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AAB / Blog / Why you should consider the R&D tax credit scheme if you operate in the food & drink sector
BLOG21st May 2021
Reacting to ever-changing consumer demands and market pressures requires constant innovation, and companies within the food & drink sector may have been under great pressures to adapt their operations accordingly over recent months.
The UK government strongly emphasises and supports the need for businesses to continually innovate, as innovation often has a positive impact on the economy, productivity and occasionally sustainability. The government’s R&D tax credit scheme is therefore one incentive which most companies, particularly those in the food & drink sector, should consider given the substantial monetary benefit potentially available.
A common misunderstanding is that this relief is just for pure scientific research in a lab, this is not the case. Other development such as design, engineering, software etc. can also qualify for R&D tax relief.
Examples of activities undertaken by innovative food and drink firms that could qualify are:
There is a complex set of conditions to consider when deciding whether expenditure qualifies for the additional tax relief, and the rate at which relief is given is dependent on various factors. Lossmaking companies, both SME and large, can generate cash payments from HMRC following the successful submission of a R&D claim.
When assessing if your company should consider an R&D claim, we would strongly suggest obtaining professional advice, however the following rules of thumb are worth being aware of:
In short, make sure you prepare your claim with the relevant care and attention that HMRC will expect. Having advised many clients in the food & drink sector on their successful R&D claims, AAB’s Innovations Team is well placed to provide expert technical advice on any potential R&D claims your firm may qualify for.
SPEAK TO US ABOUT R&D CLAIMS
Find out more about how we work with the Food & Drink sector.
How AAB can help you with
Corporate Tax covers a broad and complex area of tax legislation, so we provide a suitably broad and comprehensively experienced team to support your business with pragmatic, commercial advice. Businesses of all sizes and types, and across a wide range of sectors, benefit from our comprehensive corporate tax compliance and advisory service. We have exceptionally knowledgeable tax teams distributed across our offices, ready to support you with their wealth of experience and expertise. We can manage your global tax exposure with a coordinated response that saves you having to seek advice from separate advisors.
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