R&D tax relief: Manufacturers must choose carefully
The UK’s manufacturing sector leads the way when it comes to investing in and delivering innovation.
25 July 2019
The UK’s manufacturing sector leads the way when it comes to investing in and delivering innovation. The sector is responsible for generating 70 per cent of business-led research and development (R&D) nationwide with manufacturers’ spending on innovation outpacing the trend for the economy as a whole.
In the most recent HMRC statistics for the 2016-17 period, UK manufacturing companies made more than 10,000 claims covering around £8.3bn of investment in innovation which secured over £990m in R&D tax relief. While it clearly continues to deliver significant benefits to innovation-focused manufacturers, claiming for R&D tax relief can be a complex and time consuming process. Getting it wrong can lead to rejected claims with significant financial implications. Finding a genuine specialist employing knowledgeable and experienced people who understand the complexities and associated business risks within your sector is therefore critical.
To ensure any would-be adviser is up to the job of managing a claim and able to help a company secure an appropriate rebate, there are a few important questions that must be considered.
Article originally published on Manufacturing Management
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