Manufacturing is a vital part of the UK economy, and with so many small and medium firms contributing throughout the supply chain, across a variety of industries, it’s vital that they receive as much financial support as possible.
R&D tax credits are one of HMRC’s range of incentives designed to encourage companies like yours to innovate by allowing you to reclaim money invested in qualifying R&D.
It’s worth remembering that the rewards for innovation don’t just come purely from projects focused on new product development or product improvement projects. EEF’s most recent Innovation Monitor, published in November, cited a triple fold increase in the number of process innovation projects undertaken by its members over the last seven years and added that 37% of companies surveyed believe process innovation is becoming more important than other forms of innovation.
Not only could you benefit through improved efficiencies in manufacturing operations and margins but you could also qualify for R&D tax relief if any of your productivity improvement project work constitutes a significant advance in science or technology!
- Making manufacturing processes FASTER, more EFFICIENT or SAFER.
- Integrating components, machinery and/or processes to advance the technology to “ABOVE INDUSTRY” standards.
- Reducing ENVIRONMENTAL IMPACT, materials usage waste emissions or energy consumption.
ABGi-UK has prepared and submitted over 3,000 successful research and development tax credit claims and secured £96million in benefits for our clients. Right now we’re identifying £1.1 million in eligible R&D activity every single week. We work hard to maximise the value and accuracy of all credit claims, ensuring our clients get exactly what they deserve.
For a free R&D tax credit consultation and analysis of the potential returns you might expect from your productivity improvement projects, contact the ABGi-UK team: