It happens frequently in the field of engineering to combine old and new technology. This industry is a strong contender for R&D tax credits, a UK government program to support innovation. However, some engineering firms fail
to take advantage of this chance, leaving a sizable financial advantage on the table.
Getting the Engineering R&D Tax Credit You're Entitled to
To guarantee that an engineering R&D tax credit claim is correctly
submitted and later authorized by the HMRC, it might be challenging to identify and record the uncertainties and projects. Even though you are free to prepare and submit the claim on your own, any discrepancies between the qualifying activities and the requirements established by the law and the HMRC may result in a reduced tax claim or, in the worst case, a complete rejection of your application.
Therefore, submitting this process to an experienced tax counselor is frequently wiser.
How and why the engineering sector can benefit from R&D
The engineering industry is in a unique position to be eligible for R&D tax credits due to:
The industry's innate ability to address technical uncertainties and push the envelope of technological development
The regular need to incorporate cutting-edge technologies into bigger, more complicated systems.
The need for materials and technology to be modified for usage in particular and difficult locations, including subsea or arctic temperatures.
The continual creation of goods that provide technical advancements above current solutions.
The ongoing desire to enhance current processes or systems' effectiveness, capacity, and performance.
Why trust us to claim your R&D tax credits?
The R&D tax credit system is complicated, and navigating it may be difficult. Here is where our knowledge is useful. We are aware of the finer points of the law and the demands HMRC places on us. Our team of knowledgeable tax experts will assist you in locating the R&D tax credit-eligible activities inside your engineering projects, which might result in up to 25% cost savings. In order to provide you peace of mind, we ensure that your claim is maximized and compliant. Contact our staff right now for a
free consultation, and don't allow the opportunity to receive financial rewards pass you by.