Specialist Engineering and R&D Tax Credits
R&D can occur both in the creation of products themselves and in the way that they are produced. There is a subtle difference between “clever engineering” and R&D. Many engineers consider the work they do to be routine whereas in reality the technical uncertainties place it firmly in the category of research and development. There are many industry sectors where R&D takes place and some are more obvious than others. It is not hard to imagine that the development of high tech machines or equipment would qualify but we have done successful claims in many other industries such as:
- Architectural structures: Combining old and new structures
- Display equipment: Utilising greener and therefore recyclable components
- Food manufacturing: Development and testing of gluten free products
- Safety systems: Light for transportation but strong for safety requirements
- Civil Engineering: Using novel materials to support Environment agency compliance
- Clothing manufacturers: Improving production methods and using new materials
- Reverse engineering: Material and production methods to create replacement parts for vehicles
How do you decide if your work is eligible for an R&D Tax claim?
The simplest way to decide if you can claim lingering R & D tax credits is to contact us and discuss it with one of our qualified specialists.
Any of the following activities point towards research and development taking place:
- Does your company have work referred to as a “project”?
- Have you built any prototypes?
- Do you do trials or testing?
- Have you developed new products or processes or used new materials?
- Have you improved an existing product or process?
- Does your work extend the overall knowledge or capability in your industry?
How to claim Specialist Engineering R&D Tax Credits
The government is keen to engineering industries and with our support, claiming R&D tax credits is straightforward and time efficient.
RandDTax are here to help you and guide you through the claim process. Our approach is one of integrity and our experience will ensure that your business benefits from every penny you are entitled to.
The process is straightforward with our guidance, it will not demand too much of your time and the financial benefits are worthwhile.
- We gather the necessary information to describe the projects and produce the Technical Justification in the format required by HMRC.
- We prepare a Cost Spreadsheet to collect the Qualifying Costs.
- Once approved by you, we have an internal audit process to ensure the documents are compliant to the latest requirements.
- We produce a Claim Summary sheet and the documents for submission.
We always work in conjunction with your existing accountant so there is no conflict of interest and we take responsibility for the R&D Claim.
Our clients include many specialist engineering companies who value our reputation as a full service R&D consultancy. To see exactly how we can help your company successfully claim R&D Tax credits, contact us today.
Still not sure about making a claim? Read this case study about how a specialist electromechanical engineering company benefited from R&D tax credits.
Get in touch today regarding specialist engineering R&D tax credits