The UK government's got big plans for the construction industry over the next several years. To make the most of the upcoming changes, RIFT is teaming up with Build UK, the construction industry organisation. Build UK represents many of the biggest players in UK construction, along with 40 trade associations totalling over 11,500 specialist contractors. By working with them, we're putting RIFT's unique understanding of HMRC and industry legislation to the best possible use. RIFT has always forged strong, supportive ties with UK construction. Partnering with Build UK means we can reach further and higher than ever before.
At RIFT, we've always said that innovation drives the construction industry. New materials, methods and technologies are changing the whole shape of the business, and none of that change is happening in isolation. Right now, the UK government is making plans to shake up the whole way the construction supply chain works together. Now more than ever, innovation is going to be the key – which puts R&D tax credits right at the very heart of the industry's future.
Here's what the government's looking to achieve by 2025:
A 33% reduction in initial construction costs, and the whole life cost of assets.
A 50% drop in time from inception to completion for both new builds and refurbished assets.
A 50% drop in greenhouse gas emissions in construction.
A 50% reduction in the trade gap between exports and imports in construction products and materials.
That's a hefty list of goals, and it's going to take some cutting-edge thinking to get the job done. The government will be working with the academic and research communities to knock down barriers to innovation and fill the skills gap. It's also going to be promoting green technologies and “smart” construction resources like Building Information Modelling (BIM) and digital design tools.
All this is good news for construction, but it won't mean much if the industry doesn't lean into the challenge. The task now is to clear the path for those businesses, and to make sure that pushing back boundaries is always rewarded. In part, it's a financial problem, with too many companies finding it difficult to fund their biggest ideas. There's a cultural side to it as well, though. Construction firms need to understand how to work more closely and think more broadly – not just with each other, but also with academic and research bodies. That way, innovative ideas and developments can spread and drive the whole industry forward, instead of being thought of purely as one-shot solutions to specific problems.
UK construction has a lot going for it, with globally respected design skills, civil engineering and sustainable procedures. However, firms are being held back from innovating by high costs and a lack of collaboration. This is where RIFT comes in, along with its new partnership with Build UK. Together, we'll be working to bring R&D Tax Credits to the forefront of industry thinking, planning and practice.
An average construction SME claim for R&D Tax Credits comes to an incredible £40,000, but far too many companies are still missing out. Get in touch to hear more about how we can help you turn your innovations into real-world rewards.