Claiming R&D Tax Credits
Running a business can take a lot of hard work and energy, with lots of owners often having to juggle many different sides of the business at once. Handling the financial side of your business can also be a confusing, time-consuming process for many owners which can lead to businesses not realising they could be eligible for R&D (Research and Development) tax credits. This is the case for many construction businesses that miss out on claiming the R&D tax credits that could be a game-changer for their construction firm. Don’t let it be you that is missing out on the money that could be used to enhance your business in a number of ways including expanding operations, hiring more staff and purchasing more assets including machinery and vehicles.
What are R & D Tax Credits?
R&D tax incentives are a government funding initiative which is designed to reward UK companies that are spending money on researching and developing new products or services or that are enhancing existing ones. This is in place to encourage innovation within companies and encourage investment into new research and development. Companies can receive up to 33% of these expenses back which can then be received as either a cash repayment or corporate tax reduction. If you have never applied to this lucrative government incentive before you can even claim back expenses from the last two accounting years. Many businesses in the UK construction industry have utilised this scheme so make sure your company doesn’t miss out on this great funding opportunity!
Is My Construction Company Eligible for R&D Tax Credit?
Many companies in the construction sector have no idea they could qualify for R&D tax credits and end up missing out on the valuable source of income needed to grow their business and take it to the next step. Don’t let this be you, you could have qualifying R&D expenses without even realising so it is always worth checking. Qualifying activity for construction companies can involve a wide range of things including testing new materials and concepts, making new tools and enhancing building processes. The development doesn’t necessarily have to be groundbreaking; a qualifying R&D project can simply be finding unique solutions to problems that have helped your company in a project.
Here at Veritas Noble, we are a team of funding specialists with a proven track record working with many different types of construction companies and helping them to submit an R&D tax credit claim. This can be a long, tedious and confusing process however, we will make the process simple and easy for you by handling all the paperwork and difficult details. Get in touch today and we can help you find out if you are eligible to make an R&D tax relief claim.
What are The Benefits of R&D Tax Credits for Construction Companies?
There are many opportunities and benefits available to companies utlising the R&D tax credits scheme that can help owners grow their business and allow them to reach their full potential. Successful claims can provide you with the capital needed to help achieve both your short and long term goals, whether that is to reach new customers, expand operations or whatever is needed to make your business vision a reality. The ways R&D tax credits for construction companies could be used to aid business growth really is endless. Many companies may use the money to purchase equipment, machinery and vehicles, hire new talented staff or to increase and improve marketing activities in order to get your products and services out there for the public to see.
If you want to find out whether your construction company is eligible for claiming R&D tax credit then contact Veritas Noble today. All you have to do is answer a few simple questions and we can tell you if you qualify or not. If your company is eligible, we can then handle all the details and paperwork for you so you can claim as much money back as possible. It is also completely risk-free for your business as there is no upfront cost for the service and we only collect a reasonable fee when you receive the money. Don’t let your business miss out on this great opportunity and get in touch today.