R&D Tax Relief For The Motor Racing Industry
Does your UK business operate within the Motor Racing sector? Are you looking for assistance with claiming R & D Tax Credits?
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Motor Racing R&D Tax credit
Since 1887, motor racing has stood its ground among the top most entertaining sports the world over. Beyond the adrenaline, fast cars, and spectacular trophies, a lot of time, work and research goes into making these incredible speed machines.
In the UK, Motor racing is one of the main contributors of revenue and ultimately the economy. Supporting reports show that while the Premier League is an equally loved sport, it only brings in £100 million at the end of each game. On the other hand, one motor racing event rakes in a whopping over £178 million. These figures, therefore, emphasise the need for motor racing R&D tax credit.
What is Motor Racing R&D tax credit?
In simple terms, Motor racing R&D tax credit is a government-funded initiative aimed at supporting engineering companies such as motor racing companies. If you are a motor racing company that is involved in conducting research and development aimed at improving your services and products, then this fund is meant for you.
But what if you conducted research but were not able to develop or innovate the product as you had initially hoped? Don’t worry, as this fund rewards research and development efforts regardless of their success.
Motor Racing R&D tax credit is meant to encourage companies to continue carrying out research projects whether they fail or succeed. Embarking on research and development projects means taking a risk, sometimes you make profits, sometimes you make losses but this fund is meant to cushion you independent of the outcome. The operative word here being, risk.
Many companies involved in motor racing have no idea where to start when it comes to claiming for funds from the R&D tax credit scheme. The few that do, can end up failing to prepare their claim properly or they are unsuccessful at presenting their claim on time.
Reports show that of all motor racing companies, 15% are keen on conducting research and development projects. To fund these projects they end up spending above 25% of their sales income.
If these companies present their claim successfully, they can end up claiming up to £33,000 for every £100,000 spent on research and development activities. This is money can help the world of Motor racing grow in leaps and bounds to achieve unimaginable heights.
Do you qualify for Motor Racing R&D tax credit?
Sadly, only a few Motor racing companies make R&D tax credit claims with the rest choosing to avoid the uncertainties and confusion that come with making their own claims. Probably because they are unaware of what thresholds are involved and if they qualify or not. Here are some few points to help you decide whether or not to claim;
- You must be registered as an SME or large company in the UK
- If you are an SME you should have 500 or fewer employees working directly with your company
- If you are a large company, you should have more than 500 employees working for the company
- You must be involved in developing products, adding value and improving service delivery and provision
- You should be able to prove that you were working on a product that is not already in existence unless your efforts were meant to improve the product.
- Note that if you were working on an existing product but somewhere along the way you came across an issue that asked for some research which would ultimately help solve this issue, then you still qualify as a good candidate to forward your claim.
Contact us today
The R&D tax credit is a very crucial fund and small companies considered as SMEs can strongly benefit from this. The larger companies are also starting to appreciate this funds’ benefits. Making a claim can seem quite complicated with some companies choosing, for one reason or another, to forego the process altogether.
If you are an SME or a large company in the Motor racing sector, do not hesitate to contact our panel by clicking on the button below to complete the enquiry form. We have a panel of competent accountants who hold a wealth of experience in making claims for R&D tax credit.
They will help you claim your entitlement of the R&D tax credits scheme in a bid to help your company go from strength to strength. Simply click on the enquiry form button below and lets make your claim together.
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