Can the rail sector claim R&D Tax Credits?
TBAT are based in the East Midlands; we are at the centre of the rail industry with rail giants such as Bombardier, Network Rail and East Midlands Trains less than a 20-minute drive from our front door.
Our innovative rail clients work primarily in the rail supply chain and are undertaking R&D to stay at the cutting edge of the industry, which can take significant investment to develop their project/product; so what can they do to re-coup some of that cost to keep innovating?
R&D Tax Credits is the answer to that! By being able to claim back up to 33% of money spent on R&D, there is a huge amount of money available to rail companies to be able to reinvest in further R&D projects! Whether the project was funded by the company, through grant funding, or was sub-contracted work, there is the potential for a claim!
We have first-hand experience dealing with clients, of various sizes, in the rail industry and have helped identify and claim against their eligible R&D activities.
Through helping our clients, having technologists that have worked in the rail industry and through research of our own, we have put together some examples of eligible R&D activities within the rail sector…
This is just an example of some of the eligible activities identified! When considering whether R&D tax credits is the right thing for you, you need to consider one thing – are you working on something that has a technical/scientific challenge that could not have been overcome by a professional in the field? If the answer to that is yes, then chances are, your project and activities are eligible to claim against.
The rail industry is heavily regulated which leads to a lot of R&D going into ensuring that there is ongoing compliance – activities ensuring new products, processes, comply to regulations can alone make your work eligible to claim R&D Tax Credits!
TBAT’s consultants are experts in R&D Tax Credits and through a short FREE consultation, we can discuss your projects and tell you whether you have a claim! Get in touch today!
We take an in-depth look at the latest R&D Tax Credit Statistics, covering the period ending March 2024, highlighting key updates and trends in the R&D tax relief landscape. It covers changes to the SME and RDEC schemes, the introduction of new requirements such as the Claim Notification process, and developments in HMRC compliance through the Mandatory Random Enquiry Programme.
HMRC has established the Research and Development Expert Advisory Panel (RDEAP) to help improve guidance and understanding of R&D tax relief across the UK. TBAT Innovation looks at who sits on the panel, the challenges it may face, and what its work could mean for businesses seeking support for their innovative projects.
Assists organisations in accessing research and development grant funding across a range of UK and EU schemes and industry sectors.
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