Components R&D Tax Credits
Component manufacturing is an important part of the UK economy. Electronic component manufacturing alone employs around 20,000 and is a vital part of the supply chain for larger manufacturing projects. The sector also sees a lot of innovation, as components are designed to be more efficient, more durable and less expensive to produce. If your business is involved in this innovation, you could claim components R&D tax credits. These can fund many of the expenses accrued when developing new products or processes, such as:
- Staff costs
- Software costs
Can I claim components R&D tax credits?
You should be able to claim components R&D tax credits if your business:
- Is a limited company, subject to corporation tax
- Is involved in researching and developing new products or processes - or improving existing ones
- Spends money on R&D
R&D tax credits can take the form of direct cash payments or a reduction in corporation tax. Either way, this can free up funds to re-invest in further development.
Our expert team of tax consultants will be able to guide you through the whole process, from the first assessment through to your final payment.
If you have any questions throughout the claims process, we will be happy to answer these.
How to claim components R&D tax credits
At RandD Tax, we understand that components manufacturing is an industry full of tight deadlines, often driven by Just In Time delivery.
That is why we will claim components R&D tax credits on your behalf. Our team has all the knowledge and experience needed to process your claim with HMRC, ensuring you get your incentive as quickly as possible.
Contact RandD Tax today to find out more.
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