Could you be missing out?
While many people who work in construction may have heard of tax relief, you might not think it’s applicable to you. The truth is, R&D activity is available to every industry in the UK, and construction is no exception. In fact, it’s one of the industries best suited to this type of activity. As someone who literally builds things from the ground up, you are in a great position to recognise and solve many of the world’s day to day problems. You work with the raw materials, putting you at the forefront of potential innovation.
The only thing that matters is whether your company is developing new innovations. Sadly only a tiny percentage of companies eligible for R&D relief file a claim. In fact, construction accounts for only 1.9% of claims in 2012, and by 2015 this figure was still just 2% of claims made. This is woefully low for an industry that is responsible for 7% of the country’s GDP and 10% of its employment. There are thousands of pounds going unclaimed by companies in this sector, and it’s time you started taking advantage!
Don’t be put off
Your construction company could benefit from R&D tax relief worth up to 33% of your R&D spend. This means recouping money spent on developments in robustness, sustainability, durability, fire resistance and sound insulation. The Government wants construction businesses to overcome problems in these areas. For example, a £10m business spending 2% of turnover on this could earn up to £65,000 in relief!
Your next step
Construction is a traditional sector, and there is a tendency to overlook R&D as a means of tax reduction. With a lengthy process and complex forms, it’s understandable that some construction businesses may be reluctant to file. But at GrantTree we’re here to help. Our specialists have helped raise £58m for UK businesses across a wide range of sectors, and can help you through every step of the process.
Get in touch with us today and start the ball rolling, we can help you identify the areas that qualify your business for tax savings.
Contact one of our R&D tax relief specialists here: