Management

How construction firms can get tax relief on R&D

11 September 2019

As an industry that thrives on innovation, construction firms are well placed to benefit from the government’s R&D tax relief.

RIFT Research & Development is committed to spreading the word and bringing the benefits of R&D tax credits to the UK’s most innovative businesses. As part of that commitment, we’re delighted to be working with the Chartered Institute of Building. Together, we’ll be working to ensure that the British construction industry always gets the credit it deserves.

R&D tax relief goes so much further than most businesses realise. As an industry that thrives on innovation, it’s shocking that as little as 3% of R&D tax credits claims come out of the building trade each year. So many valuable qualifying projects, activities and expenditures are treated as “just day-to-day business” when they could form part of an R&D tax relief claim.

The stereotypical image of R&D belonging firmly in the world of lab coats and microscopes is holding many firms back at a time when a real surge in innovation is needed. With the long shadow of an uncertain Brexit and a looming skills shortage, it’s more critical than ever for firms to get the rewards their innovations earn them.

What’s more, the UK government is actively trying to encourage claims. With an average R&D SME claim worth £54,000, we’re talking about the single largest incentive scheme of its kind – and far too many are still missing out.

Examples of qualifying activity

In construction, every project presents its own, unique set of challenges – and with them, the opportunity to innovate. New products, materials, processes and approaches can all count toward an R&D tax credits claim.

In partnership with CIOB, RIFT R&D is determined to raise awareness, and maximise the benefits, of this incredibly valuable incentive and reward scheme.

If you would like to know more about R&D tax relief and how your company could benefit contact Julie Barry, new business manager.

Email: jbarry@riftgroup.com Office: 01233 653008 Mobile: 07908 542441

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