R&D Grants For Recycling Businesses
Waste management and recycling continuously leads in innovation, responding to the ever growing impact that waste and pollution is having on our planet. But how exactly do businesses in this industry apply for funding for the incredible work that they are undertaking? This is where the government has responded with R&D tax credits. An incentive designed to reward businesses for their investment in the ‘research and development’ of innovative projects. This includes the design and development of improved products, processes, techniques or software.
Claim R&D Tax Credits In The Recycling Industry
The recycling industry is constantly advancing practices and innovating in the space to overcome the vast barriers surrounding the disposal of waste. This may be by creating new processes to recycle materials, developing sustainable products, or coming up with methods to dispose of waste that overcomes current technical walls. R&D grants for recycling businesses give companies the recognition they deserve for their investment in improving the sustainability of our planet, and encourages others to do the same.
The Importance Of R&D Tax Relief
R&D tax relief allows businesses the chance to invest in projects that can help grow their business, whilst creating breakthrough processes for their whole sector. HMRC estimates that for every £1 spent on R&D tax reliefs, between £1.53 and £2.35 is additionally spent on R&D by UK companies. This shows how well the scheme encourages businesses to invest more in R&D and find advances to constantly contribute to their sector. In the waste industry, this is key to encouraging organisations to apply for the scheme and undertake activities that may boost recycling across the UK.
How Has The Recycling Industry Used R&D?
At Veritas Noble, one of our clients includes a plastic bottle recycling facility with a claim value of £150,000. The business is committed to saving valuable waste ending up in landfill and to drive up recycling rates. They developed a new process that improved the identification and sorting efficiency of companies seeking waste-to-energy solutions, whilst being lower in costs. The company is now able to invest in further work to focus on the identification process to adapt existing sorting and picking lines to better prepare legacy sites and plants.
Claim Your R&D Grant For Your Recycling Business
This is just one example where R&D has been used by a recycling business, with many others completing varying activities which they may be unaware of. If your business has a sense environmentally or economically, then apply for R&D tax credits today and see whether you may be completing activities that qualify.
Our team is on hand to help you receive the full potential for your investment in innovation, with experience working with both plastic and metal recycling facilities, along with skip and waste management companies. This has helped to divert waste from landfill, develop new mechanical processes and enhance systems for improved efficiency and accuracy.
