R&D Tax Credits for Manufacturing
Innovation sits at the very heart of the manufacturing sector. Businesses across the UK are constantly developing new and improved products – and using cleaner and more efficient manufacturing processes to bring them to life.
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New or adapted materials are being devised to meet the demands of legislation around safety and health concerns – meaning R&D in manufacturing can be as much about the chemicals and processes you’re no longer using as the newer ones you are.
Examples of qualifying work include:
- CNC machining programming costs, where existing solutions aren’t appropriate.
- Development and testing of prototype products and the specialised tools required to produce them.
- Working with new or alternative materials to make your products more efficient, safer or easier to recycle.
- Formulation and testing of new protective ceramic coatings for use across a number of industries.
Real examples of R&D within the Manufacturing industry
Example 1:
- Nature of R&D: Develop a range of new baby products that benefit the infant’s welfare.
- Overview: new materials were tried and tested in order to develop and bring to market products which have previously never been attempted due to the health risks with previous materials.
- Eligible expenditure identified by RIFT: £132,593.63
- Tax relief generated: £44,219.98
Example 2:
- Nature of R&D: Innovative teaching aids and Electronic Data Interchange software.
- Overview: Continued developments: custom EDI software for advanced integration with logistics systems; new whiteboards using novel materials; a system of gamified educational resources; an electric laminator extensively adapted for the education market.
- Eligible expenditure identified by RIFT: £734,621
- Tax relief generated: £187,687
We are more than your average R&D outfit
The R&D tax credit scheme is an especially rewarding scheme, but it is also a very technical subject. With many years experience working within the R&D scheme, we're in a privileged position have helped many manufacturing businesses of all sizes, right across the UK.
With our team of dedicated R&D experts, we go an extra step by:
- Offering regular visits to your premises to discuss, review and capture R&D activity as needed, to maximise your benefit.
- Creating bespoke data capturing methods tailored to your business, to capture future R&D activities undertaken without being disruptive to your business.
- Carrying out as much of your R&D leg work as possible. From identifying eligible projects, we carry your R&D baton through writing technical narratives and crunching those notoriously difficult R&D calculations.
Our technical teams specialise in hunting down all your qualifying R&D costs and turning them into a serious financial boost for your business.
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