R&D TAX RELIEF:
CONSTRUCTION
Construction is a sector full of challenges that require inventive solutions, and many of these can qualify under the generous R&D tax relief regime. Taking on these challenges and improving construction is exactly what the government wants to reward companies for, but there is a tendency for R&D in the sector to be overlooked. According to HMRC, of the 76,225 R&D tax credit claims made in 2020, only 7% were from construction businesses.
HOW CAN YOUR CONSTRUCTION BUSINESS BENEFIT FROM R&D CREDITS?
HOW APPROVED'S TEAM CAN HELP YOU
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Desktop reviews
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Refining new sampling methods with HMRC
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Interaction with intellectual property planning
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Real time R&D Plans
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Innovation Strategy
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Strategic Meetings
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Enquiry Resolution
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R&D Training & Guidance
INDICATORS OF QUALIFYING R&D ACTIVITIES
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Innovative use of existing or new materials
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Modern construction techniques
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Refurbishment/Conservation
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Complex Building Services
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Health and Safety Systems
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Challenging Engineering
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Digital transformation/IT infrastructure
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Unusual Architectural Features
WHAT ARE R&D TAX CREDITS?
In 2000, the UK government introduced R&D Tax Credits to incentivise scientific and technological advancements, offering rewards to businesses investing in innovation. However, there's a notable gap between the number of eligible businesses and those claiming this relief scheme.
HMRC officially defines R&D as "R&D for tax purposes takes place when a project seeks to achieve an advance in science or technology. The activities which directly contribute to achieving this advance in science or technology through the resolution of scientific or technological uncertainty are R&D."
For more information, please refer to the HMRC website found HERE
You may be carrying out qualifying R&D activity if you; Design New Products, Develop New Services, Create New Processes, Adapting Existing Processes or focus on Product Innovation.
R&D TAX CREDIT SCHEMES
OUR R&D TAX CLAIM PROCESS
01
DISCOVERY AND ASSESSMENT
Your dedicated ATL point of contact will work with you to identify the information needed to start your claim. Our specialist in-house team of advisers, technical consultants and industry sector specialists have extensive knowledge of the R&D Tax Credit scheme.
02
INFORMATION COLLATION AND ANALYSIS
Our specialist in-house team will give you the strategic advantage in identifying qualifying R&D within your business. We will work in tandem with your business to collate all the information needed to submit a successful claim through a tailored approach.
03
BUILDING YOUR R&D TAX CREDIT CLAIM
We will build your claim and add the required evidence needed for HMRC. This will detail how your qualifying activities and associated costs have been assessed and the total R&D tax credit benefit. Our compliance measures will ensure you have a claim with strong foundations.
04
APPROVAL AND SUBMISSION TO HMRC
You will receive our reports for your approval. The reports will contain a breakdown of our findings and analysis. We will then finalise our report package and file your tax credit claim in conjunction with your Corporate Tax Return (CT6000).
05
COMMUNICATION WITH HMRC
After the submission of your claim, we will continue to liaise with HMRC on your behalf to ensure a streamlined process. Our team will provide the necessary support and keep you up to date throughout the final stages of your claim.
06
RECEIPT OF BENEFIT FUNDS AND REINVESTMENT
Your benefit is awarded for investment in innovation and your Corporation Tax Bill will be reduced or your cash benefit paid into your bank account. The Approved group can also facilitate the further investment in new equipment and projects to fuel further growth.
OUR INNOVATION SERVICES
Stamp Duty Land Tax (SDLT) is a complicated self-assessment tax often calculated incorrectly. ATL review new and existing property purchases to ensure accurate SDLT consideration is applied.
SPECIALIST
Our clients benefit from
in-house advisers, technical consultants and industry sector specialists with innovative incentive knowledge
STRATEGIC
As part of the Approved
Group, ATL clients also benefit from a team of finance brokers across business, motor and property
FAST APPLICATION
ATL's expert approach ensures that speed-of-service is at the forefront without compromising on accuracy and adhering to compliance
5 STAR RATED
Over 230 five-star reviews across the Approved Group gives clients the piece of mind and a proven track record of success
GEORGE DUNN
Director
It was a huge peace of mind to let George handle my asset finance application. Throughout the process, he was unfailingly focused, understanding and polite.
I would highly recommend using Approved Business Finance services with ease of mind that you are a priority and will have support throughout the whole process. - Javed
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