Last week I spoke with someone in the construction industry who had assumed that an application for R&D Tax Credits didn’t apply to their business. He was in fact eligible to claim in several areas. The financial incentives aren't just reserved for large businesses. Small to medium-sized businesses are making huge impacts and are often eligible too.
The R&D Tax Credits Scheme is designed to reward businesses for solving problems. Whenever you spend money on a project that qualifies, you can get a cash reward or a reduction in the amount of Corporation Tax you're paying.
There are numerous instances in which construction companies are faced with conditions for which there are no established methods for tackling. When this happens, they have no choice but to develop new methods and adapt tools and techniques before they can even begin. Examples include:
Health & Safety: Construction remains a dangerous industry and health & safety measures are continually being updated. As a result, companies in the industry have to adapt to comply. This can result, for example, in advances in protective barriers, innovative scaffolding, platforms for safe working, and automation of dangerous tasks.
Modern Methods of Construction (MMC): Companies pioneering modular building techniques will be faced with a fresh set of challenges that has them delving outside of established industry knowledge, and as a result, their findings are of industry-wide significance.
Building Information Modelling (BIM): Central to the UK construction industry’s future ambitions is the adoption of BIM technologies that will unlock new more efficient ways of working at all stages of the project life-cycle.
My top tip is that companies that have been involved in restoration projects generally have great scope to make a claim. If interested in finding out more, send me an email to gerard@gerardgraham.co.uk.
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