In an industry like oil and gas businesses are often creating innovative, world-beating products and spending staggering amounts on developing new technologies. Even more often they may be missing out on hundreds of thousands of pounds that they are entitled to claim in research and development tax relief. Whether a company is developing a subsea system, or working to improve development processes, it may qualify for this incentive.
Examples of areas where qualifying R&D activities could exist
- Designing and developing offshore and subsea structures;
- Producing a design for refining oil and gas materials;
- Constructing water treatment plants and systems to treat wastewater;
- Creating the optimal solution for plugging and abandoning a wellhead; and
- Developing software applications for internal or external use.
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