R&D in construction
In the UK, construction companies can completely change their outlook simply by claiming R&D construction tax credits. The savings that construction companies are able to make through this programme can be reinvested into further innovation, keeping them at the forefront of the industry locally and globally.
While this initiative is extremely accessible, not enough companies in the construction industry are taking advantage of it. On average, 25% of your R&D costs can be claimed back and SMEs that have been aided by the scheme have received an average of £46,000 in construction tax credits.
One project that benefited from this scheme was a company that created cladding that appeared as ‘normal’ brickwork but had the capacity for off-site fabrication and could be produced at a much faster rate. Another company designed laboratories that could be removed in sections to combat contamination.
If you have been able to solve a problem using your expertise in a way that no one else has been able to, you will qualify!
Aspects of construction which are eligible for R&D
You will qualify for R&D in construction tax credits if you can meet certain criteria. This includes demonstrating that you have made an advancement in the industry, or have had to overcome or tried to overcome uncertainty with something that could not have easily been worked out by a professional. The following aspects, therefore, are eligible: