Top Industries that can benefit from R&D Tax Credits
R&D is a process of defeating an uncertainty and making your business endeavours come to life, and there are many industries that are always looking to improve their businesses through developing new products, systems and processes or by making adaptions to ones that already exist. Whether the development is as small as reinventing a recipe to make it healthier or as big as creating an entire security system from scratch, there are many ways that organisations seek to eliminate uncertainties and improve their product.
In this article we will cover the top industries that can benefit from claiming R&D tax credits.
Engineering
A common objective in the engineering industry is to improve and develop a specific element of a business such as a technique, a process, an invention or a software. The aim of the project should be useful to the advancement of a business component and with this, there is a chance there are R&D tax credits to be claimed.
It is important to note that in order for a business to claim in this sector, it must be a limited company based in the UK that is involved in electrical engineering and can provide proof of money spent on materials and processes used for research and development.
Architecture
Evidently, architecture is known to bring improvements in the development of constructing a premises at substantial costs. If you’re in this sector of business and you have spent money on improving an uncertainty, it can be claimed back as R&D tax relief.
Manufacturing
The manufacturing industry accounts for 70% of R&D spending in the UK, as the sector is consistent in advancing coherence and innovation. It is one of the most popular sectors where R&D tax credits can be applied.
Inaugurating new models and prototypes displays grounds for improvement within the industry and at Growth Hive UK, we can ensure you get the maximum benefits for all your R&D tax credit expenditure.
Food & Beverage
In the food and drinks industry a considerable amount of research and development has been put into adapting foods. As an example, if you are in this industry and have redesigned a recipe in order to make it healthier or cater to a wider audience such as gluten-free, vegetarians or vegans, then there is a great chance that you have the grounds to claim R&D tax credits.
If you are in one of the industries mentioned in our article, head to our eligibility checker to get more information from our experts.
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