What are construction R&D tax credits?
Research and development R&D tax credits are given to construction companies that develop new products and spend money researching and developing them. Under the scheme, SME’s in the construction sector can claim back up to 33% of the costs associated with their R&D. That’s 33p back for every £1 spent on qualifying R&D activities. This could apply to most construction or engineering projects. In the construction sector, R&D often leads to an improvement in existing construction techniques to solve site-specific or environmental issues, or developing new products such as lighter weight, stronger, resilient building materials
Examples of qualifying R&D in the construction industry
This sector includes the following types of business: Residential construction, Commercial construction, and Civil engineering. Below are project examples that would qualify for R&D tax credits in construction.
- New materials: If you are creating or testing new materials for use in construction or engineering projects, you could qualify to claim. Even if you have worked on developing a new material that hasn’t been successful, you can still claim for your costs.
- Developing techniques: Creating or improving existing construction techniques that allow you to construct in a more efficient way, then your project will most likely qualify. For example, the development or adaption of tools, equipment, and/or materials.
- Environmental methods: Creating a building through more environmentally friendly methods and/or sustainable technology
- Adapting processes: Adapting equipment or processes to meet new regulatory requirements such as fire, health & safety, sound, and thermal.
Whatever industry you are in SWIFT Research can help you identify eligible R&D costs in order to maximise your claim. SWIFT Research is always on top of the latest changes in legislation, ensuring everything claimed is allowable, while also maximising the value of your claim.
Contact our experts for a free consultation for more information on our services and get started with your R&D tax refund today.
