R&D Tax Credits in Agriculture
Advancements in agriculture technology are essential if we want to work alongside the global factors such as population growth, rising temperatures and climate. These challenges need to be dealt with sooner rather than later, hence the immense, ongoing need for development in agriculture technology.
So... what is R&D?
Research and Development is all about uncertainty; if you must create the process of either ‘researching’ and/or ‘developing’ you could be in for a claim.
The average value of a claim in this sector was over £48,000 but many businesses are unaware of this scheme.
Just 5% of eligible limited companies submit R&D claims, resulting in billions of pounds of unclaimed tax relief every year.
What makes me eligible?
- Be a limited company in the UK, subject to corporation tax
- Have carried out research and development into new products or processes
- Have spent money on these projects
What are examples of claimable projects within Agriculture ?
A typical claim is likely to include:
- Process improvements
- Increased production and scalability
- Technology and software
- Improving standards
These are only examples. The rules of R&D are not rigid, they are put into place to reward and refund those who are dealing with an uncertainty. The result of your R&D doesn’t have to be a success either, you can be eligible for a refund even if the project was unsuccessful!
Did you know?
Since the introduction of the legislation in 2002 more than £27bn has been claimed from HMRC
Even where a company is loss making, the legislation is designed to ensure that companies can still receive cash back when conducting qualifying R&D work
There’s no minimum (or maximum) amount that a company needs to have spent on R&D work in order to make a claim for R&D tax relief
Check out our R&D tax calculator
Work out how much your claim could be worth with our easy to use R&D tax credits calculator. Remember we can claim up to two years so make sure you don’t miss out on your innovation fund.
Want to know more? Contact our team today and see how much your claim could be worth!
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