You don’t know what you don’t know is very apt to those companies not claiming Research & Development (R&D) tax credits when they could be.
There are still too many companies and by implication their tax accountants, that don’t know the scope of what qualifies as R&D for tax credits. To address this I am creating a series of short videos called “The R&D Tax Credit UK – Explained!” - the first of which can be viewed here: Who's getting R&D tax credits and by the way what are they?
My experience is that some industries are lagging behind and geography also plays its part – so companies in certain industries or in less well connected locations are more likely to think they don’t qualify, without doing a proper investigation.
Tech companies based in London, especially the fast growth companies, will generally know about and be benefiting from R&D tax credits. On the other hand businesses in the food processing and packing industries are less likely to be informed, especially because they are often located outside of major city hubs. Over the past two years, at RandDTax we have made significant first claims for food industry companies. Three examples of food processing companies claiming R&D tax credits are listed in the attached article published by Food Processor Magazine - download the article here: Food Processing Article - Are you missing out on cash for innovation.pdf
Companies working in the engineering and construction industries and metal fabrication sectors are also less likely to be aware that they could be undertaking qualify R&D activities.
Activities that qualify for R&D tax credits
Things that qualify include projects and activities to research and develop new or much improved: software applications, technology systems, foodtech, agrifood tech, in fact any tech, gadgets, equipment, electronics, packaging, recipes, substances, materials, engineering designs, construction methods, manufacturing processes, bio-energy, life sciences and agricultural capabilities… and many other development activities.
For a quick introduction to R&D tax credits click here and watch the following videos:
Hi, I'm an R&D tax credit claims specialist, helping companies save thousands of pounds by reducing their corporation tax payments, or if they are loss making helping them get tax credit cash payments.
I'm proud to have:
Find me at: http://www.cobizfunding.co.uk