The UK’s manufacturing sector leads the way when it comes to investing in and delivering innovation. The sector is responsible for generating 70 per cent of business-led research and development (R&D) nationwide with manufacturers’ spending on innovation outpacing the trend for the economy as a whole.
In the most recent HMRC statistics for the 2016-17 period, UK manufacturing companies made more than 10,000 claims covering around £8.3bn of investment in innovation which secured over £990m in R&D tax relief. While it clearly continues to deliver significant benefits to innovation-focused manufacturers, claiming for R&D tax relief can be a complex and time consuming process. Getting it wrong can lead to rejected claims with significant financial implications. Finding a genuine specialist employing knowledgeable and experienced people who understand the complexities and associated business risks within your sector is therefore critical.
To ensure any would-be adviser is up to the job of managing a claim and able to help a company secure an appropriate rebate, there are a few important questions that must be considered.
Article originally published on Manufacturing Management
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