Many SME’s in the UK do not realise their work may make them eligible for Research and Development (R&D) tax credit relief. For our UK clients, we are here to ensure that you don’t miss out when placing work with Forsspac.
What is the Research & Development tax credit scheme?
The R&D tax credit scheme supports SME’s that seek to innovate within their field by researching or developing advancements within science or technology based projects.
This is accomplished through claiming Corporation Tax relief. Qualifying companies can claim 230% tax relief on eligible expenditure which can be directly linked to R&D activities, over the standard 100% relief.
R&D tax credit scheme is designed to encourage innovation within a range of industries in the UK, including construction.
How can Forsspac help you benefit from the Research & Development tax credit scheme?
The services offered by Forsspac are usually eligible under the UK Research & Development tax credit scheme, we make sure that our documented scope statements match the R&D claim requirements where applicable.
Typical qualifying services:
3D modelling
Design calculations
Heat load modelling
Green building/sustainability programs
Building services (MEP) designs, etc.
The key is make sure that at all times we are trying to innovate or improve the state of the art within our businesses or for the trade area in general.
Examples
If we are working in a 3D model and we find ways to reduce materials used or reduce energy consumption this could qualify.
Making use of heat load calculations as part of the overall design activity to improve energy usage not only gains you points towards whichever green accreditation scheme you are designing under but you can also make a claim for R&D tax credits.
So, when you ask Forsspac to support you on your project, step 1 is to sit down with you and figure out what are the potential areas of improvement in the company that would support an R&D claim.
Step 2 takes place when we draft up the bid proposal against your request for fee and scope, within the proposal we set out how Forsspac will support the project making sure that key statements are included in support of the projected outcomes in line with an R&D claim.
Step 3 is to when Forsspac will have the bid reviewed by a claims specialist, at no cost to you, to confirm that we have correctly captured the intent of the project to maximise the opportunity for success when making an R&D claim.
Once the project is awarded, Forsspac will then work with its claims specialist to progress your R&D tax credit claim. The claims work is funded out of the monies successfully claimed back. Forsspac does not derive any financial benefit out of the R&D tax credit system, Forsspac is rewarded only for the work it does for you.
However, we can also help you make R&D tax credit claims.
Want to know more? Contact rob@forsspac.com