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From architecture to contracting, groundworks to roofing, companies can claim up to a third of their costs back on challenging projects through a government scheme which so many businesses in the sector are missing out on.
The average Research and Development (R&D) Tax Relief Scheme claim made by businesses in the UK is £200,000. This is not something to be overlooked.
Have you had to solve a problem or find a solution to a challenging project? Have you had to trial new materials or prototype a design? If the answer is yes to either of these questions, then the chances are you are entitled to money back from this kind of work – even if it wasn’t a success.
From design to build, the bespoke and technical nature of projects in the construction sector, and the constant challenges alongside increasing regulatory demands and sustainability objectives, often require creative thinking and innovation. This makes businesses in the sector ideal candidates for eligible R&D activity.
Our dedicated R&D Tax Relief team at Beavis Morgan works with a number of businesses in the construction sector, bringing valuable tax benefits to companies investing in innovation by identifying eligible activities, projects and costs, and then dealing with HMRC directly.
Qualifying R&D can be found across almost every segment of the sector. Here are some firms we have helped in the past few months:
- Architecture firm – received £380k
- Commercial steel frame contractor – received £150k
- Groundworks and Civil Engineering firm – received £220k
- Kitchen renovation specialist – received £150k
- Electrical, Fire & Security specialist – received £180k
Introduced in 2000, the R&D Tax Relief Scheme enables companies to reduce their corporation tax bill or receive a cash refund based on a proportion of their R&D expenditure. This can be applied from the business’ previous two financial years and used by both profitable and loss-making companies.
The main objective of the scheme is to encourage companies to take on challenging projects, advance their knowledge, products and services and drive forward their industry and, in turn, the economy.
The scope for qualifying R&D is huge – it exists in almost every single sector. However less than 30% of eligible companies are aware of and utilise the scheme. Many companies are unsure about whether they are eligible, or they are unnecessarily concerned about the time it may take them to issue a claim.
With our team of technical specialists and tax professionals, coupled with our extensive knowledge of the construction sector and the ever-changing R&D legislation, we aim to significantly simplify the process for you, with minimal time input required on your part.
So why not get in touch for an obligation-free consultation to confirm your eligibility and to gain an idea of your expected tax rebate or savings. It won’t cost you a penny … other than a potential lump sum of money back into your business to help you keep innovating.
Contact Rebecca Heap via email at rebecca.heap@beavismorgan.com for more information and to discuss your potential claim.
You can also visit our website at beavismorganrandd.com.