Opportunity for R&D tax credits relief in the automotive and logistics sectors has increased thanks to significant technological changes over the last few years.
Developments include more sustainable solutions across the industry, reducing fuel consumption, and integrating software improvements with industrial automation to enhance manufacturing processes and vehicle performance.
In the United Kingdom, companies in the automotive industry can claim Research and Development (R&D) tax credits for a wide range of activities related to the design, development, and production of vehicles and vehicle components.
It’s worth noting that In addition to the R&D tax credits, there are other government schemes that can help support and encourage innovation in the automotive industry, such as the Advanced Propulsion Centre (APC) and the Faraday Challenge. These schemes provide funding and support for companies working on new technologies related to electric vehicles and other advanced propulsion systems.
Some examples of eligible activities include:
The logistics industry can claim Research and Development (R&D) tax credits for a wide range of activities related to the design, development, and implementation of logistics systems, processes and technologies.
To qualify for R&D tax credits, a company must be a UK-based business and the R&D activities must be related to the company’s trade. The R&D must also seek to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty.
Some examples of eligible activities include:
To qualify for R&D tax credits, a company must be a UK-based business and the R&D activities must be related to the company’s trade. The R&D must also seek to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty.
The amount of credit a company can claim depends on the size of the company and the nature of the R&D activities. For small and medium-sized enterprises (SMEs), the credit is worth up to 33% of the R&D costs. For large companies, the credit is worth up to 10% of the R&D costs.
Contact us today to explore how we can assist with your R&D tax credits relief application.
Colin Copley, Owner and Founder of Copley LTD, shares his experience of working with RDI Solutions.
Contact us today to explore how we can assist with your R&D tax credit application.
Contact Us
Innovation Centre,
Maidstone Road,
Kent,
ME5 9FD
Copyright © 2023 RDI Solutions. All rights reserved