Specialist R&D Tax & Grant Funding Advisors
Specialist R&D Tax & Grant Funding Advisors
Do you spend money developing new or improving old products, processes or services? If so, you could claim up to 33% of those costs back under the R&D tax credit scheme. With a 100% success record, speak to Myriad Associates: R&D tax advisors with a decade of experience.
Find out about R&D tax credits for manufacturing & engineering companies, whether you’re eligible, why it’s worth filing a claim and how Myriad Associates can help.
Manufacturing & engineering R&D tax credits is a government-funded incentive designed to encourage manufacturers and engineers to embark on 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 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.
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.
Low productivity, skills shortages and ongoing disruption caused by a changing political landscape. And with ambitious Net Zero targets in place and a ‘Build Back Better’ agenda, now is a critical time for manufacturers.
R&D tax credits provide your engineering or manufacturing company with an instant cash boost to reinvest into your business and help it grow.
Securing R&D tax credits proves to employees that you’re prioritising innovation. This nurtures a culture of innovation that allows you to take bolder risks and creates a stimulating environment for your staff.
Companies that win R&D tax credits often use the money to hire more, highly skilled talent who can transform future R&D projects and the entire business.
R&D tax credits can be a powerful support for manufacturers and engineers. They can provide extra resource to help resolve unexpected issues.
"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
Myriad Associates specialise in R&D tax credits and have been filing R&D tax claims for over a decade. With a 100% success record and a right-first-time approach, we have a strong relationship with HMRC which means our claims are usually dealt with quickly. We have hundreds of manufacturing and engineering clients and our experience within the industry means we’re often able to uncover R&D expenditure that others might miss. In 5 simple steps, we will secure you the maximum amount of R&D tax credits that you’re entitled to.
About Myriad Associates
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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