Any challenges that face uncertainty could qualify for the governments R&D incentive. The use of GPS technology and precision agriculture has helped create big data, thus allowing more informed decisions and improved productivity.
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The adaptation to ever changing weather conditions throughout the industry plays a large role in R&D. Creating more robust genetically engineered crops for example.
Becoming an overall "greener" operation entails advancements in technology which fall into the R&D category. The management and reuse of waste in food production helps further this quest.
The governments Research and Development incentive allows your business to pursue these advancements in the knowledge that a large percentage of the costs incurred can be returned. Whether your projects have been successful or not, the benefits apply.
Specific areas of eligibility
Creating new, or improving existing processes, to increase crop production and yield and overall efficiency within the business.
The use of robotics, remote sensing or drones to help speed up production processes and improve productivity.
Creating or adapting machinery to improve overall efficiency and capabilities, leading to lower costs and and greater production.
The management of irrigation and soil. Creating new techniques to improve irrigation methods to achieve a decrease in crop losses.
The development of vertical farming and biotechnology to create more space to grow crops whilst also lowering the running and investment costs.
The use of food and medical supplements to improve the care, quality and yield of the livestock.
Our experts will forensically examine your entire company to discover the areas of R&D within it.
We will get a feel for your business as
an entirety and fully understand the complexities of its day to day running as well as the major projects that are on the go.
Their expertise allows them to uncover many qualifying costs that may have been overlooked by accountants.
FAQs
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R&D Tax Scheme ExplainedTo qualify for R&D tax relief, the company must account for Corporation Tax, but the relief is available to both profit and loss-making businesses.
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Does my business qualify?If you can answer ‘Yes’ to most of these questions then, based on our experience across thousands of clients, it looks like you could have a successful claim: Have you developed new tools, products or services using technology? Have you tried to improve your existing products through technical changes? Have you had to resolve technical problems with any of your products? Have you found more efficient ways to produce your products or services? Have you experimented with new equipment or production techniques? At the start of a project, did you ever think ‘I’m not sure of the best way to do this’? Have any of your projects failed for technical reasons?
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What is claimable within my business?Staff costs, materials, utilities, reimbursed travel costs, light & heat, and subcontractor costs are most common & are the main areas in which you can claim from.
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How does the R&D Relief Scheme work?Companies that invest in developing new products, processes, or services, as well as improving existing ones, qualify for R&D tax relief. If you spend money on innovation, you can claim an R&D tax credit to receive a cash payment and/or a Corporation Tax reduction. The potential for identifying R&D is vast and it exists in every industry. In addition, if you are claiming for the first time and have been trading for over two years this will allow you to claim for two previous Tax years.
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What are the benefits?The benefits of the programme include increased cash flow, which is especially important to small, developing companies. It also encourages development of a corporate philosophy that embraces innovation and improvement.
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Any additional cost?We charge no up-front costs, and should we fail to identify a claim then we will not charge you a fee at all. In other words, we operate on a ‘No Win, No Fee’ basis.
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What are R&D Tax Credits?Tax credits for research and development (R&D) are a government tax incentive put in place to reward UK businesses for investing in innovation & research and development. They are a useful source of capital for businesses to invest in advancing R&D, hiring new employees, and subsequently allowing businesses to expand.
