The worldwide non-destructive testing (NDT) market is growing at over 8% a year and expected to reach almost $10bn by 2021. The need to inspect ageing infrastructure, growing demand for energy and stricter safety standards are all driving this growth.
However at the same time shifts in many industries – such as the increased use of composite materials and additive manufacturing, and the move towards alternative energy – pose new challenges for NDT companies. Therefore to capitalise on the growth opportunities, heavy investment in R&D will be crucial.
The good news is that in many cases, companies can claim significant amounts in R&D tax relief to help offset the cost.
What projects would qualify?
Here are just a few examples of what might be eligible:
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- Developing new products and inspection techniques
- Improving existing products – making them smaller or easier to use
- Improving processes – making inspections faster or more reliable
- Finding better ways to handle or interpret data
- Developing new ways to manufacture products
However the rules are complex and it is best to get expert advice in each case.
Do you recognise any of these situations? Or have a project that may fit the bill? If so, speak to a specialist adviser as interpreting the rules correctly and using the right terminology is crucial to success with any claim.
As the UK’s leading R&D tax relief specialist, Jumpstart has a proven track record of more than 4,300 successful claims. Our team are all from a technical background and have the skills to understand your technology and exactly what you will be able to claim. And if you don’t ultimately qualify for R&D tax credits, you won’t owe us a thing.
