R&D Tax Credits in Manufacturing
Want to know more? Contact our team of experts today and see how much your claim could be worth!
So, what is R&D?
R&D stands for research and development. It is the process of taking an idea and transforming it into a fully-fledged product or process. Researching, designing, creating and testing are all part of the R&D process.
What are R&D Tax Credits?
R&D tax credits are a government incentive designed to encourage innovation across multiple industries. This is an opportunity for you to reduce your corporation tax bill or receive a refund from HMRC based upon the number of working hours your business dedicates to Research & Development.
Under the scheme, SME’s can claim back up to 33% of the costs associated with R&D. That’s 33p back for every £1 spent on qualifying R&D activities. To get an idea of how much you could be refunded, check out our handy online calculator.
R&D Tax Credits in Manufacturing
The R&D Tax Relief incentive is designed to encourage innovation and increase spending on Research & Development activities for companies operating in the UK. It’s one of the government’s top incentives for encouraging investment in R&D and allows up to 33.35% of a company’s R&D spend to be recovered as a cash repayment.
What makes my business eligible for innovation funding?
Being a limited company in the UK, subject to corporation tax
Having carried out research and development into new products or processes
Having spent
money on
these projects
Why Manufacturing?
Manufacturing is one of the most important sectors in the UK, contributing 11% of the country’s GVA and employing more than 2.5 million people. Manufacturing is also responsible for 70% of R&D spend in the UK, as the sector constantly strives for further efficiency and innovation. At Green Jellyfish, we can help manufacturers claim R&D tax credits, which can help fund vital research. If you are a manufacturing company, you could benefit from manufacturing R&D tax credits, which can cover:
Staff costs
Software costs
Consumables
Sub-contractors
What projects are claimable within manufacturing?
Food, beverage & tobacco products
Textiles and textile products
Electrical and optical equipment
Pulp, paper and paper products
Petroleum products and nuclear fuel
Rubber and plastic products
Basic metals and fabricated metal products
Chemicals, chemical products and man-made fibres
Other machinery and equipment
Publishing and printing
Wood products
Transport equipment
If you aren’t sure if your project qualifies, you should contact us to find out.
Our expert team of tax consultants are on hand to identify if your project is eligible, what scheme you should claim under and how much you can expect to receive.
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.
Get in touch
Let’s talk about your R&D Claim