Food Industry R&D Tax Credits
The food and drinks industry is the largest manufacturing sector in the UK, contributing around £28 billion to the economy each year, and employing over 400,000 people. As consumer appetites become more adventurous, the industry continues to innovate, looking to discover the next big food trend. Of course, innovation in the food and drink industry is a lot more than looking for the next avocado on toast. It encompasses improving nutritional value, increasing food security, reducing costs, enhancing sensory aspects to make food more attractive and looking into more efficient, sustainable growing methods. Tax credits for R&D in the food industry are designed to support this innovation. These can be used to fund much of the initial outlay connected to developing new products or processes, such as:
- Staff costs
- Software costs
Can I claim food industry R&D tax credits?
Almost any company involved in the food and drinks industry should be eligible for tax credits. To be able to claim you must be:
- A limited company, subject to corporation tax
- Involved in researching and developing new products or processes - or improving existing ones
- Spending money on R&D
If you aren’t sure if your project will be eligible for food industry R&D tax credits, the best thing you can do is contact us.
Our knowledgeable and skilled team will be able to identify if you can claim, what scheme to claim under and how much you can expect to benefit from.
At RandD Tax, we operate on a no win, no fee basis. There is no reason not to claim R&D tax credits with us.
How to claim food industry R&D tax credits
We will guide you through the entire process when you claim with RandD Tax. From identifying whether you are eligible, right through to your final payment, we will be on hand to answer any questions you may have while your claim is processing.
Contact RandD Tax today, to get your food industry R&D tax credits claim started.
Not sure how you will benefit? Read this case study about how companies have benefited from food industry R&D tax credits.
Get in touch today regarding food industry R&D tax credits