/01 to deal with late claims. The success of these appeals will depend on the claim itself. HMRC will rarely allow a late claim if the claimant simply didn’t have enough time or because they weren’t aware of the R&D tax relief scheme.
An R&D team could consist of many individuals from different parts of the business. It may include people such as:
Manufacturing & engineering R&D tax credits is a government-funded incentive designed to encourage manufacturers and engineers to embark on R&D projects that result in the design, build and development of new, innovative products, processes and services or the enhancement of existing ones. If the R&D project either resolves a scientific or technological uncertainty, manufacturers and engineers could claim a tax rebate or cash repayment for up to 33% of the costs associated with their R&D work.
To qualify for R&D tax credits, your R&D project must either attempt to resolve a scientific or technological uncertainty or seek to uncover knowledge that doesn’t already exist in the manufacturing or engineering industry. Your project doesn’t even need to be successful to qualify for R&D tax credits.
The average R&D claim that manufacturers and engineers receive is £129,000. This covers costs like:
Step 1 of #
Is your business registered for Corporation Tax in the UK or are you a partnership with corporate owners?
Have you developed new or improved existing products, processes or services in the last 2 accounting periods?
Does your business have fewer than 500 staff, and either: A turnover of no more than €100 million; or Gross assets of no more than €86 million?
Sorry, you must be a UK limited company or be a Partnership with corporate owners to be eligible for R&D tax credits.
In order to qualify for R&D tax credits you must be seeking to advance science or technology within your industry. As you’ve not developed any new or improved any existing innovative tools, products or services, and not re-developed any existing products, processes or services in the last 2 years. It is unlikely you have any qualifying activity. If you’re unsure, email or call us and we’ll help clarify.
In order to claim R&D tax credits, you need to either employ staff or spend money on contractors, consumable items and other items. If you’re unsure, email or call us and we’ll help clarify.
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Congrats!! Based on your previous answers, you will qualify for the SME scheme. If you’d like some help maximising and securing your claim, please email or call us.
Congrats!! Based on your previous answers, you will qualify for the RDEC scheme. If you’d like some help maximising and securing your claim, please email or call us.
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