R&D Tax Relief for the Building Technologies Industry
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Building Technologies R&D Tax Relief
One of the most innovative industries in the market today is building technology. Many projects in the building technology industry carry out a lot of research and development to come up with better projects and new processes.
They also do the same to improve their existing projects. The work of building technologies involves the creation of controlled and safe environments that offer protection for assets, people and processes.
To attain this, a lot of work goes into researching, designing, installations, maintenance and manufacturing procedures. Building technologies customers include property owners, commercial organisations, manufacturing industries, developers, hospitality industry and many others.
R&D tax credit rewards all industries in the UK that carry out innovations to improve their products, processes and projects. However many of the building technology industries miss out on R&D tax relief benefits because they are probably not aware of the benefits or simply do not push for it.
In order to boost the activities of building technologies, we explain further how they can benefit from R&D tax relief.
What kind of building technology activities fit the bill for R&D tax credits?
The building technology industry carries out many activities every day that could qualify them for R&D tax relief. The industry is made up of engineers, machinists, designers and architects that spend many hours developing new innovations and making improvements on the existing ones. The activities they carry out put them in a position to claim for R&D tax relief.
It is worth noting that before any claim is made; all projects undertaken by the industry should be clearly recorded. By doing this, the R&D tax relief team will be in a better position to review everything and make sure your company does not miss out on any expenditure that qualifies for tax relief.
Below are some of building technologies activities that qualify for R&D tax relief
- Experiments carried out with different and alternative combinations of materials
- Improvement of green buildings designs
- Designs for better electrical systems to sustain power usage efficiency
- Improvements on the HVAC system for better airflow
- Off-site fabrication methods new innovations
- Structuring and designing better constructability designs
- BIM for effective coordination of sub-systems
- Improvement and development of new and existing equipment
- Designing of new functions to improve on safety, performance, costs, reliability and quality in the projects undertaken
- Developing better infrastructure designs
- Optimising plant production systems design
What other expenses qualify for R&D tax relief in the building technologies industry?
Other expenses that also qualify for tax relief are
- Consumables which include fuel, water and power utilities
- Outsourced contractors and subcontractors
- Unsuccessful tenders
- All salaries paid out to various employees. Though the majority of building technology industry rely on contractors and subcontractors, there could be still a small number of full time employees that could benefit from the claim.
- Payments made towards contracts research supplies
- Testing new software development activities
How to choose what qualifies as R&D in Building technologies
It is certain that the majority of building technology companies spend a lot of money on research and development. If you have the following in your firm, then you definitely qualify for R&D tax relief
- Specialist engineers on-site who could be consultants or in-house employees
- Contracts you have drawn up contain retention clauses and indemnity
- Any prototyping
- Any payments which are due to offset materials and other technical jobs
- You are developing cheaper and new materials or improving the existing ones
- You are trying to resolve issues by developing new software
- You are using any new techniques to boost up production and make your products more accurate and efficient
How much does the building technology industry benefit from the R&D tax credit scheme?
The government introduced an incentive to urge more building technologies to sign up with R&D in order to improve their developments. The incentive provided a 25 % refundable cash tax credit on any qualifying expenditure that is R&D related. With a trading deduction of 12.5%, any building technology company can gain from a tax benefit of 37.5% on the total amount it spends on R&D.
Why contact us?
Despite being one of the most active industries in the market today, very few building technologies industries make R&D claims. This is mostly because it appears complicated to them and they are not sure whether they qualify.
We have a panel of professional experts that will come to assess your business and inform you of the way forward, the R&D tax relief team will tell you what qualifies for tax relief and what does not qualify. You do not have to sit back as other companies enjoy benefits that are making them cut and save on costs while there is a way out.
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