R&D Tax Credits are a very niche part of the UK tax code that could
bring your company thousands of pounds in tax relief.
Government targets have encouraged research and development in this area, including harnessing energy through solar panels, wind turbines and wave / tidal power systems.
Some examples of eligible R&D activities include:
- Produce products more cost efficiently with high safety standards
- Overcoming issues such as weather interference and environmental concerns
- Building prototypes for trial and error purposes
- Achieve scientific or technological breakthroughs
- Developing and maintaining complex structures such as wind turbines in changing weather conditions
- Improving energy efficiency and reducing carbon emissions
Off-shore Substructures Company
A second claim of £36,000 in R&D Tax Credits for an off-shore substructures company has brought their total amount secured through randd up to £133,000.
Since being incorporated in 1990, this company has developed and manufactured products for the installation and foundations for offshore oil and gas plants and wind turbine structures. The company has particular expertise in developing innovative ideas into highly reliable and cost-effective products for use in the offshore oil and gas production substructures. R&D tax credits have enabled their work to continue and grow.