Just before the Christmas break I was reading that last year the Manufacturing sector in the UK claimed a staggering £860M in R&D tax relief, with the average value of benefit realised being £119,279.
EEF’s Process Innovation review, published in November, found that 61% of our members had initiated process focussed innovation projects over the last few years. This probably points to the increasing importance of process efficiency as a source of competitive advantage within many areas of the manufacturing sector.
What’s more, many of these projects include activities eligible for R&D tax relief although most companies are unaware of this latent eligibility.
I want to encourage all of our members to start the New Year by considering how taking advantage of this scheme could provide additional funding for innovation. What’s more you will be able to take advantage of the discounted fees offered by ABGi-UK to EEF members.
If your company has been involved in improvement projects aimed at
- Improving manufacturing processes: making them faster, more efficient, or safer
- Introducing effective design for manufacturability (DFM) in order to facilitate the manufacturing process
- Reducing the environmental impact of manufacturing operations, such as; reducing material usage, waste, emissions, and energy consumption
And these projects involved technical challenges with no obvious or easily deducible solutions: Please get in touch and I would be delighted to introduce you to ABGi-UK’s business development manager, Antony Beak, who will be able to discuss your projects and the potential for claiming R&D tax relief.