Don’t panic! The R&D Tax Relief scheme is alive and well. Although HMRC have instigated changes to the R&D scheme for year ending 2023 and 2024, the scheme is very much alive and well. But are you claiming? The future of manufacturing and engineering hinges on innovation.
To stay ahead, it’s crucial to invest in research and development (R&D). Did you know that R&D tax reliefs are speci cally designed to support your journey towards groundbreaking advancements? So, where are you getting your advice for an R&D claim from? Your own accountant, who is not tax qualified? A ‘boutique’ single service R&D tax relief provider who is unregulated and not tax qualified? TC Group – a local, regulated business advisor and accountants (with a national presence) with an experienced team of R&D tax specialists with engineering and manufacturing backgrounds, who meet with HMRC regularly and understand your business? If it’s not the third one, you may be missing out, and/or getting the wrong advice and losing money.
Top contenders for R&D claims
Engineering and manufacturing are in the top ten industry sectors that HMRC would expect to make an R&D claim. Why? For the following reasons:
- Product improvement Process improvement
- Producing new/more/better products, quicker and cheaper
All the above need engineers to solve the inherent problems that occur when these are required.
Dispelling the myth
I often hear, ‘We don’t do R&D. Yes, we have problems, but our engineers fix them’. This is music to my ears. The problem is that engineers come to work to fix problems – it’s what they do.
So, it becomes ‘normal activity’ when it could be an R&D project. If they can fix them quickly, then great, probably not qualifying R&D. But if finding the solution takes some time and multiple attempts, then it may qualify. Even failures to succeed can qualify.
A message to all business leaders in engineering and manufacturing
Here’s why you should seize the opportunity to claim R&D tax relief:
- Fuel innovation: R&D tax reliefs provide financial incentives to push the boundaries of your projects, allowing you to explore new technologies, improve processes and develop cutting-edge products.
- Enhance competitiveness: by leveraging these reliefs, you can significantly reduce your tax liability, freeing up resources to reinvest in your business. is positions you ahead of competitors both domestically and globally.
- Drive efficiency: R&D investments lead to the development of more efficient processes, reducing costs and increasing productivity. is not only boosts your bottom line but also ensures sustainable growth.
- Support for all: whether you’re a large enterprise or an SME, R&D tax reliefs are accessible to businesses of all sizes. The incentives are designed to support a wide range of activities, from product development to process improvement.
- Easy to access: the application process for R&D tax reliefs is straightforward. With the right guidance from our specialists at TC Group, you can swiftly navigate through and maximise the benefits.
What the clients say
Roy Long, Lionstar Engineers:
“It almost seems too easy (and I wonder why I didn’t consider moving over earlier). I’m not the easiest person to deal with and keep happy, but the team deals with any queries and concerns in a friendly and professional manner – and not just during o ce hours, as I’ve often had out of hours replies that can allay any fears and let me get on with my day job.”
Nick Chappin, Nick Chappin Copywriters:
“As a sole trader, becoming a limited company seemed like a legal, tax and financial mine field. Angela Taylor specifically has provided valuable professional advice and guidance at every step of the process, making it a surprisingly pain- less experience.”
Ready to take action?
By integrating R&D tax reliefs into your business strategy, you’re not just saving money – you’re investing in the future. Let’s drive your industry forward, break new ground, and support you in leading the world with innovative solutions. Empower your R&D efforts with the financial boost they deserve. The future of manufacturing and engineering is bright, and together, we can make it extraordinary.
If, after reading the above, you feel moved to take action, then please don’t hesitate to contact me. I can answer your questions, discuss your own situation, and even review past or current R&D claims to ensure they are correct and can withstand robust investigation. Our service to your industry is complete, transparent and keeps your fully informed. We even track your claim within HMRC to keep you informed and deal with all correspondence from HMRC. What are you waiting for?
Contact Vic Ulfik on 07920 592575 or find out more at the website.
