Of all the fields covered by the UK government's Research and Development tax relief scheme, the construction industry should be among those getting the most out of it. That it isn't yet is a great shame because construction firms, by definition, live right on the cutting edge of innovation. The UK government is actively trying to encourage businesses to look into the scheme and, with an average SME claim being worth around £46,000, R&D tax relief is the single biggest incentive of its kind.
Laying the Foundations
In construction, innovation is almost just another word for your day-to-day business. Every project throws up its own unique challenges, and every problem you solve opens up new possibilities down the road. What's so important to realise is that problem-solving like this is exactly what the government's trying to promote and reward. They just don't always do a great job of getting the word out. Simply put, you might have an R&D claim if you're:
Tackling obstacles in new ways.
Finding easier, safer or "greener" ways to work.
Making better use of existing technologies.
What R&D Tax Relief Means for You
The breakthroughs you're working toward may well be a big boost for your business on their own, but the benefits don't end there. If your projects have an impact that extends outside your own affairs, then the R&D tax relief scheme wants to support you. It's designed to turn your innovation into benefits for society in general. That's why there's so much on offer if you qualify, such as:
An incredible 230% tax relief on SME R&D costs.
A tax credit cash payment to help you cover urgent costs.
Even if your R&D itself doesn't pay off, your claim remains valid.
RIFT Research and Development are experts in making R&D pay, and we pride ourselves on outstanding relationships both with our clients and HMRC. Whether you're digging your way past your industry's obstacles or simply knocking them down, we'll make sure your innovations are rewarded.
R&D for Construction
The construction industry is built on innovation and solving problems. So much so, in fact, that those efforts are too often ignored because they're "just the way the business works". It's time to recognise how much construction contributes to R&D in the UK, and that starts by picking out just a few of the kinds of costs that can qualify for relief.
Improved structural techniques for difficult or unusual ground conditions.
Clever use of green or sustainable methods and technology.
Designing or adapting more efficient tools.
Using new or unique materials, such as recycled products.
Building on existing methods or developing new ones to solve project or site issues.
Innovative architectural design.
At RIFT Research and Development, we're determined to help you make the most of your breakthroughs and innovations. We'll show you where all your qualifying costs and projects are, and work with HMRC to see your claim through from start to finish. We've got a 100% success rate, so get in touch to start the ball rolling.
It’s no secret that we’re heading into a critical time for the whole UK construction industry. It’s going to take an estimated 158,000 new jobs to hit the targets for infrastructure and housing needs...